Misplaced Pages

#209790

68-582: The XP-58 was a Lockheed Aircraft Company funded initiative to develop an improved Lightning as a long-range fighter following the release by the U.S. Army Air Corps of the Lightning for sale to Britain on 20 April 1940. Initially, two designs were formulated, both using the Continental IV-1430 engines. One would be a single-seat aircraft with one 20 mm (.79 in) cannon and four .50 in (12.7 mm) machine guns. The second would be

136-705: A Mikoyan-Gurevich MiG-15 in Korea, although by this time the F-80 (as it was redesignated in June 1948) was already considered obsolete. Starting with the P-80, Lockheed's secret development work was conducted by its Advanced Development Division, more commonly known as the Skunk works . The name was taken from Al Capp 's comic strip Li'l Abner . This organization has become famous and spawned many successful Lockheed designs, including

204-508: A leafy texture. Lockheed ranked tenth among United States corporations in the value of wartime production contracts. All told, Lockheed and its subsidiary Vega produced 19,278 aircraft during World War II, representing six percent of war production, including 2,600 Venturas , 2,750 Boeing B-17 Flying Fortress bombers (built under license from Boeing ), 2,900 Hudson bombers, and 9,000 Lightnings. During World War II, Lockheed, in cooperation with Trans-World Airlines (TWA), had developed

272-586: A number of systems were not installed including provision for cockpit pressurization and armament with its fire-control equipment. Although the prototype arrived at Wright Field on 22 October 1944, the aircraft was a maintenance headache and no further trials were conducted. The construction of the second prototype was abandoned. Data from Lockheed Aircraft since 1913 General characteristics Performance Armament Aircraft of comparable role, configuration, and era Related lists Lockheed Aircraft Company The Lockheed Corporation

340-422: A similar alliance with either Embraer with its E-jet E2 or Mitsubishi Heavy Industries and its MRJ . On 21 December, Boeing and Embraer confirmed to be discussing a potential combination with a transaction subject to Brazilian government regulators, the companies' boards and shareholders approvals. The weight of Airbus and Boeing could help E2 and CSeries sales but the 100-150 seats market seems slow. As

408-544: A slate of his own choosing, since he was the largest investor. His board nominations included former Texas Senator John Tower , the onetime chairman of the Armed Services Committee , and Admiral Elmo Zumwalt Jr ., a former Chief of Naval Operations. Simmons had first begun accumulating Lockheed stock in early 1989 when deep Pentagon cuts to the defense budget had driven down prices of military contractor stocks, and analysts had not believed he would attempt

476-515: A special program to restore U.S. competitiveness across all U.S. industries, Project Socrates , contributed to employment growth as the U.S. aerospace industry captured 72 percent of world aerospace market. By 1999 U.S. share of the world market fell to 52 percent. In the European Union , aerospace companies such as Airbus , Safran , BAE Systems , Thales , Dassault , Saab AB , Terma A/S , Patria Plc and Leonardo are participants in

544-550: A two-seat aircraft with the addition of a flexible .50 in (12.7 mm) gun at the end of each tail boom. In July 1940, Lockheed decided to switch to Pratt & Whitney XH-2600 engines as the aircraft would be underpowered with the Continental engines, with the aircraft having two seats and designated "XP-58". However, soon Lockheed was advised the development of the XH-2600 engine was terminated. After consideration of

612-459: Is Japan ), strong transportation infrastructure (#5, #1 is Hong Kong ), a healthy economy (#10, #1 is China ), but high costs (#7, #1 is Denmark ) and average tax policy (#36, #1 is Qatar ). Following were Canada , Singapore , Switzerland and United Kingdom . Within the US, the most attractive was Washington state , due to the best Industry (#1), leading Infrastructure (#4, New Jersey

680-403: Is #1) and Economy (#4, Texas is #1), good labor (#9, Massachusetts is #1), average tax policy (#17, Alaska is #1) but is costly (#33, Montana is #1). Washington is tied to Boeing Commercial Airplanes , earning $ 10.3 billion, is home to 1,400 aerospace-related businesses, and has the highest aerospace jobs concentration. Following are Texas, Georgia , Arizona and Colorado . In the US,

