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Litton to Build 2 Ships for Cruise Line

October 07, 1998|Bloomberg News

American Classic Voyages Inc., the cruise ship operator controlled by billionaire investor Sam Zell, said it signed a letter of intent for Litton Industries Inc. to build two cruise ships, with options for four more. Each ship would cost about $400 million and would carry 1,900 passengers. Litton, based in Woodland Hills, is an electronics maker and defense contractor. The ships would be built at Litton's Ingalls Shipbuilding Division in Pascagoula, Miss. The first ship is expected to enter service in late 2002. American Classic said last year that it would more than quadruple its passenger capacity for Hawaii-area cruises, which is where the Litton ships would go. Shares of Chicago-based American Classic closed unchanged at $15 on Nasdaq; Litton stock rose $2.50 to close at $61.88 on the New York Stock Exchange.

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