Aerospace: Lockheed Comes Back

For two years Lockheed Aircraft Corp. had known nothing but trouble. Its ill-starred Electra turboprop airliner tarnished the company's name and lost it millions. Its eight-seat JetStar executive plane landed on the market with a thud, and in 1960 Lockheed rode into the red by $43 million. Then last September cancer killed Chairman Robert Ellsworth Gross, 64. who had gambled $40,000 to take over the failing company in 1932. and subsequently gave it not only a place in the sun but also a Constellation. Left to mop up the problems was his...

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