748-516: Is based. Several consolidations took place in the aerospace and defense industries over the last few decades. Airbus prominently illustrated the European airliner manufacturing consolidation in the late 1960s. Between 1988 and 2010, more than 5,452 mergers and acquisitions with a total known-value of US$ 579 billion were announced worldwide. In 1993, then United States Secretary of Defense Les Aspin and his deputy William J. Perry held

SECTION 10

#1732801337210

816-471: Is done pursuant to type certificates and Defense Standards issued by a government body. This term has been largely subsumed by the more encompassing term: " aerospace industry". In 2015 the aircraft production was worth US$ 180.3 billion: 61% airliners , 14% business and general aviation , 12% military aircraft , 10% military rotary wing and 3% civil rotary wing; while their MRO was worth $ 135.1 Bn or $ 315.4 Bn combined. The global aerospace industry

884-481: Is the successor company to numerous British aircraft manufacturers which merged throughout the second half of the 20th century. Many of these mergers followed the 1957 Defence White Paper . Marconi Electronic Systems , a subsidiary of the General Electric Company plc , was acquired by British Aerospace for US$ 12.3 billion in 1999 merger, to form BAE Systems . In 2002, when Fairchild Dornier

952-510: The Airbus A380 , less than 100 major suppliers outsource 60% of its value, even 80% on the A350 . Boeing embraced an aggressive Tier 1 model for the 787 but with its difficulties began to question why it was earning lower margins than its suppliers while it seemed to take all the risk, ensuing its 2011 Partnering for Success initiative, as Airbus initiated its own Scope+ initiative for

1020-578: The Bombardier Global Express pioneered the "Tier 1" supply chain model inspired by automotive industry , with 10-12 risk-sharing limited partners funding around half of the development costs. The Embraer E-Jet followed in the late 1990s with fewer than 40 primary suppliers. Tier 1 suppliers were led by Honeywell , Safran , Goodrich Corporation and Hamilton Sundstrand . In the 2000s, Rolls-Royce reduced its supplier count after bringing in automotive supply chain executives. On

1088-479: The CSeries partnership between Airbus and Bombardier Aerospace could trigger a daisy chain of reactions towards a new order. Airbus gets a new, efficient model at the lower end of the narrowbody market which provides the bulk of airliner profits and can abandon the slow selling A319 while Bombardier benefits from the growth in this expanded market even if it holds a smaller residual stake. Boeing could forge

1156-507: The DC-10 ) strongly opposed the bill and they feared the government would steer contracts to Lockheed to insure loan payments. Admiral Hyman G. Rickover condemned the bill saying it represented "a new philosophy where we privatize profits and socialize losses." The New York Times editorial board held that the Nixon administration was violating its own free enterprise principles by advocating for

1224-731: The Department of Defense and NASA are the two biggest consumers of aerospace technology and products. The Bureau of Labor Statistics of the United States reported that the aerospace industry employed 444,000 wage and salary jobs in 2004, many of which were in Washington and California, this marked a steep decline from the peak years during the Reagan Administration when total employment exceeded 1,000,000 aerospace industry workers. During that period of recovery

1292-625: The Douglas A-26 Invader and Beechcraft XA-38 Grizzly under development. As a result, the second XP-58 was canceled and the role of the design reverted to that of a high-altitude fighter, using large-bore cannon firing high-explosive shells to break up bomber formations. The 37 mm (1.46 in) M4 autocannon was originally selected for a quadruple mount in the nose, but the trajectory of the 37mm shells dropped lower than other weaponry, limiting its effective range. A hydraulically articulated nose that could be bent up to correct this problem

1360-540: The Imperial Japanese Army . At the beginning of World War II, Lockheed – under the guidance of Clarence (Kelly) Johnson , who is considered one of the best-known American aircraft designers – answered a specification for an interceptor by submitting the P-38 Lightning fighter aircraft, a twin-engined, twin-boom design. The P-38 was the only American fighter aircraft in production throughout

1428-565: The L-049 Constellation , a radical new airliner capable of flying 43 passengers between New York and London at a speed of 300 mph (480 km/h) in 13 hours. Once the Constellation (nicknamed Connie ) went into production, the military received the first production models; after the war, the airlines received their original orders, giving Lockheed more than a year's head-start over other aircraft manufacturers in what

