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.
Newport News Shipbuilding Notified of Department of Defense Recommendation
News Shipbuilding and General Dynamics. proposed merger between NNS and GD. two companies can be negotiated. Any agreement reached between Newport News Shipbuilding and Northrop Grumman would require the approval of the Newport News Shipbuilding Board of Directors.
Newport News Shipbuilding Bags US Navy Submarine Contract
The U.S. Navy has given Newport News Shipbuilding a $106 million contract to provide engineering and industrial support for submarines. Huntington Ingalls Industries, parent company of Newport News Shipbuilding, said the contract will be worth a total of $564 million, as the special mission submersibles, submarine support facilities and related programs are also covered by the contract. Newport News Shipbuilding is one of only two U.S. shipyards capable of building nuclear-powered submarines and has completed hundreds of ship repair projects for the government…
Newport News to Host JAMF Ground-breaking Event
Huntington Ingalls Industries' Newport News Shipbuilding subsidiary will hold a ground-breaking ceremony for its new Joint Manufacturing and Assembly Facility (JMAF) on Monday, June 22. Slated to open in 2017, the JMAF will support the builder’s Gerald R. Ford-class aircraft carrier construction and current and future Virginia-class submarine construction programs and is designed to include multiple worksites, advanced technology, automated equipment, heavyweight cranes, large transportation doors and specialty paint bays to enable more efficient construction processes, the shipbuilder said. The event’s scheduled speakers include Newport News Vice Mayor Robert S.
Boykin Tapped as Next Newport News President
Huntington Ingalls Industries’ (HII) Board of Directors has elected Jennifer R. Boykin to serve as executive vice president of HII and president of HII’s Newport News Shipbuilding division, effective July 1. She will succeed Matt Mulherin, who announced that he will retire on August 1 after a 36-year career at Newport News Shipbuilding. Boykin, who will report to HII President and CEO Mike Petters effective July 1, currently serves as vice president, engineering and design for Newport News Shipbuilding.
GD Extends NNS Offer
General Dynamics extended its pending tender offer for all outstanding shares of common stock (including associated rights) of Newport News Shipbuilding Inc. to midnight, EDT, on July 6, 2001. The offer was previously scheduled to expire at midnight, EDT, on June 22, 2001. delivery) of Newport News had been tendered. Dynamics is awaiting the requisite governmental approval in order to complete the transaction. for the U.S. Navy and provides life-cycle services for ships in the Navy fleet. employs nearly 17,000 people and has annual revenues of approximately $2 billion. worldwide and anticipates 2001 sales of approximately $11.5 billion. land and amphibious combat systems.
Navy Offers $5.7M Contract to Newport News Shipbuilding and Dry Dock Co.
Newport News Shipbuilding and Dry Dock Co., Newport News, Va., is being awarded a $5.73m modification to previously awarded contract for Planning and Design Yard functions for Standard Navy Valves in support of Nuclear Powered Submarines. Work will be performed in Newport News, Va., and is expected to be completed by September 2008. Contract funds will expire at the end of the current fiscal year. The Naval Sea Systems Command, Washington, D.C., is the contracting activity.
Newport News Selects Paramarine Design Software
QinetiQ’s Paramarine Ship and Submersible Design Software has been selected by Newport News Shipbuilding (NSS) as its primary naval architectural software. QinetiQ Paramarine Software will be used for all ships designed and built at its shipyard, including use on the U.S. Navy’s latest class of aircraft carriers and to support submarine research and development. As the sole designer, builder and refueler of U.S. Navy aircraft carriers, and one of two providers of U.S. Navy submarines…
Moody's Confirms Newport News Shipbuilding
Moody's Investors Service reportedly confirmed its debt ratings for Newport News Shipbuilding Inc following the announcement that Newport News will not increase the value of its bid for Avondale Industries,effectively terminating its interests in acquiring Avondale.
HII Creates Nuclear Services Company SN3
Combining Huntington Ingalls Industries’ (HII) S.M. Stoller Corp. and Newport News Nuclear subsidiaries, the company has created Stoller Newport News Nuclear (SN3), a full-service nuclear operations and environmental services company. "Formation of SN3 is a logical next step in the post-acquisition process of fully integrating our people and capabilities to achieve our business goals," said Pete Diakun, vice president, energy programs at HII's Newport News Shipbuilding division.
Shipbuilder Hosts Competition for STEM Students of the Future
Huntington Ingalls Industries' Newport News Shipbuilding division partnered with Newport News Public Schools to host the first Egg Drop Engineering Competition for middle and high school students. The event was sponsored by the NNS Career Pathways program. "Newport News Shipbuilding is delighted to collaborate with Newport News Public Schools to host this competition," said Jennifer McClain, NNS Career Pathways program manager. "Our partnership gives the shipyard the opportunity to provide input in preparing students for STEM careers.
US Shipbuilder Receives Environmental Awards
Huntington Ingalls Industries' Newport News Shipbuilding (NNS) division receives HRSD gold awards. NNS received gold awards for meeting industrial waste water discharge limits mandated by Hampton Roads Sanitation District (HRSD) and for meeting HRSD's technical and administrative requirements. Gold awards were presented to local companies for perfect permit compliance in 2012 and NNS has earned recognition from the HRSD every year since the awards were first presented in 1994. "Newport News Shipbuilding works hard to be good a steward of the environment," said Dru Branche, NNS' director of environmental, health and safety. For more than a century, HII has built more ships in more ship classes than any other U.S.
