Northrop Grumman (NYSE: NOC) has finalized its planned spin-off of subsidiary Huntington Ingalls Industries, Inc. (NYSE: HII).
According to the firm, “Northrop Grumman stockholders of record at the close of business of the New York Stock Exchange (NYSE) on March 30, 2011, received one share of HII common stock for every six shares of Northrop Grumman common stock held. Stockholders will receive cash in lieu of fractional shares of HII.”
The firm noted that Shipbuilding financial results will be reported as discontinued operations for the 2011 first quarter and periods prior.
“Today’s completion of the separation of Huntington Ingalls from Northrop Grumman is an important milestone benefitting both companies. We thank HII for their many contributions to our company and the defense of our nation, and wish them the best as an independent company, ” said Wes Bush, Northrop Grumman chief executive officer and president.