Thomas C Schievelbein News

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.

Northrop Grumman Corporation's Newport News sector announced the appointment of Linda Leukhardt as sector vice president of business management and chief financial officer. Leukhardt, 43, is responsible for the financial systems, programs and processes that ensure the successful accomplishment of the sector's business objectives. These include accounting and program cost control, rates and budgets, financial reporting and planning, and analysis as well as all other business management functions. Prior to this promotion, she served as vice president, finance and controller, for Northrop Grumman's Electronic Systems sector headquartered in Baltimore, Md. "We are very pleased to have Linda join the Newport News team," said Thomas C.

Northrop Grumman Corporation's Newport News sector announced the appointment of Matthew J. Mulherin as sector vice president of the CVNX program, which includes design and engineering work associated with the new class of nuclear-powered aircraft carriers for the United States Navy. Mr. Mulherin, 43, is responsible for program management, engineering, production and planning for the CVNX program. "Matt brings to this position a high level of expertise in the nuclear shipbuilding arena and a good understanding of our customer's objectives in the design and engineering of the future class of carriers," said Thomas C. Schievelbein, corporate vice president and president of the Newport News sector. Prior to this promotion, Mr. Mulherin served as program director, CVNX. Mr.

Northrop Grumman Corporation has successfully completed the stand up of Newport News Shipbuilding (NNS) as a fully integrated sector of the company. Newport News' policies and operating practices now fully comply with the requirements of Northrop Grumman. These include a wide range of policies and procedures, including common financial reporting, program oversight and risk management, human resources practices and access to the company's electronic network, among others. The builder of nuclear-powered aircraft carriers and submarines now operates as one of the company's six sectors and is led by Thomas C. Schievelbein, corporate vice president and president of Newport News.

Northrop Grumman Corporation has elected C. Michael Petters as corporate vice president and president of the company's Newport News sector, succeeding Thomas C. retirement. Petters will assume his new position on Nov. 1, 2004. Ronald D. Sugar, Northrop Grumman's chairman, chief executive officer and president. Petters, 44, currently serves as the sector's vice president of human resources, administration and trades, and most recently was instrumental in the successful collective bargaining agreement between the company and the United Steelworkers of America.

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.