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Northrop's Merger With Litton Complete

April 04, 2001|Associated Press

Northrop Grumman Corp. completed its $3.8-billion merger with Litton Industries Inc., bolstering its portfolio of electronics offerings to create what it calls a top-tier global defense industry enterprise. Los Angeles-based Northrop said it received all regulatory approvals and completed the purchase of all tendered shares of Litton common and Series B preferred stock. "With Litton, we have solidified our position in major growth segments of the 21st century defense marketplace," Northrop Chairman Kent Kresa said in a statement. Integration of the firms will be completed by year's end. Kresa called the merger with the defense electronics and ship-building company a superb strategic fit that elevates the company to a defense electronics powerhouse. It also makes it the largest supplier of nonnuclear surface ships for the Navy. Combined revenues are expected to double to $15 billion in 2001 and to reach $18 billion in 2003, the company said, adding that it also expects double-digit increases in its earnings through 2003. Northrop shares rose 13 cents to close at $86.43 on the New York Stock Exchange.

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