Reorganizations and Ownership Changes since 1977
By 1980, reported Aviation Week & Space Technology, Vought's corporate strategy had shifted to becoming a major prime contractor in missiles, projected to be a growth market for the coming decade. Vought had already produced more than 3,000 Lance missiles, used by the United States and several European armies. Subcontracting work had already become a significant part of Vought's business. Vought was conducting unique research in the areas of hypervelocity (low-explosive projectiles achieving speeds of up to 5,000 feet per second) and lethality.
LTV Corporation made an attempt to acquire 70 percent of rival Grumman Corp. in 1981, but the sale was blocked on antitrust grounds. CEO Paul Thayer left LTV for a stint as Deputy Secretary of Defense. Raymond A. Hay succeeded Thayer at LTV on December 12, 1982.A restructuring in April 1983 renamed Vought Corporation as LTV Aerospace and Defense Company, and it was organized into two divisions: Missiles and Advanced Programs, and Aero Products. In December 1983, LTVAD was realigned into four divisions, with Bob Kirk as President and CEO.
Poor results in LTV's steel and energy businesses forced the company to enter a long and litigious bankruptcy in July 1986. LTV Aerospace and Defense Co., however, was consistently profitable, posting operating earnings of $164 million on sales of $2.3 billion in 1985.
LTV Missiles and Electronics Group was formed with Bob Parker as President, and LTV Aircraft Products Group was formed with Billie Smith as President. Bob Kirk left LTV Aerospace Corp. to join Allied Signal Aerospace and Electronics Company
In the late 1980s, LTV was placing its hopes on the YA-7F, an upgrade of the A-7 Corsair II attack jet. This was the company's last program as a prime contractor; the Air Force preferred the General Dynamics F-16. LTV Aircraft had sales of about $700 million in 1989.
In July 1989 Gordon Williams was appointed President of LTV Aircraft Products Group (APG), and the company was restructured to streamline the Aircraft Group.
1992 proved the end of Vought's relationship with LTV. LTV's bankruptcy resulted in the Aerospace and Defense division being offered for sale in May 1991. Martin Marietta and Lockheed together bid $355 million for the unit. A competing bid launched by Thomson SA, the French aerospace giant, raised political questions regarding foreign ownership in the defense industry.
In the end, LTV Aircraft went to Northrop and the Carlyle Group, which had also backed Thomson's bid, for $230 million. The whole unit was renamed Vought Aircraft Company. Loral paid $244 million for the LTV Missiles and Space Division, renaming it Loral Vought Systems. Both transactions closed on August 31, 1992.
Vought is currently the world's largest independent aerostructures subcontractor serving a customer base that includes Boeing, Gulfstream, Lockheed Martin, Northrop Grumman, Raytheon, General Electric and Pratt & Whitney.
Vought Aircraft attained sales of $1 billion in 1992, while reducing staffing levels 30 percent in three years to 7,300 employees. The company had diversified its subcontracting business to a nearly 50-50 split of commercial and defense work. It was involved in a handful of major programs: the Boeing 747, 757, and 767 on the civil side and the Northrop B-2 stealth bomber and McDonnell Douglas C-17 military transport. In June 1993, Gulfstream selected Vought to produce the wings for its new Gulfstream V business jet.
Vought President Gordon Williams credited the company's improvement on a commitment to total quality management (TQM). He rated Vought as one of the top two composite material structures fabricators in the United States, next to Boeing. Vought had also invested in advanced, flexible manufacturing equipment for large aluminum and titanium parts.
Vought was fielding cooperative bids for two major military aircraft contracts. It was on the McDonnell Douglas-led team to develop a successor to the Grumman A-6 naval strike aircraft designated A/F-X. The Pampa 2000 was a venture with FMA of Argentina to field an entrant for the USAF/US Navy Joint Primary Aircraft Training System (JPATS) program.
The commercial aviation business suffered from a world recession and effects of the Persian Gulf War in the early 1990s, and Boeing's cutback prompted Vought to cut 1,500 jobs in 1993.
In March 1993, Loral Corporation formed a new missiles group by combining Loral Vought Systems and Loral Aeronutronic.
Northrop Grumman Corp. exercised an option to buy the Carlyle Group's 51 percent share of Vought Aircraft Co. in July 1994. Northrop had earlier acquired Grumman Corp. for $2.2 billion. Northrop Grumman paid $130 million for Vought, which eventually became part of its Integrated Systems and Aerostructures sector.
Gordon Williams was selected to head the Dallas-based commercial division. Mr. Williams would become a corporate vice president and general manager of the Commercial Division as well as president and chief executive officer of the Vought Aircraft subsidiary of Northrop Grumman.
