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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1039 sec (10 req/sec)