Northrop Grumman Awarded USS Enterprise Contract
Northrop Grumman Corporation (NYSE:NOC) has been awarded a contract option by the U.S. Navy to provide planning, execution and continuous maintenance to the nuclear-powered aircraft carrier, USS Enterprise. The company's Newport News sector will perform the work, which includes planning, design, documentation, engineering, material procurement, shipboard inspections, fabrication and preliminary facility work for an extended dry dock maintenance period beginning in 2008. Additional work includes engineering services to support modernizing and reconfiguring the carrier. The contract for the work is valued at $6m. This contract option continues work awarded earlier this year. There are four additional funding options that could also be awarded.
Commendation for USS George H.W. Bush Builder
The shipbuilders of Northrop Grumman Corporation (NSYE:NOC) were honored by the Virginia House of Delegates during a ceremony held on April 8 at the start of the Reconvened Session. The 2009 General Assembly adopted a resolution commending the employees of the company's Shipbuilding sector on the completion of the USS George H.W. Bush (CVN 77), the 10th and final Nimitz-class aircraft carrier built in Virginia. During a ceremony on the floor of the House of Delegates, the final signed copy of the resolution was presented to a delegation of shipbuilders who worked on USS George H.
Report: Va. Shipbuilders Unhappy with New Port Security Rules
A federal plan to screen port workers could drive up the cost of building and repairing Navy ships while doing nothing to improve security, industry officials say. Under the new system, longshoremen, truckers and other transportation workers who need access to secure port areas will undergo FBI background checks and submit fingerprints that will be embedded on biometric cards. But the federal law mandating the system--officially known as the Transportation Worker Identification Credential--also extends to some shipyards, including Navy shipbuilder Northrop Grumman Newport News, the region's largest private employer with 19,000 workers. Ship repair yard officials are confused about the law: some say their companies fall under the law, others say they do not.
USN Awards $52M Contract To DD21 Gold Team
The U.S. Navy announced a $124 million contract modification for continuation of design and test planning of its 21st century DD 21 destroyer program. The contract was awarded to the DD 21 Alliance which includes Ingalls Shipbuilding here and Bath Iron Works of Bath, Me. Ingalls Shipbuilding, a Northrop Grumman company, is leading the DD 21 Gold Team, which includes the Raytheon Company and The Boeing Company, and will receive $52 million for the continuation of its work associated with Phase II of this program. Work involved by the Gold Team during the continuation of Phase II includes the development and maturity of critical technologies such as the vessel's integrated power system, the advanced gun and dual-band radar suite.
Bertholf Reaches Milestone With Mast Stepping Ceremony
Mast Stepping: Prospective commanding officer for Bertholf (WMSL 750), Capt. Patrick Stadt (USCGC), sealed a box with coins into the mast of the first-of-class National Security Cutter. The coins represent accomplishments of Coast Guard founder Commodore Ellsworth Price Bertholf, the U.S. Coast Guard and Northrop Grumman Ship Systems employees. Sealing the box in its place is welder Ronald "Eggman" Jones. known as “mast stepping” during the construction of the U.S. schedule at the company’s Ship Systems sector. to Greek mythology. coins would help the sailors pay the wages for their return home. mast. ship and its namesake, Commodore Ellsworth Bertholf. U.S. Coast Guard Capt. officer of Bertholf, also took part in the ceremony.
Northrop Grumman Names a Managing Director
FREIBURG, Germany - Northrop Grumman Corporation has appointed Eckehardt Keip as managing director of Northrop Grumman Holding GmbH, which includes operating entities Northrop Grumman L.E.F. GmbH and Northrop Grumman LITEF GmbH. Keip has been managing director of Northrop Grumman LITEF in Freiburg for nearly eight years; and, in his new, expanded role, he will be responsible for leading all areas of the company's Navigation Systems Division operations throughout Germany. "This strategic new appointment will unite and centralize all of our operations in Germany under Eckehardt Keip's leadership," said Liz Iversen, vice president and general manager of Northrop Grumman's Navigation Systems Division. Northrop Grumman L.E.F.