Lockheed - Martin acquired Loral in April, 1996. The Lockheed Martin Electronics Sector announced in July of 1999, the formation of a new Missiles and Fire Control organization, encompassing the operations of its Electronics & Missiles and the former Loral Vought Systems that was earlier the Vought Missles and Space missile business.
Northrop Grumman sold its aerostructures unit to the Carlyle Group in a deal worth $1.2 billion in July 2000. Carlyle renamed the business Vought Aircraft Industries. Sales at the unit had fallen from $1.6 billion to $1.4 billion in 1999, and Northrop Grumman preferred to focus on growth opportunities in defense electronics and information technology. It was acquired by Lockheed-Martin.
Vought Aircraft Industries cut 20 percent of its 6,000 strong workforce in late 2001 following a downturn in the civil aviation market and a downturn in Boeing business. At the same time, the company began closing a plant in Perry, Georgia, and moving its operations to its factory in Stuart, Florida. Grumman had opened the latter site in 1950 as a flight-testing facility.
Gordon Williams became the chairman of the Carlyle Group in January 2002. He was succeeded at Vought by Tom Risley. Mr. Risley retired. Elmer L. Doty was named President and Chief Executive Officer for Vought Aircraft Industries, Inc. He was appointed to this position, effective Feb. 1, 2006, by Voughts board of directors. Mr. Doty also serves as a director on the companys board.
The Boeing Co. announced in July 2009 that it had agreed to acquire the North Charleston, South Carolina facility of Vought Aircraft Industries, where Vought builds sections 47 and 48 of the the aft fuselage for Boeing's 787 Dreamliner. Boeing agreed to pay $580 million for the facility.
Vought Aircraft Industries is in the hands of its first new owner in a decade as the Triumph Group completed its acquisition of the Dallas-based manufacturer of aircraft structures and components in June 2007.
But the Vought name lives on in a muted form.
Triumph, whose shares (ticker: TGI) are traded publicly, is an aircraft parts and services company based in Wayne, Pa. It said the Vought operations will function as two divisions, both reporting to Elmer Doty, who has been CEO of Vought since January 2006.
At least initially, the nearly 3,800 employees at Vought plants in Dallas and Grand Prairie should see little change.
"We've got people from Vought and Triumph looking at things and looking for efficiencies, but we don't envision any sweeping changes right away," said Sheila Spagnolo, vice president of investor relations for Triumph. "We're still working through a lot of the details."
One division, Triumph Aerostructures - Vought Commercial Division, will primarily supply major structures and components for Boeing commercial jetliners. Tail sections for Boeing 747 and 767 aircraft are produced at Vought's Marshall Street facility in Grand Prairie, and other commercial work is done at plants in Hawthorne, Calif., and Stuart, Fla.
The second division, Triumph Aerostructures - Vought Integrated Programs Division, will primarily do military and business jet work and will involve Vought's Jefferson Street plant in west Dallas. It assembles tail sections and engine mounts for C-17 transport planes, cabins for Black Hawk helicopters and wings for Gulfstream business jets.
Spagnolo said Triumph allows its units to operate largely independently, doing what they know how to do, as the corporate parent provides financial and other resources.
The acquisition of Vought from the Carlyle Group, for about $1.44 billion in cash, stock and assumed debt, more than doubles the size of Triumph. The company already had three other businesses in Dallas-Fort Worth with about 250 employees.
As a result of the deal, Carlyle will now own about 31 percent of Triumph's common stock. The Triumph board was expanded to nine directors, with Carlyle appointing three including Doty.
The deal is the latest twist in the road for the legendary aviation company, which traces its heritage to Chance Vought, a pioneer in the U.S. aviation industry. Actaully that heritiage is now broadened by the Triumph purchase merging Vought's history with several Triumph facilities that have a history of their own.
Triumph Aerostructures - Vought Aircraft Divisions heritage now evolves from a world-class family tree: Grumman, Northrop, Stinson, Textron, Avco and Vought. The Vought name extends back to the military aircraft company founded by aviation pioneer, Chance Milton Vought. In 1917, with Birdseye B. Lewis, Vought organized the Lewis & Vought Corp. Among the more than 15,000 aircraft produced by Chance Voughts legacy companies, some notable ones include the VE-7 Bluebird, the OS2U Kingfisher, the F4U Corsair, the F-8 Crusader, and the A-7 Corsair II.
Triumph Aerostructures - Vought Aircraft Divisions predecessor,Vought Aircraft Industries, was formed when Northrop Grumman sold the majority of its aerostructures business assets to The Carlyle Group in July 2000. The company expanded in 2003 with the acquisition of The Aerostructures Corporation, which included Contour Aerospace, a wholly owned subsidiary.
In June 2010, Vought was acquired by Triumph Group and was renamed Triumph Aerostructures - Vought Aircraft Division.
