January 24, 2014 |
Nearly a quarter of a century after it began, one of the largest legal disputes in defense industry history was finally settled with two major weapons makers agreeing to pay the federal government $400 million in goods and services. The U.S. Court of Federal Claims in Washington on Thursday dismissed the lawsuit, filed in 1991, after Boeing Co. and General Dynamics Corp. agreed to provide so-called in-kind consideration, valued at $200 million each. "We are closing a 23-year-long chapter in the annals of naval aviation and further strengthening, through the contractors' in-kind payment, the Navy's capabilities and capacities," Secretary of the Navy Ray Mabus said.
January 5, 2010 |
In a blow to Southern California, Northrop Grumman Corp. said it would relocate its headquarters from Los Angeles -- leaving the region that gave birth to the aerospace industry without a single major military contractor based here. The company said it would move its corporate staff to the Washington, D.C., area by summer 2011 to be closer to its key customer, the U.S. government. Northrop's announcement was seen as a bitter pill for the much-battered regional economy, which has suffered a series of high-profile corporate defections in recent years.
December 23, 2008 |
Northrop Grumman Corp. and General Dynamics Corp., the Navy's top shipbuilders, received a $14-billion contract to jointly build more of the latest nuclear-powered submarines. The fixed-price incentive fee contract calls for construction of eight of the Virginia-class vessels, the Defense Department said in a statement Monday. Construction of the submarines by Northrop of Century City and General Dynamics of Falls Church, Va., will start between 2009 and 2013, and work will be finished by 2020, the statement said.
December 15, 2005 |
Defense contractor General Dynamics Corp. moved to bolster its presence in the information technology market, announcing plans Wednesday to acquire Anteon International Corp. of Fairfax, Va., for $2.1 billion. Under the deal, General Dynamics would pay $55.50 in cash for each Anteon share, a 36% premium over Anteon's closing price Tuesday of $40.77. The overall deal is valued at $2.2 billion, including the assumption of $100 million of debt. Anteon shares rose $13.25, or 33%, to $54.02.
December 7, 2005
* Swiss drug maker Novartis won U.S. regulatory approval to buy the 58% stake of vaccine maker Chiron Corp. of Emeryville., Calif., that it didn't already own. * General Dynamics Corp. said it would fire as many as 2,400 employees, or about 20% of the workforce at its Electric Boat shipyard, as the U.S. Navy cuts back on submarine orders.
November 24, 2005 |
The Pentagon has approved construction of eight DD(X) destroyers being developed by Northrop Grumman Corp. and General Dynamics Corp. -- a potential $20-billion order -- a Defense Department official said Wednesday.