More business down the road for Loral?
Seems the NRO loss, LMT's poor performing satellites and the company's woes as a whole are causing the bean counters to zero in on Sunnyvale.
space.com
Lockheed Considers Cutting, Shutting Some
Units
Nov 12 1999 08:58:02 ET
NEW YORK (Reuters) - Lockheed Martin Corp. is considering selling or
shutting down some core satellite and military-aircraft operations as the
defense giant expands efforts to reverse flagging financial results, the Wall
Street Journal said Friday.
The list of possible moves includes selling or closing some Sunnyvale, Calif.,
operations that produce commercial and military satellites, or placing them in
a new venture with other companies, the Journal said, citing senior company
executives.
Similar moves are under consideration related to Marietta, Ga., operations
that produce C-130J military-transport planes and fighter aircraft such as the
advanced F-22, the paper said.
Lockheed said on Oct. 29 it expects to earn only about $1 a share next year,
less than half the $2.15 it had predicted in September.
The executives said the search for a new president and chief operating officer
to replace recently-departed Peter Teets would not delay the new moves
under consideration, but final decisions could take months, according to the
Journal. |