SECTION 20

#1732801337210

1496-800: The Lockheed Aircraft Company ( spelled phonetically to prevent mispronunciation) in Hollywood. This new company used some of the same technology originally developed for the Model S-1 to design the Vega Model . In March 1928, the company relocated to Burbank, California , and by year's end reported sales exceeding one million dollars. From 1926 to 1928 the company produced over 80 aircraft and employed more than 300 workers who by April 1929 were building five aircraft per week. In July 1929, majority shareholder Fred Keeler sold 87% of

1564-508: The "Last Supper" at the Pentagon with contractors executives who were told that there were twice as many military suppliers as he wanted to see: $ 55 billion in military–industry mergers took place from 1992 to 1997, leaving mainly Boeing , Lockheed Martin , Northrop Grumman and Raytheon . Boeing bought McDonnell Douglas for US$ 13.3 billion in 1996. Raytheon acquired Hughes Aircraft Company for $ 9.5 billion in 1997. BAE Systems

1632-545: The "Lockheed Loan". Even after its adoption, a further controversy developed when the Emergency Loan Guarantee Board set up by the Executive branch to oversee the loan refused to allow Congress' General Accounting Office to examine its records. They argued that the office was attempting "interference in the decision-making process" amounting to an effort to "bully" and "harass" the board. This claim

1700-555: The 1970s. Drowning in debt, in 1971 Lockheed (then the largest US defense contractor) asked the US government for a loan guarantee, to avoid insolvency. Lockheed argued that a government bailout was necessary due to the company's value for U.S. national security. On May 13, 1971, the Richard Nixon administration sent a bill titled "The Emergency Loan Guarantee Act" to Congress requesting a $ 250 million loan guarantee for Lockheed and its L-1011 Tristar airbus program. The measure

1768-461: The 1970s. In late 1975 and early 1976, a subcommittee of the U.S. Senate led by Senator Frank Church concluded that members of the Lockheed board had paid members of friendly governments to guarantee contracts for military aircraft. In 1976, it was publicly revealed that Lockheed had paid $ 22 million in bribes to foreign officials in the process of negotiating the sale of aircraft including

1836-698: The CSeries, renamed A220, and E-jet E2 are more capable than their predecessors, they moved closer to the lower end of the narrowbodies . In 2018, the four Western airframers combined into two within nine months as Boeing acquired 80% of Embraer's airliners for $ 3.8 billion on July 5. On April 3, 2020, Raytheon and United Technologies Corporation (except Otis Worldwide , leaving Rockwell Collins and engine maker Pratt and Whitney ) merged to form Raytheon Technologies Corporation , with combined sales of $ 79 billion in 2019. The most prominent unions between 1995 and 2020 include those of Boeing and McDonnell Douglas;

1904-549: The Constellation obsolete. However, the design proved underpowered. The company sought to purchase Convair in 1946, but the sale was blocked by the SEC . In 1943, Lockheed began, in secrecy, development of a new jet fighter at its Burbank facility. This fighter, the Lockheed P-80 Shooting Star , became the first American jet fighter to score a kill. It also recorded the first jet-to-jet aerial kill, downing

1972-799: The F-104 Starfighter, the so-called Deal of the Century. The scandal caused considerable political controversy in West Germany , the Netherlands , Italy, and Japan. In the US, the scandal led to passage of the Foreign Corrupt Practices Act , and nearly led to the ailing corporation's downfall (it was already struggling due to the poor sales of the L-1011 airliner). Haughton resigned his post as chairman. In

2040-822: The French, German and Spanish parts of EADS; and United Technologies with Rockwell Collins then Raytheon, but many mergers projects did not went through: Textron-Bombardier, EADS-BAE Systems, Hawker Beechcraft-Superior Aviation, GE-Honeywell, BAE Systems-Boeing (or Lockheed Martin), Dassault-Aerospatiale, Safran-Thales, BAE Systems-Rolls-Royce or Lockheed Martin–Northrop Grumman. The largest aerospace suppliers are United Technologies with $ 28.2 billion of revenue, followed by GE Aviation with $ 24.7 billion, Safran with $ 22.5 billion, Rolls-Royce Holdings with $ 16.9 billion, Honeywell Aerospace with $ 15.2 billion and Rockwell Collins including B/E Aerospace with $ 8.1 billion. Electric aircraft development could generate large changes for

