Abstract

Meditations on a Merger
Biddle, Wayne | June 20, 1994 issue

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There is a graceful old house not very far out on Long Island with a lawn that sweeps down to the Sound. People can imagine a wooden sloop tied up at its private dock long ago, or, more likely in this case, a curvaceous little amphibious airplane called the Grumman Goose. The businessman Leroy Grumman's widow, Rose, maintained the house for many years after his death, long after the surrounding towns had turned bleak and the company he founded hit rough weather. Grumman, like most of the aerospace behemoths wholly dependent on Washington, tried to diversify into commercial markets from time to time. The open market would not tolerate the mistakes that the Pentagon smoothed over with progress payments or top secrecy.

See Also:

CONSOLIDATION & merger of corporations; COMMERCIAL markets; GRUMMAN, Leroy; GRUMMAN airplanes; DOMESTIC markets; BUSINESS enterprises
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