The Department of the Navy announced that it is now in a position to support Northrop Grumman Corporation's (NGC) spin-off of its shipbuilding business. The Navy finds Huntington Ingalls Industries Inc. (HII) responsible for award of amphibious transport dock ship LPD 26 and guided missile destroyer DDG 113, both contracts currently under negotiation with NGC. "NGC has cooperated with the Navy in working through the complex issues related to its potential spin-off of its shipbuilding business to HII," said Sean Stackley, assistant secretary of the Navy for research, development and acquisition. "Our support of the spin-off is based on a critical review of HII's proposed capital structure, current contract financials, required capital investment and proprietary forward-looking projections.