Northrop Grumman Outlook Downgraded
Goldman Sachs lowered its rating on U.S. military contractor Northrop Grumman Corp. to market perform from outperform. In a report, analyst Howard Rubel said the downgrade stemmed from potential dilution and distraction over a bid for Newport News Shipbuilding Inc. He said a combination between Northrop and Newport News may not produce the benefits for Northrop or the U.S. Navy that a General Dynamics Corp.-Newport News deal would. General Dynamics and Northrop have competing bids for the shipbuilder. General Dynamics agreed to buy Newport News for $2.1 billion in cash, while Northrop is offering $2.1 billion mostly in stock. Northrop…
Northrop Grumman Moves Ahead With Hostile Takeover
Northrop Grumman Corp. started its exchange offer for shares of Newport News Shipbuilding Inc., moving forward with its hostile bid despite Newport's planned merger with rival General Dynamics Corp. Northrop said it would immediately enter negotiations with Newport News if the maker of nuclear-powered aircraft carriers and submarines allowed Northrop to conduct a due diligence review. A spokeswoman for Newport News said the board would review the offer and make its recommendation. A General Dynamics spokeswoman said the company had not yet reviewed Northrop's bid. Northrop's offer gives Newport shareholders the option to receive $67.50 per share in cash or shares of Northrop common stock.
Northrop Grumman Announces Newport News Shipbuilding Exchange Ratio
Northrop Grumman Corporation announced in connection with its offer to acquire all of the outstanding shares (including associated preferred stock purchase rights) of Newport News Shipbuilding that the exchange ratio for the common stock of Newport News has been fixed at 0.7193. Accordingly, stockholders of Newport News who elect to receive solely Northrop Grumman common stock in the offer will receive approximately 0.7193 shares for each share of Newport News common stock validly tendered by the expiration of the offer (subject to the proration procedures and limitations described in the offer) provided the offering period expires at 12:00 midnight New York City time on Nov. 29, 2001.
Northrop Grumman Names LaBarge as Preferred Supplier
Northrop Grumman Corporation'sElectronic Systems sector has awarded Preferred Supplier status to LaBarge, Inc. Northrop Grumman utilizes its Preferred Supplier Program to develop strategic relationships with high-performing suppliers. "We are pleased to recognize LaBarge for its outstanding performance," said Bob Savage, manager of procurement at Northrop Grumman's Electronic Systems sector. Northrop Grumman has selected less than 200 out of 2,000 production suppliers for its Preferred Supplier Program. advanced quality practices, technology, cost, stability and leadership. LaBarge manufactures and tests sophisticated postal sorting equipment on a turnkey basis for Northrop Grumman. integrates them into complete infeed units of the mail sorting machines.
Newport News Shipbuilding Receives Revised Proposal From Northrop Grumman
stockholders would be adjusted so that Newport News stockholders would receive a value of $67.50 per share if the market value of Northrop Grumman Common Stock does not exceed $100 per share and is not less than $80 per share. Newport News said that it has been advised by Northrop Grumman that the Northrop Grumman Board of Directors has approved this proposal. Newport News said that it expects that its Board of Directors will meet on Wednesday, November 7, to consider the new Northrop Grumman proposal. The proposal is subject to the negotiation of a mutually satisfactory merger agreement. There can be no assurance that such an agreement will be reached.
Northrop Grumman Closes on TRW Merger
Northrop Grumman Corporation announced today that the merger of a wholly-owned subsidiary of Northrop Grumman with and into TRW Inc. was completed following the approvals of the stockholders of Northrop Grumman and TRW at special meetings of stockholders held today. TRW will survive the merger as a wholly owned subsidiary of Northrop Grumman. As previously announced, based on the exchange ratio for the merger, TRW shareholders will receive 0.5357 shares of Northrop Grumman common stock for each share of TRW common stock, with cash paid in lieu of any fractional share of Northrop Grumman stock which otherwise would be issued to the TRW shareholders.
