Newport News exits commercial shipbuilding

Article Abstract:

Newport News Shipbuilding will close its commercial shipbuilding business to focus on its core US Navy businesses due to the growing costs being incurred from the company's tanker building operation. The decision to exit from the commercial business was spurred by the hike in materials costs which exceeded the planned $60 million, as well as from labor costs which hiked by over $15 million. The exit from the tanker operation, however, will result to an exceptional charge of $150 million over 1997 earnings. Newport News is to concentrate all its effort with US Navy projects, including aircraft carrier and submarine construction, carrier refuellings, fleet maintenance and engineering service provision.

Services discontinued, Newport News Shipbuilding and Dry Dock Co., Article

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All systems go for Northrop Grumman-Litton takeover

Article Abstract:

Northrop Grumman Corp has received the necessary government approvals for its 45.1 billion takeover of Litton Industries Inc. The company has received European Commission approval on Mar 23, 2001, and all the relevant approvals from the US and other governments on Apr 3, 2001. Northrop Grumman officials disclosed that integration will begin immediately and should be completed by the end of 2001.

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Northrop Grumman acquires Litton

Article Abstract:

In a deal worth about $5.1 billion Northrop Grumman will acquire Litton Industries.

Communications Equipment, Communications Eqp ex Tel, Communications Equipment Manufacturing, Aircraft & Parts, Aerospace Product and Parts Manufacturing, Aircraft and Parts, Telecommunications equipment, Northrop Grumman Corp., LIT

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