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Northrop Grumman Corp News

22 Aug 2015

Lockheed Welcomes US Plan to Use Its Combat System for Frigates

Lockheed Martin Corp on Friday welcomed the U.S. Navy's decision to use Lockheed's integrated combat system for future frigate-class ships to be built beginning in fiscal 2019, saying it would allow greater commonality across the entire Navy fleet. "It's great news," Joe North, vice president of Littoral Ships and Systems at Lockheed, told Reuters in a telephone interview. Neither the Navy nor Lockheed provided an estimate for the value of the combat system, but North said each system accounted for less than 10 percent of the cost of the ship. The last three ships ordered by the Navy ranged in price from $345 million to $441 million. The decision will make it easier for the future frigates that will succeed the current Littoral Combat Shipsp (LCS) to work together with U.S.

24 Jun 2014

HII’s Petters Honored by Navy League

Mike Petters, president and chief executive officer of Huntington Ingalls Industries (Photo courtesy of HII)

Huntington Ingalls Industries (HII) announced today that Mike Petters, its president and CEO, was honored by the Navy League of the United States New York Council at a dinner last night in New York City. Petters was awarded the Rear Admiral John J. Bergen Leadership in Industry Award for his leadership of HII and the company's achievement in designing and building the ships that help maintain the sea power that assures the United Sates' security and economic prosperity. He was one of five individuals recognized by the Navy League.

24 Jun 2013

HII's Barb Niland Named Top CFO by Virginia Business Magazine

Barb Niland: Photo credit HII

Barb Niland, HII's corporate vice president of business management & chief financial officer, was recognized in the publicly traded companies category. "I am honored to work with more than 37,000 of the most talented shipbuilders in the world," Niland said upon receiving the award at the eighth annual CFO Awards Banquet in Richmond. Niland is the CFO of the largest manufacturing employer in Virginia and one of the state's 23 Fortune 500 companies. She led HII's spin-off from Northrop Grumman Corp. in 2011 and successfully transitioned from a business unit CFO to a public company CFO.

03 Jun 2013

Ingalls Shipbuilding Names Don Perkins VP

Don Perkins

Huntington Ingalls Industries announced that Don Perkins has been named vice president of contracts and pricing for the company's Ingalls Shipbuilding division. Operationally, Perkins' organization is responsible for contract administration, proposal formulation, estimating, pricing, negotiations, contract awards and change orders, as well as management of contractual risks and mitigation strategies. Perkins' shipbuilding experience began with an apprenticeship program and comprises more than 30 years of his career, including seven years as contracts director at Ingalls from 2002 to 2009.

23 Aug 2012

HII Appoints Head of New Corporate Development Division

Christopher D. Kastner: Photo credit HII

Huntington Ingalls Industries appoints Christopher D. Kastner Corporate Vice President & General Manager, Corporate Development. Kastner previously served as vice president and chief financial officer for HII's Ingalls Shipbuilding division. Prior to the HII spin from Northrop Grumman Corp., he served as vice president, business management, and CFO for Northrop Grumman Shipbuilding-Gulf Coast and vice president, contracts and risk management, for Northrop Grumman Ship Systems.

15 Mar 2012

U.S. Snub on Cutter Funds Seen as Threat

The Obama administration’s failure to budget $1.6 billion for two of the Coast Guard’s flagship vessels is drawing criticism from U.S. lawmakers, who contend that the service’s missions will be threatened. The Department of Homeland Security’s proposal for the fiscal year, beginning October1, requests $683 million to fund only the sixth of eight planned National Security Cutters, made by Huntington Ingalls Industries Inc. The agency, which oversees the Coast Guard, didn’t seek funding for the remaining two cutters for fiscal years 2014 to 2017. The 418-foot-long cutters are needed to replace an aging fleet of vessels, many of which are more than 40 years old and expensive to maintain, according to the service.