2108-612: The Lockheed Aircraft Company to Detroit Aircraft Corporation . In August 1929, Allan Loughead resigned. The Great Depression ruined the aircraft market, and Detroit Aircraft went bankrupt. A group of investors headed by brothers Robert and Courtland Gross, and Walter Varney , bought the company out of receivership in 1932. The syndicate bought the company for a mere $ 40,000 ($ 858,000 in 2023). Ironically, Allan Loughead himself had planned to bid for his own company, but had raised only $ 50,000 ($ 824,000), which he felt

Lockheed XP-58 Chain Lightning - Misplaced Pages Continue

2176-765: The Poseidon and Trident nuclear missiles. Lockheed developed the F-104 Starfighter in the late 1950s, the world's first Mach 2 fighter jet. In the early 1960s, the company introduced the C-141 Starlifter four-engine jet transport. During the 1960s, Lockheed began development for two large aircraft: the C-5 Galaxy military transport and the L-1011 TriStar wide-body civil airliner. Both projects encountered delays and cost overruns. The C-5

2244-508: The Tornado engine development. With this change, the second XP-58 was resurrected. The XP-58 had its first flight on 6 June 1944, but flight test work on the XP-58 took second place to other higher priority developments. Eventually, 25 test flights were completed. The XP-58 was then flown to Wright Field for USAAF acceptance tests, even though the turbo-superchargers were experiencing torching and

2312-482: The Transfer Orbit Stage (under subcontract to Orbital Sciences Corporation ) and various satellite models. Lockheed's operations were divided between several groups and divisions, many of which continue to operate within Lockheed A partial listing of aircraft and other vehicles produced by Lockheed. Aerospace manufacturer An aerospace manufacturer is a company or individual involved in

2380-706: The U-2 (late 1950s), SR-71 Blackbird (1962) and F-117 Nighthawk stealth fighter (1978). The Skunk Works often created high-quality designs in a short time and sometimes with limited resources. In 1954, the Lockheed C-130 Hercules , a durable four-engined transport, flew for the first time. This type remains in production today. In 1956, Lockheed received a contract for the development of the Polaris Submarine Launched Ballistic Missile ( SLBM ); it would be followed by

2448-553: The USAAF placed an order for a second XP-58 that would incorporate increased fuel tanks to obtain a range of 3,000 mi (4,800 km). The Air Force was uncertain about the role and armament of the aircraft, and in September 1942, a decision was made to convert the aircraft for a role as a low-altitude attack aircraft, armed with a 75 mm (2.95 in) M5 autocannon. Adequate aircraft were already available for this mission, with

2516-1130: The United States ( Boeing ), Montreal and Toronto in Canada ( Bombardier , Pratt & Whitney Canada ), Toulouse and Bordeaux in France ( Airbus , Dassault , ATR ), Seville in Spain and Hamburg in Germany ( Airbus ), the North-West of England and Bristol in Britain ( Airbus and AgustaWestland ), Komsomolsk-on-Amur and Irkutsk in Russia ( Sukhoi , Beriev ), Kyiv and Kharkiv in Ukraine ( Antonov ), Nagoya in Japan ( Mitsubishi Heavy Industries Aerospace and Kawasaki Heavy Industries Aerospace ), as well as São José dos Campos in Brazil where Embraer

2584-506: The aerospace suppliers. On 26 November 2018, United Technologies announced the completion of its Rockwell Collins acquisition, renaming systems supplier UTC Aerospace Systems as Collins Aerospace , for $ 23 billion of sales in 2017 and 70,000 employees, and $ 39.0 billion of sales in 2017 combined with engine manufacturer Pratt & Whitney . Before the 1980s/1990s, aircraft and aeroengine manufacturers were vertically integrated . Then Douglas aircraft outsourced large aerostructures and

