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Loral Corp

July 9, 1991 | Dean Takahashi / Times staff writer
The Pentagon has reduced an earlier estimate and now claims that Loral Corp. owes it $133 million from the overfunded pension plan of Newport Beach-based Ford Aerospace Corp., which Loral, a New York-based defense contractor, purchased 11 months ago. The pension dispute arose when Loral allowed Ford Motor Co. to keep Ford Aerospace's $213.3 million in excess pension assets as part of the purchase price for Ford Aerospace.
December 4, 2002 | Lisa Girion, Times Staff Writer
When Loral Corp. hired Linda Kim in 1995 to handle its bid to supply the government of South Korea with airplane radar systems, the company was banking on her connections at the Blue House -- Seoul's presidential residence -- and with other influential officials.
April 4, 1995
New Image Industries, a Canoga Park manufacturer of dental imaging equipment, said it has signed a contract with a division of Loral Corp. to develop a digital sensor that could reduce patient exposure to X-rays. New Image said it has joined forces with Loral Fairchild Imaging Sensors, a division of defense electronics manufacturer Loral Corp., to produce the filmless X-ray system. The product will be marketed to dentists in general practice.
August 29, 1997 | Bloomberg News
Hughes Electronics Corp., General Electric Co. and Loral Corp. plan to bid next month for 60% of Mexico's Satelites Mexicanos system. Units of the three companies have qualified to bid for the system, whose three satellites cover most of North America and also Central America and part of South America, officials said. Industrias Penoles, a Mexican silver-mining company, is also a bidder, the ministry said. Satelites Mexicanos generates annual revenue of about $110 million.
October 3, 1994 | From Times Staff and Wire Reports
Loral Keeps Role In Air-Traffic Overhaul: The Federal Aviation Administration said Loral Corp. can maintain its lead contract, valued at about $1 billion, to upgrade the nation's air-traffic control network, provided both parties reach agreement on a new schedule and price. Loral's role was in danger because of cost overruns and delays on the program that mainly occurred while the contract was held by IBM's Federal Systems group, which Loral bought earlier this year.
July 30, 1992 | DEAN TAKAHASHI
Defense contractor Loral Corp. said Wednesday that it may consider moving its missile production from Newport Beach to one of two LTV Corp. plants in Texas or Arkansas. Loral Aeronutronic employs about 2,000 people in Newport Beach on land leased from Ford Motor Co. The rent on the land is due to increase dramatically in several years, so parent Loral Corp., based in New York, has said that it may relocate the plant.
Loral Corp. said Monday it has completed its acquisition of the missile operation of LTV Corp., setting the stage for a possible transfer of jobs from Orange County to Texas or Arkansas. For its share of a three-partner deal, Loral expects to pay LTV a total of $244 million for the missiles division of Dallas-based LTV, which is reorganizing under Chapter 11 bankruptcy protection. Loral's partners, the Carlyle Group in Washington and Northrop Corp.
The 1,100 managers, engineers, technicians and assemblers at Loral Aeronutronic here learned Monday that they will be working for their third employer in six years. The plant, which started life as a division of Ford Aerospace, will become part of Lockheed Martin Corp., which said Monday that it is acquiring most of Loral's operations. There was no word from either company about plans for the Orange County facility. "It is business as usual," said a Loral Corp.
October 21, 1992
Riding high on increased sales and greater profit margin, defense contractor Loral Corp. reported Tuesday that its net income rose to $40.6 million, or $1.05 a share, during the second quarter ended Sept. 30. This is 39% higher than the $29.1 million, or 93 cents a share, earned during the corresponding period last year. Loral, which recently acquired the missile operation of the bankrupt LTV Corp., said revenue rose to $738.9 million from $700 million a year ago.
September 4, 1990 | Michael Flagg Times staff writer
By 1996, Loral Corp. will be paying $1-million-a-month rent for the 99-acre property where Ford Aerospace Corp.'s Newport Beach defense plant is located under a sublease with Ford. That rent might be stiff enough to inspire Loral, a New York-based defense contractor that is buying Ford Aerospace, to move the plant. Ford has been leasing the land on a long-term lease since 1958 at what were thought to be very low rates.
