April 5, 1999 |
Thousands of workers went on strike at Virginia's Newport News Shipbuilding. "We haven't heard a word" from shipyard management, Arnold Outlaw, president of Local 8888 of the United Steelworkers of America, said before workers struck. The union, which represents many of the yard's 9,200 hourly workers, had said it would strike over what it says are insufficient raises in a proposed new contract.
July 10, 1999 |
Litton Industries Inc. scrapped its $1.3-billion offer to buy Newport News Shipbuilding Inc. because of strong opposition from the Pentagon. But Litton said it is proceeding with plans to buy a smaller shipbuilder, Avondale Industries Inc., for about $525 million. The decision to abandon the Newport News purchase was not a surprise, because the Defense Department had made it clear in late May that it would move to block the merger.
February 3, 2001
* Newport News Shipbuilding Inc. posted fourth-quarter earnings of $24 million, or 74 cents a share, unchanged from a year ago, but the results beat analyst targets of 67 cents partly because of a ramp-up in activity on the Virginia-class submarine. Sales rose 7.4% to $578 million.
December 11, 2001 |
Northrop Grumman Corp. said it is changing the payments that Newport News Shipbuilding Inc. shareholders will receive from its $2.6-billion purchase of the sole maker of nuclear aircraft carriers. Newport News investors electing to receive cash will get $43.65 and 0.2542 of a Northrop share for each share they own, a Northrop spokesman said. The value of both payments is set at $67.50 a share. About 45% of shareholders elected to receive cash and stock, Northrop has said.
May 19, 2001 |
Northrop Grumman Corp. has not provided enough information about its $2.1-billion bid to buy Newport News Shipbuilding Inc. for the company's board to consider the proposal, Newport News' top executive said. The Newport News, Va.-based builder of nuclear submarines and aircraft carriers had already agreed to an offer from General Dynamics Corp.
May 26, 2001 |
General Dynamics Corp. said it has received a request from the Justice Department for more information about its $2.1-billion bid to acquire Newport News Shipbuilding Inc. The request comes amid a tug of war between General Dynamics and Northrop Grumman Corp., which has submitted a rival takeover bid for Newport News.