2652-661: The company should be allowed to go into bankruptcy citing the recent decision to leave Penn Central railroad to that fate, and the fact that the airbus program at issue was commercial rather than military. Naval scholar Thomas Paul Stanton notes that the opposition to the bill held it was "the beginning of the socialization of the American aircraft and aerospace industry." Proponents responded by claiming "this socializing process had taken place many years before", and some witnesses before Congress discounted "the very notion of 'free enterprise'." Treasury Secretary Connally pointed to

2720-429: The engine alternatives, the design was changed to use two Wright R-2160 Tornado engines, as well as a change of the rear-facing armament to two turrets, one upper and the other lower on the fuselage, each turret containing two .50 in (12.7 mm) machine guns. As support equipment for the two crewmen was added, the estimated weight of the XP-58 grew to 34,232 lb (15,527 kg) by August 1941. In March 1942,

2788-503: The entirety of American involvement in the war, from Pearl Harbor to Victory over Japan Day . It filled ground-attack, air-to-air, and even tactical bombing roles in all theaters of the war in which the United States operated. The P-38 was responsible for shooting down more Japanese aircraft than any other U.S. Army Air Forces type during the war; it is particularly famous for being the aircraft type that shot down Japanese Admiral Isoroku Yamamoto 's airplane. The Lockheed Vega factory

Lockheed XP-58 Chain Lightning - Misplaced Pages Continue

2856-543: The expertise and industrial capacity for mass production. The XF-11 would be plagued by technical and managerial delays and never entered service; Arnold later publicly expressed regret for his decision. The Northrop F-15 Reporter , a development of the P-61 Black Widow , would enter service in this role. In February 1943, use of another engine, the Allison V-3420 , was necessary due to poor progress with

2924-455: The faltering economy and worries about unemployment while testifying "the time has come within the United States when we have to look at things differently. Free enterprise is just not all that free." Questions arose whether letting Lockheed fail would be bad for the market due to decreased competition or good by screening out inefficient competitors and mismanagement. Lockheed's competitors, McDonnell Douglas and General Electric (collaborators on

2992-524: The global aerospace industry and research effort. In Russia , large aerospace companies like Oboronprom and the United Aircraft Corporation (encompassing Mikoyan , Sukhoi , Ilyushin , Tupolev , Yakovlev , and Irkut , which includes Beriev ) are among the major global players in this industry. Important locations of the civil aerospace industry worldwide include Seattle , Wichita, Kansas , Dayton, Ohio and St. Louis in

3060-637: The largest industrial bases in 2017 were the United States with $ 408.4 billion (representing 49% of the whole), followed by France with $ 69 billion (8.2%), then China with $ 61.2 billion (7.3%), the United Kingdom with $ 48.8 billion (5.8%), Germany with $ 46.2 billion (5.5%), Russia with $ 27.1 billion (3.2%), Canada with $ 24 billion (2.9%), Japan with $ 21 billion (2.5%), Spain with $ 14 billion (1.7%) and India with $ 11 billion (1.3%). These ten countries represent $ 731 billion or 87.2% of

3128-553: The late 1980s, leveraged buyout specialist Harold Simmons conducted a widely publicized but unsuccessful takeover attempt on the Lockheed Corporation, having gradually acquired almost 20 percent of its stock. Lockheed was attractive to Simmons because one of its primary investors was the California Public Employees' Retirement System (CalPERS), the pension fund of the state of California. At

3196-407: The loan. (Later, historian Stephen J. Whitfield viewed the passage of the loan guarantee as a support for the argument that America was shifting away from Lockean liberalism. ) Following a fierce debate, Vice President Spiro T. Agnew cast a tie-breaking vote in favor of the measure on August 2, 1971. President Nixon signed the bill into law on August 9, 1971 - which became colloquially known as

3264-410: The ramifications of the Lockheed loan guarantee soon resurfaced in late 1975 with discussions on possible aid to New York City during its fiscal crisis . Lockheed finished paying off the $ 1.4 billion loan in 1977, along with about $ 112.22 million in loan guarantee fees. The Lockheed bribery scandals were a series of illegal bribes and contributions made by Lockheed officials from the late 1950s to