01 Nov 2011

HII CEO Petters Named to USNA Foundation Board

Mike Petters, president and chief executive officer of Huntington Ingalls Industries

Huntington Ingalls Industries announced that Mike Petters, its president and chief executive officer, was recently elected to the board of directors for the U.S. Naval Academy Foundation. He will serve a four-year term. The mission of the U.S. Naval Academy Foundation is "to support, promote and advance the mission of the Naval Academy by working in conjunction with Academy leadership to identify strategic institutional priorities, and by raising, managing and disbursing private…

08 Jul 2011

Report: HII Explores Options for Avondale

According to a Bloomberg report, Huntington Ingalls Industries (HII) may keep its Avondale shipyard in Louisiana open beyond 2013 by turning it into a site for other manufacturing. Huntington, with 2010 sales of $6.7 billion, became a separate company in March when Northrop Grumman Corp. (NOC) spun off its shipbuilding unit. Former parent Northrop and Huntington have said the Avondale yard would be shut when work on the Navy’s two amphibious ships there is completed in 2013. Huntington, based in Newport News, Virginia, operates two other yards. One is in its home city and the other at Pascagoula, Miss. According to the Bloomberg story, the 268-acre Avondale site, about 10 miles upriver from New Orleans, would be suitable for heavy manufacturing, in maritime and other industries.

12 May 2011

Huntington Ingalls Profit Up 9.8%

According to a report from The Virginian-Pilot, about six weeks after it was spun off by Northrop Grumman Corp., shipbuilder Huntington Ingalls Industries Inc. announced on May 9 that its profit for the first quarter of 2011 rose 9.8%. The Newport News-based company earned $45m, or 92 cents a share, for the quarter ended March 31, up from $41m, or 85 cents a share, in the first three months of 2010.   (Source: The Virginian-Pilot)

03 May 2011

Taylor VP Benefits and Compensation, Huntington Ingalls

Photo courtesy Huntington Ingalls Industries, Inc.

Huntington Ingalls Industries, Inc. (NYSE:HII) announced that Jim Taylor has been named corporate vice president, benefits and compensation. In this capacity he is responsible for formulating and maintaining competitive benefit and compensation programs for HII, including executive compensation, salary and wage administration, incentives, deferred compensation, health and welfare insurance and retirement benefits. He reports to Bill Ermatinger, corporate vice president and chief human resources officer.

28 Apr 2011

Northrop Grumman Profit Rises

According to a report from the Daily Press, Northrop Grumman Corp. said that its first-quarter profit rose 20.9 percent after setting itself free from its shipbuilding unit, which became Huntington Ingalls Industries Inc. on March 31. The company reported total profits of $530m, or $1.79 a share, up from $469m, or $1.53 a share, a year earlier.   (Source: Daily Press)

04 Apr 2011

Ingalls Shipbuilding to Build 10th Amphibious Transport Dock

Photo courtesy Huntington Ingalls Industries, Inc.

Huntington Ingalls Industries, Inc. (NYSE:HII) announced a U.S. Navy contract awarded to its Ingalls Shipbuilding division for the construction of the 10th San Antonio-class amphibious transport dock. The contract, worth $1.5 billion, will be used to build John P. Murtha (LPD 26), with construction expected to start in May. Huntington Ingalls Industries, America's largest military shipbuilder, was previously a business sector of Northrop Grumman Corp. until effectively separating on March 31 in a spinoff of the company to shareholders.

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)

15 Feb 2011

Navy Budget Adds Five Ships to Plan

According to a Feb. 14 report from Bloomberg, the U.S. Navy has added five ships to its six-year shipbuilding plan, proposing to spend $74.7 billion for 55 ships through fiscal 2016, according to the fiscal 2012 budget. The plan, aimed at sustaining a 313-ship fleet, would add a DDG-51 destroyer, built by Northrop Grumman Corp., in fiscal 2014.   (Source: Bloomberg)

13 Feb 2011

Gamesa, Northrop Grumman Launch Offshore Wind Technology Center

Gamesa Technology Corp., a global wind energy company, and the shipbuilding operations of Northrop Grumman Corp., America's largest shipbuilder, launched the Offshore Wind Technology Center to jointly develop the next generation of offshore wind systems that will be deployed in the United States and around the world. Plans call for the development of North America's first offshore wind turbines by late next year. "Virginia is pleased to be the nexus where two industry leaders will join forces in the name of offshore wind innovation," said Virginia Governor Bob McDonnell. "The Commonwealth offers all the attributes needed to provide an optimal location for offshore wind energy production, and to become the East Coast epicenter for the offshore wind supply chain.

