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

Finance

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Puerto Rico Readies for Largest Cruise Ships

Thanks to a pier expansion and enhancement, Puerto Rico will welcome the two largest cruise ships in the world, Royal Caribbean International’s Oasis of the Seas and Allure of the Seas, in 2016.

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1168 sec (9 req/sec)