News Briefs
Secretary of Defense touts F-35 in visit to Fort Worth’s Lockheed plant
Fort Worth and Lockheed Martin hosted U.S. Secretary of Defense Robert Gates Aug. 31 as he visited the final assembly operation for the F-35 Lightning II.
It was Gates’ first visit to the company’s Fort Worth plant, which has been the final assembly point for other U.S. aircraft, including the B-36 Peacemaker and the F-16 Fighting Falcon, among others. He walked parts of the mile-long factory floor and saw all three variants of the F-35 in various stages of assembly.
“We cannot afford as a nation not to have this airplane,” he said at a news conference after the tour. “I was very impressed by what I saw this morning — by the investments that have been made in the production line, the robotics and automation. I’m heartened by what I’ve seen . . . but especially by the commitment of the people involved in putting this airplane together.”
Robert J. Stevens, chairman, president and CEO of Lockheed Martin Corp., based in Bethesda, Md., said the visit was to make clear the need for the company to perform according to schedule and to produce an aircraft up to expectations. He also said hosting Gates was a “great honor.”
– Elizabeth Bassett
Employee loyalty damaged by unfair treatment
A new study by assistant professor Michael S. Cole from Texas Christian University’s Neeley School of Business finds employees’ loyalty to their workplace is damaged by unfair treatment.
In organizational settings, managers and those in other leadership roles should be weary of ridiculing or criticizing employees, or in general acting disrespectful toward employees, because employees are not likely to forgive or forget, the study found.
Cole’s research, which will be published in the October 2009 issue of the Journal of Management Studies, tracks the process triggered when an employee experiences perceived injustices at work.
– Leslie Wimmer
Chamber looking for
Small Business of the Year
The Fort Worth Chamber is asking for nominations for its Small Business of the Year Awards.
Businesses must be for-profit, employ 1 to 150 persons and be headquartered in Tarrant County. Companies that provide a current member to the Chamber’s Board of Directors are not eligible.
Judging elements for the awards include business growth and performance, strategies and practices, customer service practices, challenges, innovative approaches, community contributions and employee relations.
After reviewing applications, judges will conduct site visits with three finalists in each category, and awards will be presented at the 2010 Mayor’s State of the City luncheon.
On the Web: www.fortworthchamber.com
– Leslie Wimmer
Sabre, D/FW Airport develop smart phone software
Sabre Travel Studios developed smart phone software designed to give Dallas-Fort Worth travelers information about airlines, hotels, car rentals and more.
The software, called TripCase, also features Dallas/Fort Worth International Airport-specific information, such as retail and restaurant offerings, baggage claim and gate changes and other services offered within a traveler’s terminal. The software is available on the Apple iPhone and Blackberry platforms, according to a press release.
“D/FW has partnered with more than 200 of its retail and dining location to provide passengers with price-conscious opportunities via TripCase,” said Joe Lopano, executive vice president of Marketing and Terminal Management for the airport, in a statement. “Passengers are going to love the added value D/FW brings with real-time airport updates, information about shops and restaurants as well as discount offers.”
– John-Laurent Tronche
Oklahoma firm to launch Texas-company fund on NYSE
An Oklahoma City-based brokerage firm expects to launch this month a Texas-specific fund that will invest in a portfolio of securities representing large cap, publicly traded companies based in Texas. The fund is expected to trade on the New York Stock Exchange under the proposed symbol “TXF.”
A Capital West Securities Inc. company, OOK Advisors LLC, will launch and manage the Texas Large Companies Exchange-Traded Fund, which is expected to begin trading Sept. 17, barring any unforeseen issues with the U.S. Securities and Exchange Commission, according to a Sept. 2 press release. OOK Advisors also will launch an Oklahoma Exchange-Traded Fund, or “OOK,” based on the same idea as the aforementioned Texas fund. OOK Advisors also expects to launch funds for Texas mid- and small-cap exchange-traded funds.
“Both Texas and Oklahoma are known as business-friendly states with strong public companies,” said Keith Geary, chairman of OOK Advisors, in a statement. “I believe both states have weathered the recent national economic storms in an enviable fashion and are poised to move forward.”
