The Indian Express

Return to Story Page
To print: Select File and then Print from your browser's menu

Misplaced comma costs Lockheed $70 mn

London, June 19: The US-based Aerospace Group Lockheed Martin Corporation lost 70 million dollars because a sales contract had a comma in the wrong place.

An international contract for the group's c-130J Hercules had the comma misplaced by one decimal point in the equation that adjusted the sales price for changes to the inflation rate.

It was a mistake, a newspaper quoted James A Micky Blackwell, president of Lockheed'S Aeronautics division as saying. But the customer, who Lockheed refused to name, held them to the price. "That comma cost lockheed 70 million dollars,'' Blackwell was quoted as telling the newspaper.

Lockheed has secured contracts from three countries outside of the United States - Britain, Italy and Australia - for its C-130J, the latest version of its Hercules air transportation aircraft.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.

Net Express

------------------------------------------------------------

This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.

------------------------------------------------------------