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Northrop to Sell Unit to Management

September 26, 1997|(Bloomberg News)

Northrop Grumman Corp. said it agreed to sell its Grumman Allied Industries unit to the unit's management, as the company sheds some businesses before being acquired by Lockheed Martin Corp. Terms of the unit's sale, which is expected to be completed in about 30 days, weren't disclosed. Grumman Allied supplies walk-in delivery vehicles and cargo vans used by food and commodity delivery companies. The transaction is part of Century City-based Northrop's plan to sell units that aren't part of its businesses in defense electronics and systems integration, military aircraft and information technology, according to a statement by Northrop Chairman, President and Chief Executive Kent Kresa. The aerospace company agreed in July to be acquired by Bethesda, Md.-based Lockheed Martin for $11.6 billion in stock and assumed debt. Northrop Grumman shares fell $1.13 to close at $124.81 on the New York Stock Exchange.

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