Northrop Grumman to Acquire Litton Industries for $80 Per Share Cash
Northrop Grumman Corp. and Litton Industries have jointly announced that they have signed a definitive agreement under which Northrop Grumman will acquire for cash all of the outstanding shares of Litton for $80 per common share and $35 per Series B Preferred share. The transaction is valued at approximately $5.1 billion, which includes the assumption of Litton's $1.3 billion in net debt. Northrop Grumman's and Litton's boards of directors have unanimously approved the transaction. Following the close of the transaction, it is Northrop Grumman's intention to raise additional capital through a stock offering. earnings per share in 2001. Northrop Grumman said it expects the acquisition to be double-digit accretive to both economic and GAAP earnings per share in 2002 and beyond.
Northrop Grumman Earns Suez Canal Contract
Northrop Grumman to Supply Marine Navigation Equipment for Suez Canal Authority. Northrop Grumman Corporation's Sperry Marine business unit has won orders to supply navigation equipment to the Suez Canal Authority for tugboats and other assorted workboats. The orders include radar upgrades for 10 boats, and complete integrated bridge systems (IBS) for four new builds. The IBS is based on Northrop Grumman's VisionMaster FT navigation technology with TotalWatch multifunction workstations, which include electronic chart display and information systems (ECDIS), radars, conning displays and interfaces with positioning, heading, speed and depth sensors. The orders were won through Radio Holland Egypt (RHE), Northrop Grumman's sales and service representative in Egypt.
Northrop Grumman, Newport News Shipbuilding Announce Definitive Merger Agreement
Northrop Grumman Corporation and Newport News Shipbuilding Inc. announced today that they have signed a definitive agreement under which Northrop Grumman will acquire Newport News Shipbuilding. The boards of directors of both companies approved the terms of the transaction in which Northrop Grumman will acquire all the outstanding shares of Newport News. $67.50, subject to certain limitations and proration procedures. Northrop Grumman expects to promptly amend its existing offer documents in order to reflect the merger agreement. Shipbuilding shareholders will have the same right to elect to receive cash or shares of Northrop Grumman stock as described above. Kent Kresa, Northrop Grumman chairman and chief executive officer.
Northrop Grumman Announces Proration Calculation For NNS Tender Offer
Northrop Grumman Corporation announced the proration calculation in connection with the completion of its offer to acquire all outstanding shares (including asociated rights) of Newport News Shipbuilding Inc. ( NNS). The company said of the 26,241,019 shares tendered and accepted pursuant to the offer (14,274,961 of which were tendered by guaranteed delivery), 11,719,271 elected to receive cash, 14,495,896 elected to receive Northrop Grumman shares and 25,852 made no election. Pursuant to the proration provisions of the offer, each Newport News share electing cash in the offer will receive $43.63 in cash and 0.2544 Northrop Grumman shares (excluding treatment of fractional shares).
Northrop Grumman, NNS To Talk
Northrop Grumman Corporation said on Friday that it was pleased with the decision by Newport News Shipbuilding's Board of Directors to pursue discussions with Northrop Grumman regarding the company's previously announced proposed acquisition of Newport News. Northrop Grumman Corporation is a $15 billion global aerospace and defense company with its worldwide headquarters in Los Angeles. Northrop Grumman provides technologically advanced, innovative products, services and solutions in defense and commercial electronics, systems integration, information technology and non-nuclear shipbuilding and systems. With 80,000 employees and operations in 44 states and 25 countries, Northrop Grumman serves U.S. and international military, government and commercial users.