November 28, 1996 | Times Staff and Wire Reports
Loral Space & Communications Ltd. said it signed a contract for 10 satellite launches with Rocket System Corp. of Japan. The sale is the second in two days for Rocket Systems, which signed a deal Tuesday with a unit of Los Angeles-based Hughes Electronics Corp. The Loral contract calls for Rocket System, a consortium that includes Mitsubishi Heavy Industries Ltd., Kawasaki Heavy Industries Ltd., Mitsubishi Corp. and NEC Corp., to launch the satellites from 2000 to 2005.
August 14, 1996 | John O'Dell, John O'Dell covers major Orange County corporations, manufacturing and economic issues for The Times. He can be reached at (714) 966-5831 and at
Lockheed Martin Corp.'s acquisition earlier this year of Loral Corp.'s electronics and information systems and services businesses still hasn't had much impact on the former Loral Aeronutronic operation in Rancho Santa Margarita. But D-day is drawing nearer. Lockheed has now completed the first phase of a restructuring designed to absorb the various Loral units.
April 19, 1996 | Times Staff and Wire Reports
FTC Approves Lockheed-Loral Merger: The Federal Trade Commission approved the $9.1-billion merger of defense giants Lockheed Martin Corp. and Loral Corp. The unanimous approval came hours after the Pentagon released a letter endorsing the deal and saying it would have little effect on the government's ability to buy weapons from competing sources.
March 8, 1996 | Times Staff and Wire Reports
Loral Gets Satellite Order: MCI Communications Corp. and Rupert Murdoch's News Corp. said they have ordered two high-powered satellites from a unit of Loral Corp. to deliver TV and other services directly to homes next year. The companies will pay $400 million for the satellites, including launching and insurance costs, said Susan Mayer, a senior vice president at MCI.
March 2, 1996 | From Reuters
The European Commission, in an unexpected move, said Friday it needed more time to decide whether to clear Lockheed Martin Corp.'s proposed $9.1-billion acquisition of Loral Corp. The announcement that the commission needed more information on the giant defense contractor's plans surprised antitrust lawyers in Brussels who noted that it came three weeks after the operation was notified for clearance instead of a usual three days.
January 11, 1996 | DAVID R. BAKER
The $9-billion sale of Loral Corp.'s defense electronics business to Lockheed Martin Corp. will not immediately affect Loral's Camarillo facility, a Loral spokeswoman said. Joanne Hvala said the sale to Lockheed Martin, the nation's largest military contractor, would not change Loral's daily operations for the foreseeable future. "It's going to be business as usual for a while," she said.
Lockheed Martin Corp., seeking to dramatically alter the landscape of the defense industry for the second time in less than a year, said Monday that it has agreed to buy the defense electronics business of Loral Corp. in a deal valued at more than $9 billion. The other part of Loral--its satellite and telecommunications arm--would be reorganized into a new company that would be 80% owned by Loral's stockholders. Lockheed Martin would buy the other 20% with a $344-million investment.
November 12, 1990 | Dean Takahashi, Times staff writer
Bernard L. Schwartz, chairman and chief executive of New York-based Loral Corp., doesn't make any apologies for the fact that his $3.2 million in compensation made him the defense industry's highest-paid executive last year. Asked recently about his compensation, Schwartz said: "We're in a competitive market and we pay well for good performance. I'm reminded of a remark made by Babe Ruth when he was asked why he made more money than the President. He said, 'Well, I had a better year.'
January 11, 1996 | From Bloomberg Business News
Regulators are looking into possible insider-trading violations related to heavy volume in Loral Corp. options before Lockheed Martin Corp. announced its acquisition plans, sources familiar with the review said Wednesday. Lockheed announced Monday that it would buy most of the defense electronics system maker and invest in its space division for a total of $9.4 billion, or $45.50 a share. New York-based Loral's stock rose $8.25 to close at $44.50 that day.
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