31 Jan 2011

NG Shipbuilding Spinoff Gets Junk Bond Rating

According to a report from the Daily Press - McClatchy-Tribune Information Services, the nation's three credit ratings agencies gave Northrop Grumman Corp.’s spin off shipbuilding unit a junk bond rating. Northrop Grumman is spinning off Huntington Ingalls Industries Inc. into a separate, publicly traded company.  Each agency cited concerns about the company's debt, weak profit margins and the uncertainty surrounding future defense spending, the primary source of the company's revenues. (Source: Daily Press - McClatchy-Tribune Information Services)

05 Nov 2010

Northrop Said to Favor Spinoff of Ship Unit Rather than Sale

According to a Nov. 5 report from Bloomberg, Northrop Grumman Corp. told private- equity firms it is scrapping a plan to sell its shipbuilding business and will instead pursue a spinoff of the unit, three people with knowledge of the matter said. (Source: Bloomberg)

29 Oct 2010

Northrop Navy Ships “Not Survivable” in Combat

According to an Oct. 28 report from Bloomberg, Northrop Grumman Corp.’s $1.68b amphibious warship, designed to transport Marines close to shore, wouldn’t be effective in combat and couldn’t operate reliably after being hit by enemy fire, according to the Department of Defense’s testing official. The report said the San Antonio-class vessel’s critical systems, such as electrical distribution, ship-wide fiber optics and voice- communications networks, aren’t reliable, according to Michael Gilmore, the Defense Department’s director of operational test and evaluation and the ship’s armaments can’t effectively defend against the most modern anti-ship weapons. (Source: Bloomberg)

07 Oct 2010

Northrop Grumman Partners to Build Offshore Wind Turbines

According to an October 6 report from the Daily Press, Northrop Grumman Corp.'s Newport News shipyard and Spanish energy firm Gamesa said they have formed a new partnership to produce offshore wind turbines. Northrop and Gamesa said they are assembling a team of up to 40 engineers in Hampton Roads over the next month to begin preliminary work on the project. Neither company would say where in the region the new venture will be located. (Source: The Daily Press)

06 Oct 2010

Cleveland Ship Bids for Northrop Grumman Shipbuilding

According to an Oct. 5 report from The Virginian-Pilot, a Cleveland-based firm has bid to acquire the entire shipbuilding unit of Northrop Grumman Corp., including the big shipyard in Newport News that builds aircraft carriers and submarines for the Navy. If successful, Cleveland Ship would acquire Northrop Grumman's shipyards in Newport News; Pascagoula, Miss.; and Avondale, La.; as well as two subsidiaries, AMSEC LLC, based in Virginia Beach, and Continental Maritime, a San Diego ship repair facility. (Source: The Virginian-Pilot)

23 Aug 2010

Opening of Newport News Plant Delayed

According to an August 19 report from www.dailypress.com, AREVA Newport News has delayed the start of manufacturing operations by at least a year due to a slower-than-expected process of federal government approval of new nuclear power plants. The yet-to-be-built facility in the north end of Northrop Grumman Corp.'s Newport News shipyard will not begin manufacturing components for nuclear power plants until at least 2013. The French nuclear company, in a partnership with Northrop Grumman Shipbuilding, had planned to begin manufacturing in the planned 330,000-square-foot building in January 2012, a project that officials said would create 540 jobs. (Source: www.dailypress.com)

04 May 2010

Northrop Grumman Q1 Profit Up 20%

According to a May 3 report from The Associated Press, Northrop Grumman Corp. said its first-quarter profit increased 20 percent, led by strong growth in shipbuilding. Business improved for nearly every sector in which the company operates, except for a 1% decline in information systems. (Source: The Associated Press)

09 Apr 2010

Analyst Says Northrop Could Sell Shipyard

Defense industry analyst, Loren Thompson, in an April 7 Press Register story, questioned whether Northrop Grumman Corp.'s recent focus on profit margin will lead it to get out of the shipbuilding industry and sell its Pascagoula shipyard. That's not necessarily bad news for the 12,000 workers in the former Ingalls Shipbuilding yard, according to the Washington D.C.-based analyst. Northrop shipbuilding division's profit margin was 4.8 percent, compared with 10.3 percent for aerospace, 12.6 percent for electronic systems and 7.3 percent for information systems. (Source: www.al.com)