Lockheed decides to drop out of commercial aviation
Business sense won out over pride last week, as the Lockheed Corp. announced that it was stopping production of its spectacularly unprofitable L-1011 TriStar wide-bodied jetliner. The California aerospace giant has lost $2.5 billion on the TriStar since 1968 and, with airlines currently mired in a three-year-long slump, it could see no relief in sight. Chairman Roy W. Anderson said that there was "no other choice but to begin now to phase the TriStar out in an orderly manner." The company will now concentrate mainly...
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