– John-Laurent Tronche
TCU athletic director heading to Carolina Panthers
Danny Morrison, who has served as Texas Christian University’s athletics director for four years, announced he will resign from his position to become president of the Carolina Panthers after finishing his duties at the end of September.
Morrison, who was part of the university’s growth in the Mountain West Conference era, oversaw four years of record departmental revenues. Horned Frog supporters also donated tens of millions of dollars toward athletic scholarships and capital projects; the Sam Baugh Indoor Practice Facility was among one of many facility improvements on campus.
On the fields, the teams performed well through the 2008-2009 athletics season, with 16 of the school’s 20 sports represented in postseason play. A dozen sports were nationally ranked, and students performed well in the classroom too, posting their highest grade-point average since reporting began in the fall of 1998.
A national search for Morrison’s replacement will begin soon, according to a press release from TCU. In addition to his athletic duties, he was a member of the chancellor’s cabinet. In his new position with the NFL, he will be responsible for the Panthers’ business operations and Bank of America Stadium business interests, as well as representing the organization.
Morrison said he and his wife consider themselves blessed to have been a part of TCU and Fort Worth.
“The energy and momentum from the people here have made this a very special place,” he said.
– Elizabeth Bassett
D/FW Airport board
signals beginning of
$1.5 billion renovation
The Dallas/Fort Worth International Airport’s board of directors OK’d a $20.75 million package to begin preliminary design work for the renovation of Terminals A, B, C and E, according to a press release. The renovations are part of the eight-year Terminal Development Program, part of the airport’s current master plan, which includes plans to integrate regional rail service from both Fort Worth and Dallas and participate in highway renovations, among other initiatives.
URS Corp., headquartered in San Francisco but with a Dallas office, will do preliminary design work, and construction is expected to begin in early 2011, not long after the Super Bowl comes to North Texas.
The terminals that will be renovated opened with the airport in 1974, and changes include updates in passenger areas as well as replacing systems such as electrical, plumbing, heating and cooling, security, conveyance and telecommunications.
Terminal A will be the first to be completed, some time in 2014, and the entire project is slated to be complete by the end of 2017. The total cost for the Terminal Development Program are estimated to be between $1.5 billion and $2 billion, with some funding from bond sales, some from available capital, and other sources. One third of each terminal will be shut down at a time to accommodate construction.
The airport’s International Terminal D, which opened in 2005 with a pricetag of $1.2 billion, may be echoed in new plans, said Jeff Fegan, CEO for the airport.
“We hope to apply what we have learned with International Terminal D to the other terminals so every passenger who visits D/FW Will want to come back here time and again,” he said in the release.
Renovating the terminals is crucial for the airport’s long-term outlook, Fegan said, because the changes will keep the airport attractive for customers and airlines who travel to or through the North Texas area.
– Elizabeth Bassett
Bell, union in agreement
Bell Helicopter, Textron Inc.’s Fort Worth-based company, announced Aug. 30 it agreed on a new three-year contract with the Security, Police and Fire Professionals of America Local 256 upon a vote from members of the union.
The SPFPA includes about 60 guards and firefighters at Metroplex Bell facilities, and the new contract covers wage increases, paid holidays, health insurance plan options, and a cash ratification bonus.
Over the three years covered by the contract, employees who fall under the SPFPA will get a cumulative 15.8 percent wage increase with general increases of 3 percent in the second and third years and 11 expected cost-of-living adjustments.
Additionally, each member will get 38 paid holidays over the three years and be able to choose from three health insurance plan options, with provisions in place for a health savings account. A $2,000 cash ratification bonus is also included in the agreement.
“This is our fourth and final labor contract to be negotiated this year, and I am pleased we were once again successful in reaching an agreement with our labor partners,” said Martha May, Bell senior vice president and chief human resources officer.
– Elizabeth Bassett
Correction
A story in the Aug. 31 issue on PlainsCapital Bank listed the incorrect amount for the value of Tarrant County deposits held by the bank. According to the Federal Deposit Insurance Corp., PlainsCapital had $110.6 million in Tarrant County deposits as of June 30, 2008.
The Business Press regrets the error.
