Hughes Bets On Another Kind Of Bird

When C. Michael Armstrong took over as chief executive officer of Hughes Aircraft Co. in early 1992, the company was in turmoil. Profits at the Los Angeles defense contractor, which General Motors Corp. bought in 1985, had been falling since 1989. Worse, Pentagon spending, which accounted for 70% of Hughes's revenues last year, was shrinking by 12% a year.

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