The Jefferson Street plant at the Dallas Naval Air Station dates back to World War II, when North American Aviation built P-51 fighters and B-24 bombers.
In 1948, the plant is taken over by Chance Vought Co., which two decades later becomes part of Dallas-based LTV Corp.
The Marshall Street plant opened in Grand Prairie in 1968.
Hawthorne Facility History
Began building 747 fuselage sections in 1968 as part of former Northrop entity. Employment peaked in 1974-75 with approximately 2,500 people, when production reaches high of seven ship sets per month.
Milledgeville Facility History
Operations began in 1975 under Grumman Corp. producing parts primarily for military aircraft.
Nashville Facility History
Operations in Nashville can be traced back to 1939 when it was known as Stinson Aircraft Co. As a division of the Aviation Co., the third-largest producer of war materials during World War II, it was merged with Vultee in 1940 and merged again to form Consolidated Vultee Aircraft in 1943. In 1959, the Aviation Co. became Avco Corp. In 1966, the Nashville division was renamed Avco Aerostructures. In 1985, Avco Aerostructures became part of Textron Inc. as a result of their acquisition of Avco Corporation, and in 1987, the name changed to Textron Aerostructures. The Nashville facility was purchased in September 1996 by The Carlyle Group and renamed The Aerostructures Corp. It merged with Vought in 2003.
For more information on the Stinson Aircraft Company and Convair follow this link >
Stuart Facility History
Opened in 1950 as a Grumman Corp. operation, initially used for flight test operations. Production programs for commercial and military aircraft began in 1963. In 2002, company moves production of commercial aircraft doors from Perry, Ga., to Stuart.
Read more: http://www.star-telegram.com/2010/06/16/2271059/pennsylvania-company-completes.html#ixzz0vDH6nGo9
Missile Projects prior to sale to Loral and Lockheed Martin Missiles and Fire Control:
M270 Multiple Launch Rocket System (1983)
ASM-135 ASAT (1984)
Boeing C-17 Globemaster III (ailerons, elevators, and rudders)
Bell/Boeing V-22 Osprey (empennage, ramp/ramp door)
Boeing 747 (fuselage panels, tail section)
Boeing 767 (center wingbox, horizontal stabilizer)
Boeing 777 (spoilers, flaps)
Boeing 787 (fuselage barrelsSections 47 and 48)
Lockheed Viking S-3A (engine pods, landing gear, tail assembly and wings)
Lockheed P-3 (control surfaces)
Lockheed C-5M Super Galaxy (flight control surfaces)
Lockheed C-130 Hercules (empennage)
Lockheed/Boeing F-22 Raptor (stabilator)
McDonnell - Douglas DC-10 (tail planes and elevators)
Northrop B-2 Spirit (intermediate wing)
Rockwell B-1, B-1B1 (intermediate and rear fuselage section)
Sikorsky UH-60 Blackhawk/SH-60 Seahawk
Airbus A320 family (upper wing panel assemblies)
Airbus A330 and A340-200/-300 (mid- and outer-leading edge assemblies, mid-rear spars, center spar assembly, flaps, fairings and upper panel assemblies )
Airbus A340-500/-600 (mid- and outer-leading edge assemblies, mid-rear spars, center spar assembly, upper panels and stringers)
Evolution of The Company Name That Is Vought And Where It Was Located
1917: Lewis and Vought Company is founded in Astoria, New York. With backing from sportsman Birdseye B. Lewis, Vought founded Lewis and Vought Company in Astoria on Long Island, New York, on June 18, 1917.
1919: The company moved to Long Island City, New York and after a while changed its name to the Chance Vought Corporation.
1929: Vought joins United Aircraft and Transport Corporation. During World War I, Vought met Pratt & Whitney founder Frederick Rentschler and began using his firm's Wasp engine in his designs. When Boeing Airplane and Transport acquired Pratt & Whitney Aircraft, Chance Vought Aircraft was brought into the new company called United Aircraft and Transport Corporation, incorporated on February 1, 1929, along with propeller manufacturer Hamilton Aero. There also were a number of airlines owned some of which were united under the name United Airlines and others that kept their names but acted as a subsidiary under UA&TC.
1930: Chance Vought Corporation moves to East Hartford, Connecticutt
1934: Chance Vought Aircraft Division becomes part of new United Aircraft Manufacturing Company. United Aircraft and Transport was dissolved on September 26, 1934 and part of it restructured as United Aircraft Manufacturing Company. In 1934, the U.S. government concluded that such large holding companies as United Aircraft and Transport were anti-competitive, and new antitrust laws were passed forbidding airframe or engine manufacturers from having interests in airlines. United Aircraft and Transport was broken up. Its manufacturing interests east of the Mississippi River (Pratt & Whitney, Sikorsky, Vought and Hamilton Standard Propeller Company) were organized into a new United Aircraft Corporation (now United Technologies Corporation). Boeing acquired the western manufacturing interests. United Airlines became a separate company.Within a few months, Chance Vought, Pratt & Whitney, Sikorsky, and Hamilton Standard were all made divisions of the new United Aircraft Manufacturing Company. This was changed to the United Aircraft Corporation in late 1934.