3332-565: The range of almost all existing Allied aircraft, and some USAAF leaders objected to diverting bombers such as the B-29 to serve in a pure reconnaissance role. Lockheed proposed a modified version of the XP-58. However, in August 1943, General Henry H. Arnold chose the Hughes XF-11 over the Lockheed against the recommendations of Air Materiel Command , which said that Hughes Aircraft lacked

3400-577: The takeover since he was also at the time pursuing control of Georgia Gulf . Merger talks between Lockheed and Martin Marietta began in March 1994, with the companies announcing their $ 10 billion planned merger on August 30, 1994. The headquarters for the combined companies would be at Martin Marietta headquarters in North Bethesda, Maryland . The deal was finalized on March 15, 1995, when

3468-465: The time, the New York Times said, "Much of Mr. Simmons's interest in Lockheed is believed to stem from its pension plan, which is over funded by more than $ 1.4 billion. Analysts said he might want to liquidate the plan and pay out the excess funds to shareholders, including himself." Citing the mismanagement by its chairman, Daniel M. Tellep , Simmons stated a wish to replace its board with

SECTION 50

#1732801337210

3536-500: The two companies' shareholders approved the merger. The segments of the two companies not retained by the new company formed the basis for L-3 Communications , a mid-size defense contractor in its own right. Lockheed Martin also later spun off the materials company Martin Marietta Materials . The company's executives received large bonuses directly from the government as a result of the merger. Norman R. Augustine who

3604-444: The various aspects of designing , building, testing, selling, and maintaining aircraft , aircraft parts , missiles , rockets , or spacecraft . Aerospace is a high technology industry. The aircraft industry is the industry supporting aviation by building aircraft and manufacturing aircraft parts for their maintenance . This includes aircraft and parts used for civil aviation and military aviation . Most production

3672-459: The whole industry. In 2018, the new commercial aircraft value is projected for $ 270.4 billion while business aircraft will amount for $ 18 billion and civil helicopters for $ 4 billion. In September 2018, PwC ranked aerospace manufacturing attractiveness: the most attractive country was the United States , with $ 240 billion in sales in 2017, due to the sheer size of the industry (#1) and educated workforce (#1), low geopolitical risk (#4, #1

3740-664: The world in 1937. Subsequent designs, the Lockheed Model 12 Electra Junior and the Lockheed Model 14 Super Electra expanded their market. The Lockheed Model 14 formed the basis for the Hudson bomber, which was supplied to both the British Royal Air Force and the United States military before and during World War II . Its primary role was submarine hunting. The Model 14 Super Electra were sold abroad, and more than 100 were license-built in Japan for use by

3808-500: Was bankrupt , Airbus, Boeing or Bombardier declined to take the 728JET /928JET large regional jet program as mainline and regional aircraft manufacturers were split and Airbus was digesting its ill-fated Fokker acquisition a decade earlier. On September 4, 2017, United Technologies acquired Rockwell Collins in cash and stock for $ 23 billion, $ 30 billion including Rockwell Collins' net debt, for $ 500+ million of synergies expected by year four. The Oct. 16, 2017 announcement of

3876-463: Was an American aerospace manufacturer . Lockheed was founded in 1926 and merged in 1995 with Martin Marietta to form Lockheed Martin . Its founder, Allan Lockheed , had earlier founded the similarly named but otherwise-unrelated Loughead Aircraft Manufacturing Company , which was operational from 1912 to 1920. Allan Loughead and his brother Malcolm Loughead had operated an earlier aircraft company, Loughead Aircraft Manufacturing Company , which

3944-695: Was at the time CEO of Martin Marietta received an $ 8.2 million bonus. Both companies contributed important products to the new portfolio. Lockheed products included the Trident missile , P-3 Orion maritime patrol aircraft , U-2 and SR-71 reconnaissance airplanes , F-117 Nighthawk , F-16 Fighting Falcon , F-22 Raptor , C-130 Hercules , A-4AR Fightinghawk and the DSCS-3 satellite. Martin Marietta products included Titan rockets , Sandia National Laboratories (management contract acquired in 1993), Space Shuttle External Tank , Viking 1 and Viking 2 landers,

