Word: northrop
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Dates: during 1990-1999
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Other parts of the country are also feeling a pinch. Cutbacks in defense spending have slowed the jaunty California economy. Defense contractors such as Lockheed, Northrop and McDonnell Douglas may dismiss as many as 20,000 of their 125,000 workers by year's end. And California agriculture, the state's largest industry, is suffering through the fourth year of a severe drought. "There's no engine of growth in sight," says Larry Kimbell, director of the Business Forecasting Project at the U.C.L.A. School of Management. "In the past, one sector after another took the lead in sustaining the economic...
...most endangered contractors will be those whose business is almost purely defense work. Northrop, the lead contractor on the B-2 bomber, counted on military sales for 92% of its 1989 revenues of $5.2 billion. Besides the Stealth bomber (price for each plane: $540 million), the company builds so- called smart weapons systems, guidance modules for MX missiles and other military hardware. After losing $80.5 million last year, the company cut costs by selling its Gulfstream IV corporate jet in January and its glass-and-steel headquarters tower in Century City, Calif., for $218 million in March. If congressional proposals...