Northrop Grumman Extends Tender Offer
Newport News Shipbuilding Inc. (NYSE: NNS) from Oct. 18, 2001, to Oct. 2001, at midnight E.D.T. had been tendered to Northrop Grumman as of 5:00 p.m. E.D.T. on Oct. guaranteed delivery. Northrop Grumman Corporation is a $15 billion, global aerospace and defense company with its worldwide headquarters in Los Angeles. solutions in defense and commercial electronics, systems integration, information technology and non-nuclear shipbuilding and systems. 80,000 employees and operations in 44 states and 25 countries, Northrop Grumman serves U.S.
U.S. Navy Selects Northrop Grumman to Provide Next Generation C4ISR Systems Development
advanced technologies for the U.S. computers, intelligence, surveillance and reconnaissance (C4ISR) systems. operations during network-centric warfare. Warfare (SPAWAR) Systems Center, San Diego, Calif. base year of the five-year contract is valued at approximately $3 million. $17 million. 1990. Systems, Northrop Grumman IT. architectures. agencies provide tasking under the program. the Global Command and Control System-Maritime and Marine Corps subsystems. factors, simulation and technology transfer. Grumman IT's Communication and Information Systems Division. Northrop Grumman IT facilities in San Diego. Star Engineering, Bedford, Ind.; and Veridian, Arlington, Va.
Northrop Grumman Reaches Agreement on TRW Acquisition
promptly close its acquisition of TRW, Inc. after shareholders of both companies approve the transaction at separate meetings December 11, 2002. satellite payloads. businesses and those of TRW as planned. The European Union antitrust authority approved the transaction Oct. 2002. executive officer. principle. agreement. exchange for Northrop Grumman common stock. day prior to the closing of the merger. than 0.4348 or more than 0.5357 of a Northrop Grumman share. closing date of Dec. 11, the five-day trading period commenced Dec.
Northrop Grumman To Sell Cruise Ship Assets to NCL
ship program at the company's Ship Systems sector here to Norwegian Cruise Line. equipment and materials, as well as material acquired by Northrop Grumman for a planned second ship. employees are currently preparing the cruise ship for launch and towing. The company does not expect the sale to impact previously announced financial guidance. In May, the U.S. Maritime Administration (MARAD) conducted an auction for the cruise ship and associated materials. MARAD directed Northrop Grumman Ship Systems to proceed unilaterally with the disposition of the vessel. Northrop Grumman had previously been under contract to American Classic Voyages Company to construct two 1,900-passenger vessels. after AMCV filed for Chapter 11 bankruptcy protection.
Northrop Grumman Buys 9 Million Shares in Accelerated Share Repurchase
Northrop Grumman Corporation has entered into a $500 million accelerated share repurchase (ASR) agreement with Credit Suisse First Boston (CSFB). Under the agreement, the company repurchased 9,066,183 shares of Northrop Grumman common stock from CSFB at a price per share of $55.15. CSFB plans to purchase an equivalent number of shares in the open market, and Northrop Grumman may receive or be required to remit a price adjustment based upon the volume weighted average price of Northrop Grumman common shares purchased by CSFB. Today's repurchase is part of a $1.5 billion share repurchase program announced by Northrop Grumman on Oct. 25, 2005. The company expects to complete the remaining $1 billion of the share repurchase program over the next 12 to 18 months.
Northrop Grumman Completes Tender Offer for Newport News Shipbuilding
Northrop Grumman Corporation announced today the completion of its tender offer for all of the outstanding shares of Newport News Shipbuilding Inc., creating the world's largest naval shipbuilder. E.S.T. on November 29, 2001. exchange. The exchange agent for the offer has advised Northrop Grumman that a total of approximately 26,469,213 shares were tendered in the offer, including approximately 14,503,155 delivered through notice of guaranteed delivery. common stock. "Northrop Grumman is now a world-class, fully capable shipbuilding company with expertise in every class of nuclear and non-nuclear vessel," said Kent Kresa, Northrop Grumman's chairman and chief executive officer.