February 20, 1994 |
Once, TRW was a company that fattened its profit and burnished its reputation by helping land American astronauts on the moon. Today, its fortunes ride in large part on keeping American motorists from slamming into their dashboards. Automotive parts--especially air bag safety restraints--are the products powering TRW today, though the Cleveland-based conglomerate still fields a motley mix of businesses.
December 12, 1992 |
The Air Force awarded major development contracts to Rockwell International and TRW on Friday to competitively develop a network of surveillance satellites for the Strategic Defense Initiative--assuring that the multibillion-dollar space program and many of its jobs will ultimately be located in Southern California. The satellite network, known as Brilliant Eyes, would be used to detect the worldwide launch of ballistic missiles, both conventional and nuclear, and provide tracking for U.S.
January 30, 1988 |
Reagan Administration trade officials believe that Japan is conducting an orchestrated campaign of disinformation to provide a rationale for the failure of Japanese companies to increase their purchases of U.S. semiconductors. In late December, Japanese newspapers splashed a story over their front pages that the country's National Space Development Agency was postponing a launch because of defective U.S.-made semiconductors in the rocket.
February 12, 1992 |
The first big chunk of assets from Parker Automotive Corp.--once a highflier but now bankrupt--has been sold for $1.5 million to a small, struggling company that makes auto turbochargers. The buyer, a Costa Mesa-based unit of International Turbo Center, said it fired Parker Auto's flamboyant founder Michael E. Parker last month. Parker had been consulting for ITC after being forced out of Parker Auto.
July 31, 1991 |
Parker Automotive Corp., a troubled maker of equipment for cleaning car and truck engines, has filed for bankruptcy. The company, in a Chapter 11 filing Friday in U.S. Bankruptcy Court in Santa Ana, is seeking protection from creditors' claims while it attempts to reorganize. The filing lists liabilities of $9.2 million and assets of $6.5 million. The 4-year-old company has never turned an annual profit.
March 28, 1996 |
Northrop Grumman Corp. said Wednesday that it is eliminating 2,500 jobs on two military aircraft programs in Southern California this year, although 600 of those positions will be recouped by the end of 1997. The cutbacks will affect virtually every occupation in aerospace, including engineers, assemblers, managers and administrators in plants stretching from the coast to the Mojave Desert. The Los Angeles-based firm currently employs 17,600 workers in California.