1939: Vought-Sikorsky Division is formed as division of the United Aircraft Corporation. The legendary Igor Sikorsky had been part of the design team for the F4U Corsair. Sikorsky Aircraft had joined the United Aircraft and Transport Corporation on July 30, 1929. This was combined into United Aircraft's Vought-Sikorsky Division on April 1, 1939. Company moved to Stratford, Connecticutt.
1943:Chance Vought and Sikorsky are reconstituted as seperate divisions, Chance Vought is again the Chance Vought Division of the United Aircraft Corporation.
1948: Chance Vought Division moves to Dallas plant.
1954: Chance Vought becomes an independent corporation again, Chance Vought, Incorporated. Chance Vought became an independent company again on July 1, 1954. The company was spun off (first as a subsidiary in January 1954) owing to concerns that it might gain unfair advantage from Pratt & Whitney's dealings with other manufacturers.
1960: Chance Vought was renamed Chance Vought Corporation in December 1960, and the aircraft part became known as the Aeronautics Division. Chance Vought was soon a takeover target of Ling-Temco Electronics, which had been formed through the acquisition of the former Texas Engineering and Manufacturing Company by Ling-Altec Electronics.
1963: The Chance Vought Corporation name survived until a reorganization of Ling-Temco-Vought on October 20, 1963. Chance Vought operations formed the bulk of the LTV Aerosystems Corporation, formed in 1965 as a subsidiary of Ling-Temco-Vought.
1971: When Ling-Temco-Vought was renamed LTV Corporation in the early 1970s, it had three operating divisions: LTV Aerosystems, LTV Electrosystems, and LTV Ling-Altec. By this time, LTV Aerosystems was comprised of Vought Aeronautics Company, a few other units, and Vought Helicopters, Inc., a unit set up in 1969 to market Aérospatiale helicopters in North America.
1972: The Vought units were reorganized as the Vought Systems Division of LTV Aerospace. The aircraft producing unit was named the Vought Aeronautics Division. The Missiles and Space Division made up the other part of Vought Systems Division under LTV Aerospace Corporation.
1973: Vought Aeronautics Divison name was changed to Vought Systems Division to reflect its willingness to try new market areas such as ground transportation and it absorbed the missiles and space division.
1976: LTV Aerospace was renamed Vought Corporation on January 1, 1976. The parent company LTV Corporation had become a $4 billion diversified conglomerate, with significant holdings in steel and food processing. With revenues exceeding $500 million and pretax profits of $41 million, Vought Corp. accounted for 12 percent of LTV's sales in 1975.
1983: Vought Corporation is renamed LTV Aerospace and Defense Company. It was organized into two divisions: Missiles and Advanced Programs, and Aero Products.
1986: These divisions were renamed the Missiles and Electronics Group and the Aircraft Products Group at the end of September 1986. The latter subsequently became the Vought Aircraft Division.
1992: Carlyle Group and Northrop acquire LTV Aircraft Division, which is renamed Vought Aircraft Company. Loral paid $244 million for the LTV Missiles and Space Division, renaming it Loral Vought Systems. .. Both transactions closed on August 31, 1992.
1994: Northrop Grumman acquires remainder of Vought from Carlyle. Northrop Grumman Corp. exercised an option to buy the Carlyle Group's 51 percent share of Vought Aircraft Co. in July 1994. Northrop had earlier acquired Grumman Corp. for $2.2 billion. Northrop Grumman paid $130 million for Vought, which eventually became part of its Integrated Systems and Aerostructures sector.
2000: Carlyle Group buys Northrop Grumman's aerostructures business and revives the Vought name. Northrop Grumman sold its aerostructures unit to the Carlyle Group in a deal worth $1.2 billion in July 2000. Carlyle renamed the business Vought Aircraft Industries.
2007: The Triumph Group completed its acquisition of Vought Aircraft Industries ,the Dallas-based manufacturer of aircraft structures and components in June 2007. the Vought operations functions as two divisions. One division, Triumph Aerostructures - Vought Commercial Division, supplies major structures and components for Boeing commercial jetliners. Tail sections for Boeing 747 and 767 aircraft are produced at Vought's Marshall Street facility in Grand Prairie, and other commercial work is done at plants in Hawthorne, Calif., and Stuart, Fla. The second division, Triumph Aerostructures - Vought Integrated Programs Division, does primarily military and business jet work and principally involves Vought's Jefferson Street plant in west Dallas.
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