Northrop Grumman Takes Litton for $3.8 Billion

Tuesday, April 03, 2001
Northrop Grumman Corp., the number five U.S. defense contractor, said on Tuesday that it has completed its $3.8 billion purchase of warship and defense electronics maker Litton Industries Inc.

Los Angeles-based Northrop, which makes high-tech weapons systems, said the purchase will solidify its defense electronics segment while adding shipbuilding and commercial electronics capabilities.

The deal cleared required U.S. and European Commission reviews late last month.

"The Litton acquisition creates a $15 billion, top-tier global defense enterprise with 80,000 employees worldwide," said a Northrop Grumman official. "With Litton, we have solidified our position in major growth segments of the 21st century defense marketplace."

Under the agreement signed by the two companies, the acquisition also includes the assumption of Litton's $1.3 billion net debt.

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Vinalines Plans Ports Divestment

The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

Gener8 Maritime to Go Public

Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1101 sec (9 req/sec)