4012-593: Was built in any number (141 aircraft) was the Vega first built in 1927, best known for its several first- and record-setting flights by, among others, Amelia Earhart , Wiley Post , and George Hubert Wilkins . In the 1930s, Lockheed spent $ 139,400 ($ 2.29 million) to develop the Model 10 Electra , a small twin-engined transport. The company sold 40 in the first year of production. Amelia Earhart and her navigator, Fred Noonan , flew it in their failed attempt to circumnavigate

4080-718: Was built to vague initial requirements and suffered from structural weaknesses, which Lockheed was forced to correct at its own expense. The TriStar competed for the same market as the McDonnell Douglas DC-10 ; delays in Rolls-Royce engine development caused the TriStar to fall behind the DC-10. The C-5 and L-1011 projects, the canceled U.S. Army AH-56 Cheyenne helicopter program, and embroiled shipbuilding contracts caused Lockheed to lose large sums of money during

4148-433: Was denied by Comptroller General Elmer B. Staats , and efforts were made by Senator William Proxmire to get Treasury Secretary John Connally to testify due to the suspicion that the loan guarantee was in jeopardy. The editorial board of The New York Times blasted the situation, citing it as another argument against the propriety of the loan guarantee and the precedent it set for other failing companies. The debate around

SECTION 60

#1732801337210

4216-400: Was easily foreseen as the post-war modernization of civilian air travel. The Constellation's performance set new standards which transformed the civilian transportation market. Its signature tri-tail was the result of many initial customers not having hangars tall enough for a conventional tail. Lockheed produced a larger transport, the double-decked R6V Constitution , which was intended to make

4284-518: Was hotly debated in the US Senate. The chief antagonist was Senator William Proxmire (D-Wis), the nemesis of Lockheed and its chairman, Daniel J. Haughton. Some of the debate in Congress developed over what conditions should be attached to the bailout. Senator Alan Cranston demanded that the management be forced to step down, lest it set a precedent rewarding wasteful spending. Others argued that

4352-538: Was located next to Burbank's Union Airport which it had purchased in 1940. During the war, the entire area was camouflaged in case of enemy reconnaissance. The factory was hidden beneath a huge burlap tarpaulin painted to depict a peaceful semi-rural neighborhood, replete with rubber automobiles. Hundreds of fake trees, shrubs, buildings, and even fire hydrants were positioned to give a three-dimensional appearance. The trees and shrubs were created from chicken wire treated with an adhesive and covered with feathers to provide

4420-531: Was operational from 1912 to 1920. The company built and operated aircraft for paying passengers on sightseeing tours in California and had developed a prototype for the civil market, but folded in 1920 due to the flood of surplus aircraft deflating the market after World War I . Allan went into the real estate market while Malcolm had meanwhile formed a successful company marketing brake systems for automobiles. On December 13, 1926, Allan Loughead, John Northrop , Kenneth Kay and Fred Keeler secured funding to form

4488-444: Was too small a sum for a serious bid. In 1934, Robert E. Gross was named chairman of the new company, the Lockheed Aircraft Corporation, which was headquartered at what is now the airport in Burbank, California . His brother Courtlandt S. Gross was a co-founder and executive, succeeding Robert as chairman following his death in 1961. The company was named the Lockheed Corporation in 1977. The first successful construction that

4556-445: Was tried, but was dismissed as too complex. Then, a 75 mm (2.95 in) M5 autocannon paired with twin .5 in (12.7 mm) machine guns was tried and proved much more successful. In January 1943, the USAAF initiated a separate program to build a dedicated photographic reconnaissance aircraft with superior range, altitude and speed characteristics, as the loss of air bases in China had placed strategic targets in Japan beyond

4624-422: Was worth $ 838.5 billion in 2017: aircraft & engine OEMs represented 28% ($ 235 Bn), civil & military MRO & upgrades 27% ($ 226 Bn), aircraft systems & component manufacturing 26% ($ 218 Bn), satellites & space 7% ($ 59 Bn), missiles & UAVs 5% ($ 42 Bn) and other activity, including flight simulators , defense electronics, public research accounted for 7% ($ 59 Bn). The Top 10 countries with

#209790