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Defense Giant News

04 Jun 2020

Austal COO Gregg Promoted to CEO

Patrick Gregg (Left) and David Singleton standing in front of a Guardian-class patrol Boat at Austal's Australian shipyard in Henderson, Western Australia. (Photo: Austal)

Australian shipbuilding group Austal announced its Chief Operating Officer Patrick Gregg will take over as Chief Executive Officer effective January 1, 2021, following a six-month transition from current Managing Director and CEO David Singleton.Gregg was appointed as COO 3.5 years ago with a view to him being a natural successor for the CEO role in the future, said John Rothwell, Chairman of Austal Limited. Since Gregg's appointment Austal has set up operations in Vietnam, expanded…

30 Mar 2011

Huntington Ingalls Goes Live

According to a report from the Daily Press, the Fortune 500 shipbuilding firm will be officially spun out from defense giant Northrop Grumman Corp. on Wednesday evening, March 30. Stock in the company will begin publicly trading under the symbol HII the following morning.   (Source: Daily Press)

13 Jul 2010

Officials Scramble to Save Avondale Shipyard

According to a July 11 report from Nola.com, grim prospects for the Avondale shipyard outside of New Orleans and its 5,000 jobs have public officials scrambling to find a solution and warning of potentially painful damage to the regional economy. Stephen Moret, Louisiana's Secretary of Economic Development, expressed concerns about the facility's future last week after talks with Northrop Grumman, the defense giant that owns the plant. (Source: Nola.com)

20 Apr 2000

Defense Companies Rebound

Defense companies, which have suffered mightily on the stock markets of late, took a sharp upturn, led by General Dynamics Corp., which posted strong earnings last Wednesday and was upgraded by brokerage SG Cowen Thursday. Shares of General Dynamics, builder of the Seawolf submarine and M-1 tank, as well as Gulfstream corporate jets, gained as much as 5-1/8 in morning trading on the New York Stock Exchange, before settling back to 55-3/4, up 3-3/4. Exchange. A spate of aerospace- and defense-related companies posted earnings that mostly beat Wall Street expectations Wednesday, including commercial aircraft and defense giant Boeing Co. and United Technologies Corp., which makes engines and helicopters, but also elevators and air conditioning systems.

03 May 2006

Senate Salvages Shipbuilding Cash

The Hilll is reporting that the Senate narrowly defeated an effort to strike $500 million in hurricane-recovery funding for defense giant Northrop Grumman from a $106.5 billion emergency supplemental spending bill, voting 47-52 to reject an amendment by Sen. Tom Coburn (R-Okla.). The provision is said to promise a point of contention in a House-Senate conference because the House-passed version would make $250 million available to Navy shipbuilders on the Gulf Coast, including Northrop Grumman. Source: The Hill