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Northrop to Sell Two Electronics Units to L-3

September 13, 2002|Bloomberg News

Northrop Grumman Corp. said it reached an agreement to sell two electronics businesses to L-3 Communications Holdings Inc. because they are no longer part of its long-term strategy. Terms were not disclosed.

The units, which make computers and displays used by the military and parts for microwave devices, are based in San Diego and San Carlos, Calif., and employ about 900 people. Their annual sales total about $140 million.

Los Angeles-based Northrop acquired the businesses with its purchase of Litton Industries last year. Northrop is selling some assets as it prepares to complete its $11.8-billion takeover of rival defense contractor TRW Inc.

Northrop shares rose 97 cents to $126.80 and New York-based L-3 fell 11 cents to $55.70, both on the New York Stock Exchange.

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