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Northrop Grumman Corp

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BUSINESS
September 21, 2004
* Northrop Grumman Corp. got a $170-million award from the Air Force to extend its work developing a ground-surveillance aircraft that can track cruise missiles.
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BUSINESS
August 18, 2011 | By W.J. Hennigan, Los Angeles Times
Northrop Grumman Corp., the last big-name aerospace company headquartered in Southern California, is headed out of town this week. The nation's second-largest military contractor, founded in 1939 by visionary aircraft designer Jack Northrop, is officially moving its main office to Falls Church, Va., on Monday. It is a milestone for the corporation that along the way absorbed big names like TRW Inc., Litton Industries Inc., Westinghouse Electronic Systems and Teledyne Ryan Aeronautical.
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BUSINESS
August 25, 1995 | Times Staff and Wire Reports
AlliedSignal to Buy Northrop Grumman Unit: The Morristown, N.J.-based aerospace, automotive and chemicals company said its aerospace unit agreed to buy Northrop Grumman Corp.'s precision products unit. The precision products business, based in Norwood, Mass., makes instruments and systems for military and space use. It had sales of about $56 million in 1994.
BUSINESS
April 28, 2011 | By W.J. Hennigan, Los Angeles Times
Two of the nation's largest aerospace companies reported rising profits in the first quarter despite a slip in revenue. Boeing Co. said its earnings climbed 13% and Northrop Grumman Corp. posted a 21% jump in profit. Northrop and Boeing are among the largest private employers in the state. Northrop has about 30,000 employees in California and Boeing has about 22,000. Each operates a large military-related business in Southern California. Northrop said Wednesday that it earned $496 million, or $1.67 a share, in the quarter, up from $410 million, or $1.34, a year earlier.
BUSINESS
October 11, 2006 | From Times Staff and Wire Reports
Century City-based Northrop Grumman Corp. and Chicago-based Boeing Co. have joined the list of major companies being sued for allegedly allowing their employees to be overcharged in their 401(k) retirement plans. The suits filed by St. Louis attorney Jerome J. Schlichter last month allege that the employers broke federal law by failing to ensure their workers are charged reasonable fees for management of the plans. Previously named in the suits were Lockheed Martin Corp., General Dynamics Corp.
BUSINESS
July 25, 2000 | Associated Press
Northrop Grumman Corp. completed the $843-million sale of its commercial aircraft structures business to Carlyle Group. The unit, with about 6,000 employees, builds fuselages for the Boeing 747 and other Boeing passenger jets at plants in California, Texas, Georgia and Florida, Century City-based Northrop said in a news release. In addition to the cash payment, Carlyle Group will assume about $400 million in unfunded retirement benefits.
BUSINESS
July 12, 2006 | From the Associated Press
Two employees of Northrop Grumman Ship Systems died in separate incidents at the company's New Orleans-area yard, authorities said. A 50-year-old employee in the company's insulation department was found unconscious Monday aboard a ship, according to a statement released by the company. Later that day, a piece of equipment fell on an employee, crushing him, a spokesman for the Jefferson Parish sheriff said. Both men were pronounced dead on arrival at a hospital.
BUSINESS
August 31, 2001 | Associated Press
Northrop Grumman Corp. renewed its bid Thursday for Newport News Shipbuilding Inc. a sixth time, brushing off reports that an offer from a rival defense contractor is rising in favor among Pentagon officials. Northrop Grumman renewed its May offer of $2.1 billion in cash and stock to match General Dynamics Corp.'s all-cash deal, which has won initial favor with the Newport News board. The announcement was made after the close of trading.
BUSINESS
April 2, 1997 | (Bloomberg News)
Northrop Grumman Corp.'s B-2 bomber has been declared ready for combat by the Air Force. "This is the most up-to-date heavy bomber flying in the world today," said Kenneth Bacon, a Pentagon spokesman. Los Angeles-based Northrop Grumman has delivered 13 B-2s to Whiteman Air Force Base in Missouri. The stealth planes have undergone operational testing to ensure that they are capable of performing up to specifications.
BUSINESS
December 2, 2009 | By W.J. Hennigan
Northrop Grumman Corp. has stepped up its threat to pull out of a $35-billion competition to build aerial refueling tankers for the U.S. Air Force. In a letter to the Pentagon's top acquisition official Tuesday, Northrop President Wes Bush said the government's "request for proposal" that outlines requirements for the aircraft favors a bid by its rival, Boeing Co. If the terms are not changed, Northrop might not enter the competition to build 179 tankers, he said. "I must regrettably inform you that, absent a responsive set of changes in the final RFP, Northrop Grumman has determined that it cannot submit a bid," Bush said.
BUSINESS
August 20, 2009 | Bloomberg News
Northrop Grumman Corp. is selling a unit that advises military and intelligence agencies and may fetch as much as $2 billion, four people familiar with the matter said. Northrop hired Goldman Sachs Group Inc. and Credit Suisse Group to solicit bids for the division, known as Tasc, said the people, who spoke on condition of anonymity. Among potential buyers are private-equity firms including Carlyle Group, Kohlberg Kravis Roberts & Co. and Blackstone Group, the people said. The U.S. Defense Department was ordered by Congress this year to tighten conflict-of-interest rules on firms such as Tasc and is pushing to reduce its spending on outside consultants.
BUSINESS
July 24, 2009 | Associated Press
Northrop Grumman Corp.'s second-quarter profit dropped by 20% as the defense contractor said it was hurt by higher pension costs and higher estimates of costs to complete several ships being built in its Gulf Coast yards. The company, which makes military aircraft and defense electronics, said Thursday that it earned $394 million, or $1.21 a share, in the three months ended June 30, down from $495 million, or $1.44, a year earlier. Revenue rose 4% to $8.96 billion.
BUSINESS
April 23, 2009 | Peter Pae
Two of the nation's largest aerospace companies reported sharply contrasting first-quarter financial results Wednesday as Boeing Co. said its earnings fell by half while Northrop Grumman Corp. posted a 48% jump in profit. The results reflected the shifting fortunes of the two companies. Boeing, the world's largest maker of commercial aircraft, has been hit hard by a recession-induced slump in air travel that has reduced demand for new planes.
BUSINESS
April 3, 2009 | Peter Pae
In one of the nation's largest settlements in a whistle-blower case, Northrop Grumman Corp. has agreed to pay the federal government $325 million to resolve claims that TRW, which it acquired in 2002, provided defective parts for a spy satellite program in the 1990s.
BUSINESS
January 23, 2009 | times wire reports
Defense contractor Northrop Grumman Corp. warned Thursday that it would post losses for the 2008 fourth quarter and full year because of a charge of $3 billion to $3.4 billion connected to past acquisitions. Recent market turmoil has forced Northrop to write down the value of its acquisitions of Litton Industries Inc. and TRW Inc. made in 2000 and 2001, respectively. Northrop annually accounts for the difference between book values and fair values of the company's shipbuilding and space units at the end of November.
BUSINESS
December 23, 2008 | Bloomberg News
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.
BUSINESS
July 30, 2008 | From Times Wire Services
Northrop Grumman Corp. said its second-quarter profit rose 8% as sales jumped 10% on strong results in its shipbuilding and aerospace segments. The Century City-based company reported net income of $495 million, or $1.44 a share, compared with $460 million, or $1.31, a year earlier. Excluding discontinued operations, Northrop earned $1.40 a share -- meeting the average forecast of analysts surveyed by Thomson Financial. Revenue rose nearly 10% to $8.63 billion, beating Wall Street's forecast of $8.28 billion.
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