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Thursday, Feb 2, 2023

Business Briefs: Northrop Grumman, Hilton Hotels Corp., Tejon Ranch Co.

Northrop Grumman Corp.

received a $125 million award from the U.S. Special Forces Command to make a system to defend the Osprey tilt-rotor aircraft from attack from heat-seeking missiles. The Los Angeles-based defense contractor will initially deliver a variation of the AN/AAQ-24 directional infrared countermeasures system already installed on helicopters and fixed-wing aircraft in Iraq. It will later deliver an upgraded version of the system. The V-22 Osprey, designed by Textron Inc.’s Bell Helicopter unit, is about to be put into full production and is being eyed for long-range commando operations that would make it vulnerable to the missiles.

Conrad Hotels, the luxury brand of Los Angeles-based

Hilton Hotels Corp.

, reached an agreement with PT. Majumakmur Arthasentosa, an Indonesian firm, to manage the company’s new Conrad Hotel in Jakarta. The 320-room hotel will be built as part of the city’s Sudirman Plaza, a multi-use complex located in the heart of Jakarta’s commercial district. The hotel is scheduled to open in 2008 and will be the company second property in Indonesia. The first opened last year in Bali and operates as a resort. There are 18 Conrad Hotels worldwide with another five planned to open between 2006 and 2008.

Tejon Ranch Co.

reported a loss of $840,000 (5 cents per diluted share) in the second quarter ended June 30, compared to a loss of $470,000 (3 cents) for the like period a year ago. Revenues rose to $3.7 million up from $2.4 million in the year-ago period. The Kern County-based company operates the 270,000-acre ranch in the Tehachapi Mountains.

Higher revenues derived from a private placement and other sources during the quarter were more than offset by an increase in marketing costs, professional fees and other expenses, some related to the ranch’s development plans. The company is seeking approval to build a new 20,000 home development in Los Angeles County near the junction of the Golden State (5) Freeway and State Highway 138.


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