December 14, 1993 |
Loral Corp.'s agreement to buy IBM Corp.'s defense computer business for $1.58 billion illustrates how mergers are accelerating again in the aerospace industry as continued Pentagon budget cuts intensify the pressure to consolidate. The pact between Loral and IBM, announced Monday, is only the latest of several sales unveiled recently. General Dynamics Corp. is also said to be trying to sell its space rocket business in San Diego to Martin Marietta Corp.
August 20, 1993 |
Loral Aeronutronic, which designs and produces tactical weapons for the U.S. government and its allies, said Thursday it has won two contracts worth a total of $133.5 million from the aerospace division of McDonnell Douglas Corp. Aeronutronic, the Newport Beach division of Loral Corp. in New York, will make 45 Nite Hawk infrared targeting pods for Navy fighter-bombers. The pods give the jets the ability to target and deliver laser-guided bombs during both day and night attack missions.
March 25, 1993 |
Loral Aeronutronic, the missile design and production unit of Loral Corp., will become part of a new missile group, the company said Wednesday. The administrative move to put Loral Aeronutronic in Newport Beach and Loral Vought Systems in Dallas under one corporate umbrella is not related to an expected transfer of up to 500 jobs from the Orange County facility.
January 10, 1993 |
The Pentagon's Defense Logistics Agency and Loral Corp. have settled a dispute over the use of pension funds in the acquisition of Ford Aerospace Corp. in 1990. Under the settlement, the New York-based defense company said no cash will change hands. The government had claimed Loral owed it $133 million. Opinions differ on who benefits most from the agreement. "This is a settlement without cost to Loral anywhere," said Elizabeth Allen, spokeswoman for Loral.
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 1, 1992 |
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.
August 25, 1992 |
The confusion continues for Loral Aeronutronic's 1,700 employees in Newport Beach. Bernard Schwartz, chairman of parent Loral Corp. in New York, told the Dallas Morning News that 300 to 500 jobs will probably be transferred from Newport Beach to a plant in Camden, Ark. Loral will acquire the Arkansas plant Aug. 31 as part of its $475-million purchase of the aerospace operation of Dallas-based LTV Corp.
August 18, 1992 |
Trying to calm employee fears, a local plant manager on Monday said that only 100 to 300 of Loral Corp. jobs in Orange County would likely be moved out of state, reversing a corporate report last week stating that local aerospace work would be relocated. James Woolnough, general manager of Loral's Aeronutronic division, said more than 80% of the current 1,700 jobs at the division would probably remain in Orange County. But Woolnough gave no assurances that the plant would stay in the county.