The boards of directors of Newport News Shipbuilding (NNS) and Avondale Industries have approved a definitive agreement to combine the two companies. The transaction creates a leading, broad-based shipbuilding company with estimated 1999 revenues of $2.6 billion and nearly 24,000 employees. The combined company will be known as Newport News Avondale Industries. "The combination of Newport News and Avondale brings together two highly skilled and tremendously capable shipbuilding companies,'' said William P. Fricks, chairman and CEO of Newport News. Albert L. Bossier, Jr., chairman and CEO of Avondale, said, "This merger is about building a stronger combined company.