Boeing and Textron's V-22 aircraft received high marks from the Pentagon's top tester, paving the way for a decision to begin full-rate production.
Boeing and Textron’s V-22 aircraft received high marks from the Pentagon’s top tester, paving the way for a decision to begin full-rate production.
The craft is effective, reliable and capable of conducting its primary missions, David Duma, acting director of the Pentagon’s Office of Operational Test and Evaluation, told Congress yesterday. The V-22, known as the Osprey, is a fixed-wing plane with rotors that tilt so the aircraft can take off and land like a helicopter.
The Pentagon report is a reversal of conditions almost five years ago when the V-22 program faced cancellation after crashes in 2000 killed 23 Marines. Flight tests were suspended for two years until fixes were made.
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The Pentagon’s Defense Acquisition Board is to decide today on full production. Approval triggers contracts that could be worth as much as $20 billion to Boeing and Textron, which would build at least 458 aircraft for the Marine Corps, Air Force and Navy. The companies are in a joint venture that splits revenue equally.
Flow gets delisting notice; NeoRx safe
Flow International said yesterday that Nasdaq has warned it would delist the company’s stock because of late filing of quarterly financial results.
The Kent company announced last week that it would restate its fiscal 2005 financial results and indefinitely delay filing its 10Q report because of accounting problems.
Flow, which makes high-pressure water jets for cutting and cleaning, said Nasdaq intended to delist the stock Friday, but Flow requested a hearing on the decision, giving it more time.
Flow said in a statement it “will devote all necessary resources to filing as soon as possible. At this point, the company does not expect its shares to be delisted.”
Meanwhile, Seattle biotech company NeoRx, which was in danger of losing its Nasdaq listing because of a low stock price, said it had met Nasdaq’s requirement that it maintain a closing price of at least $1 for 10 consecutive trading days. NeoRx stock closed yesterday at $1, down three cents.
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Troubled Delphi requests $6 billion
Delphi, the biggest U.S. supplier of auto parts, has asked General Motors for an aid package worth $6 billion to help avoid a bankruptcy filing, people familiar with the situation said.
Delphi wants the cash to reduce expenses by offering some workers bonuses to retire, quit or accept lower pay, the people said. The money would also go for pensions and health care for retirees, they said.
GM, Delphi’s largest customer and former parent, is considering a request for help, said spokesman Jerry Dubrowski, who wouldn’t confirm the amount.
Its decision will hinge in part on concessions it gets from the United Auto Workers, the people said. GM is asking unions to help trim $5.6 billion in annual health-care expenses.
Compiled from Bloomberg News and Seattle Times business staff