Bill Gates Takes Stake In Newport News Shipbuilding
It was reported that Microsoft Chairman Bill Gate has purchased an approximate $68.9 million stake – roughly eight percent – of Newport News Shipbuilding. Gates is thought to be the world’s richest man with an estimated fortune in excess of $100B. The purchase would make him one of the shipyard’s largest stockholders. Newport News is the only shipyard in the U.S. capable of building nuclear powered aircraft carriers, and with two miles of waterfront in Virginia boasts the largest ship construction facility in the Western Hemisphere. Newport News Shipbuilding has been the centerpiece of several unsuccessful defense industry consolidation moves in the past year from industry giants General Dynamics and Litton Industries.
Shipbuilders Give STEM Students Workplace Experience
Newport News Shipbuilding host Science, Technology, Engineering & Maths (STEM) high school students for workplace intro. Huntington Ingalls Industries announce that its Newport News Shipbuilding (NNS) division hosted 50 students and faculty from area high schools as part of Heritage High School's Engineering and Technology Magnet Program Seniors Internship and Newport News Public Schools' "Spring Break: Make It Work" job shadowing program. Both programs focus on the benefits of science, technology, engineering and math (STEM) in the workplace.
GlobalSim Providing Crane Simulators to Newport News Shipbuilding
GlobalSim has installed a Virtual Reality Crane Simulator Training System at Newport News Shipbuilding. The system provides a high-tech solution for training crane operators without risking personnel or equipment run by novice operators. The VR solution includes laptop computers, a headset and controls – all packaged in travel cases. This order is expected to be one of many simulators as Newport News Shipbuilding works to improve the effectiveness and safety of their crane operations.
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.
U.S. Sues Shipbuilder For Alleged Overcharges
The United States has filed suit against Newport News Shipbuilding Inc. alleging that the company knowingly mischarged the U.S. Navy on costs it incurred for work under commercial contracts from 1994 to 1999, the Justice Department announced today. The lawsuit alleges that the Newport News, Virginia-based company charged the Navy for independent research and development (IR&D) costs for double-hulled tankers that Newport News was building for commercial customers under existing contracts. Since November 2001, Newport News Shipbuilding has been a wholly-owned subsidiary of Northrop Grumman Corporation. The shipbuilding company is alleged to have charged the Navy for more than $72 million of costs related to the design and development of the commercial tankers…
Northrop Grumman Extends Offer
Northrop Grumman Corporation announced that it has extended its pending exchange offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. (NYSE: NNS) from Oct. 4, 2001, to Oct. 11, 2001, at midnight E.D.T. Approximately 6,948,883 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. E.D.T. on Oct. 4, 2001, including approximately 5,246,621 shares tendered pursuant to notices of guaranteed delivery.
Steven Palazzo Visits HII, Newport
Huntington Ingalls Industries today hosted Rep. Steven Palazzo, R-Miss., for a tour of the company's Newport News Shipbuilding division. Palazzo represents the fourth district of Mississippi, which includes Newport News' sister shipyard, Ingalls Shipbuilding. The visit provided an opportunity for Palazzo to see nuclear shipbuilding at Newport News and understand the value that Mississippi suppliers contribute to ship construction in Newport News. Palazzo's visit included a tour of aircraft carrier Gerald R. Ford (CVN 78), which is about 85 percent complete and scheduled for delivery in 2016.
NNS Appoints V-P Energy Programs
Huntington Ingalls Industries announce that Peter Diakun, vice president and chief technology officer of its Newport News Shipbuilding (NNS) division, has been appointed to vice president of energy programs. Diakun, a 26-year veteran of the shipyard, will assume responsibility for energy programs while maintaining certain aspects of his current position. In addition to leading NNS' Department of Energy programs, he will continue to oversee Virginia Advanced Shipbuilding and Carrier Integration Center (VASCIC) operations, including operational concepts and modeling and simulation work.
Newport News Shipbuilding Board of Directors to Meet
Newport News Shipbuilding (NYSE: NNS) announced that its Board of Directors will meet today, October 5, to review the General Dynamics and Northrop Grumman offers in light of the increase in the Northrop Grumman stock price. The company anticipates making an additional announcement late Friday afternoon.
Northrop Grumman Amends and Extends Offer for Newport News Shipbuilding
Northrop Grumman Corporation amended its offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. pursuant to an amended Registration Statement on Form S-4 filed with the Securities and Exchange Commission. Northrop Grumman also announced that it had extended the expiration date of its offer from Nov. 19, 2001, to Nov. 29, 2001, at midnight E.S.T. Although the prior expiration date would not have occurred until Nov. 19, 2001, approximately 3,210,997 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. E.S.T. on Nov. 12, 2001.
Newport News Shipbuilding Rings in 130 Years
Huntington Ingalls Industries’ (HII) Newport News Shipbuilding division kicked off its 130th anniversary celebration January 28. Newport News, the sole designer, builder and refueler of U.S. Navy aircraft carriers and one of two providers of U.S. Navy submarines, will celebrate the anniversary throughout 2016 with commemorative videos and employee publications. More than 100 local businesses, museums, schools and civic leaders provided congratulatory video messages that will be released each week throughout the year.