Sperry Marine Inc

Exxon Sues Sperry Marine: A faulty automatic steering device drove the Exxon Valdez supertanker onto an Alaskan reef two years ago, bringing about the largest oil spill in U.S. history, Exxon Corp. said in a lawsuit. The suit, filed in state and federal court in Anchorage, Alaska, accused Sperry Marine Inc., the maker of the autopilot device, of failing to warn Exxon that the system was flawed. Exxon demanded that Sperry Marine and its former owner, Unisys Corp.

Litton Industries Inc. and an investment partnership have changed the terms of their deal to acquire Sperry Marine Inc. Under the new agreement, Litton and J.F. Lehman & Co. will pay about $158 million in cash for the supplier of advanced electronic navigation and guidance systems. The initial deal had called for Litton to issue 2.2 million shares of its common stock to acquire Sperry. Based in Woodland Hills, Litton is a leading defense electronics and shipbuilding concern.

Litton Industries Inc. has agreed to buy Sperry Marine Inc. in a $160-million stock merger. Sperry Marine, based in Charlottesville, Va., makes electronic navigation and guidance systems used in boats and aircraft for commercial and military customers. Sperry Marine had sales of $145 million in 1995. Litton will issue about 2 million shares of common stock to an investment partnership led by J.F. Lehman & Co., and assume Sperry's outstanding debts of $52 million.

Litton Industries Inc. has agreed to buy Sperry Marine Inc. in a $160-million stock merger. Sperry Marine, based in Charlottesville, Va., makes electronic navigation and guidance systems used in boats and aircraft for commercial and military customers. Sperry Marine had sales of $145 million in 1995. Litton will issue about 2 million shares of common stock to an investment partnership led by J.F. Lehman & Co., and assume Sperry's outstanding debts of $52 million.

Litton Industries Inc. and an investment partnership have changed the terms of their deal to acquire Sperry Marine Inc. Under the new agreement, Litton and J.F. Lehman & Co. will pay about $158 million in cash for the supplier of advanced electronic navigation and guidance systems. The initial deal had called for Litton to issue 2.2 million shares of its common stock to acquire Sperry. Based in Woodland Hills, Litton is a leading defense electronics and shipbuilding concern.

Litton Industries to Buy Sperry Marine: Litton, a Woodland Hills-based defense electronics concern, said it agreed to acquire the company in a transaction valued at $160 million. Sperry Marine, located in Charlottesville, Va., makes electronic navigation and guidance systems for ships and planes; it had 1995 sales of about $145 million. Litton said it will issue about 2 million shares of its stock to Sperry Marine's owner--an investor group led by former Navy Secretary John F.

Litton Industries Inc. on Wednesday said its fiscal fourth-quarter earnings rose 3.2%, below analysts' expectations, hurt by weak results in its Navy shipbuilding business. The Woodland Hills-based defense contractor and commercial electronics maker said net income rose to $44 million, or 93 cents a share, for the quarter ended July 31, from $42.7 million, or 89 cents, a year ago. The company was expected to earn 95 cents a share. Litton shares still rose $2.25 to close at $53.

Litton Industries to Buy Sperry Marine: Litton, a Woodland Hills-based defense electronics concern, said it agreed to acquire the company in a transaction valued at $160 million. Sperry Marine, located in Charlottesville, Va., makes electronic navigation and guidance systems for ships and planes; it had 1995 sales of about $145 million. Litton said it will issue about 2 million shares of its stock to Sperry Marine's owner--an investor group led by former Navy Secretary John F.

Exxon Settles Alaska Oil Spill Suit: The oil company settled out of court with Sperry Marine Inc. over claims that steering equipment made by Sperry malfunctioned and led the tanker Exxon Valdez to run aground in Alaska, said Les Rogers, an Exxon spokesman. Exxon had sued Sperry Marine and its former owner Unisys Corp.