Hello, Guest!
  • Thursday, April 25, 2024

Northrop Grumman Finalizes Huntington Spin-off; CEO Wes Bush Remarks

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.

Video of the Day

Related Articles

State Department OKs $2B in FMS Deals With Poland, Netherlands for Extended-Range Anti-Radiation Missile Contract Awards

State Department OKs $2B in FMS Deals With Poland, Netherlands for Extended-Range Anti-Radiation Missile

The State Department has approved the requests of the governments of Poland and the Netherlands to buy an extended-range variant of the Advanced Anti-Radiation Guided Missile system, related equipment and support services from the U.S. government under two foreign military sales deals worth approximately $2 billion combined. Northrop Grumman (NYSE: NOC) will serve as the

Northrop Lands $167M Navy Contract Modification for G/ATOR Radar Tech Contract Awards

Northrop Lands $167M Navy Contract Modification for G/ATOR Radar Tech

Northrop Grumman (NYSE: NOC) has secured a potential $167.1 million contract modification from the U.S. Navy to supply four lot 6 full-rate production Ground/Air Task Oriented Radar systems. Marine Corps Systems Command is the contracting activity and will obligate the full contract amount using the U.S. Air Force’s other procurement funds for fiscal year 2024,

GovCon Index Averted a Weekly Loss Amid Wall Street’s Worst Week Financial Reports

GovCon Index Averted a Weekly Loss Amid Wall Street’s Worst Week

Executive Mosaic’s GovCon Index advanced 1.08% before the weekend and averted a third consecutive losing week. The index, which tracks the stock performances of 30 major government contractors, ended at $4,786.97 for a 0.13% week-on-week gain. Wall Street concluded the week with a tech sell-off, and only the Dow Jones Industrial Average (+0.01%) yielded a gain.