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

Finance

Odfjell Drilling in Tighter 2Q North Sea Market

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million),

DP World 1H 2014 Profit Soars

Global marine terminal operator DP World releases strong financial results from its global portfolio of marine terminals for the six months to 30 June 2014, delivering

British WWl Warship Refurbishment Project

Northern Ireland Office Minister, Dr Andrew Murrison MP, visited the historic HMS Caroline in Belfast’s Titanic Quarter as restoration grants are received, informs the UK Government.

 
 
Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.1262 sec (8 req/sec)