Latest Aerospace and defense industry News
Lockheed Martin subsidiaries reach $70 million settlement for claims they overcharged Navy for parts
STRATFORD, Conn. (AP) — Two Lockheed Martin subsidiaries have agreed to pay the federal government $70 million for overcharging the Navy for aircraft parts, the U.S. Department of Justice announced Friday. The federal agency says Sikorsky Support Services, based in Stratford,...
South Korea summons Russian ambassador as tensions rise with North Korea
SEOUL, South Korea (AP) — South Korea summoned the Russian ambassador to protest the country’s new defense pact with North Korea on Friday, as border tensions continued to rise with vague threats and brief, seemingly accidental incursions by North Korean troops. Earlier Friday,...
China sanctions several Lockheed Martin units, three executives over arms deals with Taiwan
BEIJING (AP) — China said Friday it has banned a number of business units of American aviation manufacturer Lockheed Martin Corp. and three of its executives over arms deals the company has signed with Taiwan, the self-ruling island it claims as its own territory. The statement...
Smith & Wesson: Fiscal Q4 Earnings Snapshot
SPRINGFIELD, Mass. (AP) — SPRINGFIELD, Mass. (AP) — Smith & Wesson Brands, Inc. (SWBI) on Thursday reported profit of $26.1 million in its fiscal fourth quarter. On a per-share basis, the Springfield, Massachusetts-based company said it had net income of 57 cents. Earnings,...
What's known, and not known, about the partnership agreement signed by Russia and North Korea
SEOUL, South Korea (AP) — Both Russian President Vladimir Putin and North Korean leader Kim Jong Un say a new strategic partnership is a breakthrough, but what it means for their relationship is still uncertain. The pact requires both countries to use all available means to provide...
Mutual defense pact between North Korea and Russia raises new questions, but it's far from unique
BANGKOK (AP) — A new mutual-defense pact signed by Russian President Vladimir Putin and North Korean leader Kim Jong Un commits each country to come to the other's aid if attacked. Just what the threshold for such assistance would be is currently unclear -- maybe deliberately so,...
FAA investigating how titanium parts with falsified records wound up in Boeing and Airbus planes
Federal regulators are investigating how parts made with titanium that was sold with falsified quality documentation wound up in Boeing and Airbus passenger jets that were built in recent years. Boeing and Airbus said Friday that planes containing the parts are safe to fly, but...
EPA to disband Red Hill oversight group amid Navy complaints
HONOLULU (AP) — A community-led group formed to provide public oversight of the Navy’s Red Hill fuel facility will be shut down after the committee refused to cede control of the meetings to the military. The Red Hill Community Representation Initiative, or CRI, was formed last...
The head of the FAA says his agency was too hands-off in its oversight of Boeing
The top U.S. aviation regulator said Thursday that the Federal Aviation Administration should have been more aware of manufacturing problems inside Boeing before a panel blew off a 737 Max during an Alaska Airlines flight in January. “FAA’s approach was too hands-off — too...
Boeing sales tumble as the company gets no orders for the 737 Max for the second straight month
Boeing received orders for only four new planes in May — and for the second straight month, none for its best-selling 737 Max, as fallout continues from the blowout of a side panel on a Max during a flight in January. The results released Tuesday compared unfavorably with Europe's...
