Lockheed Aircraft Corporation
American Aerospace Company, founded 1912
The Alco Hydro-Aeroplane Company was established in 1912 by the brothers Allan and Malcolm Loughead. This company was renamed the Loughead Aircraft Manufacturing Company and located in Santa Barbara, California. In 1926, following the failure of Loughead, Allan Lougheed formed the Lockheed Aircraft Company (the spelling was changed to match its phonetic pronunciation) in Hollywood, California. In 1929 Lockheed sold out to Detroit Aircraft Corporation. The Great Depression ruined the aircraft market, and Detroit Aircraft went bankrupt. A group of investors headed by brothers Robert and Courtland Gross bought the company out of receivership in 1932. The syndicate bought the company for a mere $40,000. Ironically, Allan Loughead himself had planned to bid for his own company, but had raised "only" $50,000, which he felt was too small a sum for a serious bid.
In 1934, Robert E. Gross was named chairman of the new company, the Lockheed Corporation, which was headquartered at the airport in Burbank, California. The company remained there for many years before moving to Calabasas, California.
During the 1960s, Lockheed began development for two large aircraft: the C-5 Galaxy military transport and the L-1011 TriStar wide-body civil airliner. Both projects encountered delays and cost overruns. The C-5 was built to unclear initial requirements and suffered from structural weaknesses, which Lockheed was forced to correct with its own money. The Tristar competed for the same market as the Douglas DC-10; delays in Rolls-Royce engine development caused the Tristar to fall behind the DC-10. Both the C-5 and L-1011 projects caused Lockheed to lose money during the 1970s.
Other Lockheed designs included the F-104 Starfighter (late 1950s), the world's first Mach 2 fighter plane; jet transport; and the C-141 Starlifter and four-engined jet transports.
In 1934, Robert E. Gross was named chairman of the new company, the Lockheed Corporation, which was headquartered at the airport in Burbank, California. The company remained there for many years before moving to Calabasas, California.
During the 1960s, Lockheed began development for two large aircraft: the C-5 Galaxy military transport and the L-1011 TriStar wide-body civil airliner. Both projects encountered delays and cost overruns. The C-5 was built to unclear initial requirements and suffered from structural weaknesses, which Lockheed was forced to correct with its own money. The Tristar competed for the same market as the Douglas DC-10; delays in Rolls-Royce engine development caused the Tristar to fall behind the DC-10. Both the C-5 and L-1011 projects caused Lockheed to lose money during the 1970s.
Other Lockheed designs included the F-104 Starfighter (late 1950s), the world's first Mach 2 fighter plane; jet transport; and the C-141 Starlifter and four-engined jet transports.