Hercules delay may cost Lockheed pounds 1bn
Friday 18 July 1997
The group is expected to have to pay liquidated damages of at least $20m (pounds 12m) but it could also end up bearing some of the costs of bringing the fleet of C-130J aircraft into service. The 13-month delay in delivery could also affect any deal that Lockheed Martin wins to supply the RAF with more Hercules aircraft.
Lockheed had been due to begin delivering the first of the 25 aircraft to the RAF last November but they will not now start to arrive until January next year. The hold up has been caused by delays in getting FAA certification for the new aircraft. This has taken two years rather than than the 9 months forecast by Lockheed.
Meanwhile, Lockheed said it was in talks to bring GEC on to its Joint Strike Fighter programme alongside British Aerospace. BAe will be a main risk sharing partner if Lockheed wins the full production order - 3,000 jets worth $750bn. GEC is supplying flight controls and some avionics for two demonstrator aircraft. The US Defense Department will choose between Lockheed and a rival consortium led by Boeing in 2001.
Lockheed, which is also buying Northrop Grumman, another US defence contractor, is in talks about the possibility of the French fighter manufacturer, Dassault, and Germany's Deutsche Aerospace joining the JSF programme.
"We want to be a global company, not just one that sells its products overseas, and that means looking for global partners to help us," said Micky Blackwell, president of Lockheed's aeronautics division.
He said that it was not interested in joining forces with Airbus Industrie until the consortium was privatised.
Geoffrey Macnab reviews American Hustle, also starring Christian Bale and Bradley Cooper
newsFormer soldier taped 33 of the animals to the floor and then stamped on them one by one
Michelle Nijhuis' daughter insists (s)he is, and she learnt a valuable lesson on gender in books
news Opponents claim it would stop performers such as Beyonce and Madonna appearing on TV
It takes a platoon of chefs, litres of brandy and rum, and almost 100kg of dried fruit
food + drink
Jennifer Lawrence: 'It should be illegal to call someone fat on TV'
Iain Duncan Smith leaves Commons food banks debate early
Paul Walker death caused by speed alone
DNA from a 50,000 year old toe shows Neanderthals were highly inbred
Devyani Khobragade: India-US row escalates over arrest of diplomat in New York
- 1 America's 'virgin births'? One in 200 mothers 'became pregnant without having sex'
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 Christmas comes early: Justin Bieber is 'retiring from music'
- 4 Iain Duncan Smith leaves Commons food banks debate early
- 5 Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
- < Previous
- Next >
iJobs Money & Business
£500 - £650 per day: Harrington Starr: Harrington Starr is working with a Glob...
£27000 per annum: Harrington Starr: Junior Consultant (Excel, Financial Spread...
£500 - £600 per day: Harrington Starr: .NET Quantitative Developer - Contract ...
£55000 per annum: Harrington Starr: Technical Operations Analyst (UNIX, Linux,...