February 8, 1995 |
In a vivid display of California's limited clout in Congress, an Oklahoma air base was selected Tuesday over Southern California as the location for most of the work of maintaining the Northrop Grumman B-2 bomber fleet. As a result, 350 to 400 Northrop jobs now at the Air Force's Plant 42 in Palmdale, where the bomber is built, will be transferred to Oklahoma's Tinker Air Force Base by 1998.
October 20, 1994
BankAmerica, the nation's second-largest banking company, said Wednesday that growth in loans and consumer banking fees boosted its profit 13% during the three-month period ended Sept. 30. The San Francisco-based bank earned $547 million, or $1.36 a share, in the third quarter, compared to $486 million, or $1.19 a share, during the same period last year. BankAmerica's acquisition of Chicago-based Continental Bank Corp., completed in August, was a boon for the company during the quarter.
June 10, 1994 |
As the last B-2 Stealth bomber winds its way through the giant assembly hangar at the Northrop Grumman Corp. plant in Palmdale and 22,000 B-2 jobs nationwide fall into a post-Cold War abyss, the bombers' proponents have embarked on a broad campaign to continue production.
May 25, 1994 |
Times are hard in the aerospace business, hard enough that at Northrop Grumman Corp.'s venerable manufacturing facility in Hawthorne, management has taken a radical step. It decided to ditch the big iron. That's not to say the plant will stop being the sole manufacturer of fuselages for Boeing 747 jets. The "big iron" being shed is a 20-year-old IBM mainframe computer, which the fuselage factory will leave for use by other Northrop operations.
April 5, 1994 |
Northrop Corp., finally the winner in one of the takeover contests that are remaking the post-Cold War defense industry, said Monday it agreed to buy Grumman Corp. of Bethpage, N.Y., for $2.17 billion. The deal ended a four-week tussle over Grumman between Los Angeles-based Northrop and aerospace giant Martin Marietta Corp. of Bethesda, Md.
April 1, 1994 |
Grumman Corp.'s deadline for final bids from defense rivals Northrop Corp. and Martin Marietta Corp. passed Thursday with no clear picture of which suitor holds the upper hand in the unusual takeover fight. All three companies refused to say whether either bidder submitted new offers, but investors left for the Easter weekend convinced that Grumman would fetch an even higher price. Grumman's stock rose 75 cents, to $64.625 a share, in New York Stock Exchange composite trading.
CALIFORNIA | LOCAL
April 1, 1994 |
More than 10,000 people turned out Thursday for a ceremony at the Northrop Corp. plant to mark the naming of the second operational B-2 bomber the Spirit of California. The large showing couldn't have come at a better time for Northrop, which is seeking congressional approval of $150 million in the 1995 budget to keep the B-2 production lines intact. At the ceremony, Northrop also garnered support for its so-called "insurance policy" from a pair of guests. Sen. Dianne Feinstein (D-Calif.