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BUSINESS
April 12, 1994
Northrop to buy Grumman stockTrustees of the Grumman Corp. employee stock fund, which controls a third of the company, have decided to sell the stock to Northrop as part of its $2.17 billion takeover offer.With the largest single block of stock, Grumman employees figure prominently in the takeover plan. Northrop's plan to rename the company Northrop Grumman Corp. was seen as an effort to win the hearts of Grumman employees.The trustees, three Grumman executives, said the stock would be transferred Friday, the deadline for the Northrop offer of $62 per share.
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BUSINESS
By Robert Little and Robert Little,SUN STAFF | December 12, 2002
Northrop Grumman Corp. completed a $10.7 billion takeover of TRW Inc. yesterday, capping a three-year spurt of mergers and expansions that has transformed the company into one of the giants of the American defense industry. By absorbing Ohio-based TRW, Northrop Grumman becomes a top manufacturer of satellite and space technology, adding to its already strong position in the shipbuilding and defense electronics markets. The merged company will employ 120,000 people and its annual sales will approach $25 billion, rivaling that of defense leader Lockheed Martin Corp.
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BUSINESS
By Ted Shelsby and Ted Shelsby,Sun Staff Writer | April 5, 1994
Grumman Corp. accepted Northrop Corp.'s $2.17 billion merger offer yesterday, capping a monthlong takeover battle and ending Martin Marietta Corp.'s attempts to buy the Bethpage, N.Y.-based defense contractor.Northrop won the bidding with an offer of $62 a share, beating Martin Marietta's bid of $55 a share.Grumman's announcement that it has entered into a merger agreement with Northrop ended a wild month during which takeover stock traders sensed a bloody bidding war and sent Grumman's stock soaring.
BUSINESS
By Robert Little and Robert Little,SUN STAFF | February 28, 2002
Northrop Grumman Corp. tried to assure Wall Street yesterday that its $10.9 billion bid for TRW Inc. will not saddle the defense contractor with an unwanted auto-parts division and billions of dollars in excess debt. Chief Executive Officer Kent Kresa said he already has prospective buyers for TRW's automotive division, which Northrop Grum- man plans to sell if it acquires TRW. And while Northrop Grumman would assume roughly $4.9 billion in debt as part of the deal, the company would still maintain "investment grade" debt levels, Kresa said.
BUSINESS
By Ted Shelsby and Ted Shelsby,Sun Staff Writer | April 9, 1994
WASHINGTON -- Although Northrop Corp. will end up paying nearly a quarter of a billion dollars more for Grumman Corp. than rival bidder Martin Marietta Corp. thought it was worth, Northrop's chairman defended the purchase yesterday as a move that will ensure the company's survival as a military aircraft manufacturer.Under terms of the merger agreement reached earlier this week, Northrop will pay $62 a share, or $2.17 billion, for Grumman. Northrop had raised its original bid of $60 a share, even though Martin never budged from its $55-per-share offer.
BUSINESS
By Robert Little and Robert Little,SUN STAFF | April 19, 2000
Two months after laying off nearly half its work force because of lack of business, a Northrop Grumman Corp. aircraft electronics plant in Hagerstown has won a $33 million contract from the U.S. Coast Guard that should keep the plant operating for at least two years. Northrop Grumman officials would not say yesterday whether the mechanics, electricians and sheet-metal workers who lost their jobs in February will be rehired because of the new business. But a company spokesman said, "We believe the latest award will have a positive impact on employment."
BUSINESS
By Ted Shelsby and Ted Shelsby,SUN STAFF | March 1, 1996
Northrop Grumman Corp. yesterday named James G. Roche to head the Linthicum-based defense operations of Westinghouse Electric Corp., which it is in the process of acquiring.Mr. Roche, 56, succeeds Francis J. Harvey, who will stay with Westinghouse and become one of the top officers at its headquarters in Pittsburgh.Northrop Grumman announced in January that it has signed an agreement to acquire Westinghouse's defense operations, a big portion of them in Maryland, for $3.6 billion. A closing on the sale is expected within the next several days, said Kevin K. Ramundo, a Westinghouse spokesman.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | October 17, 1996
The March purchase of the former Westinghouse electronics division in Linthicum helped power Northrop Grumman to a 15 percent gain in earnings in the third quarter, the company said yesterday.Overall sales were up 25 percent compared with the same period a year ago -- rising to $2 billion from $1.6 billion -- again, in part, because of the pickup of what has become Northrop Grumman Corp.'s Electronic Sensors and Systems Division.The performance could have been better, though, according to analyst Paul Nisbet of JSA Research Inc. He pointed out that the amortization of goodwill and the debt incurred by the Westinghouse Electric Corp.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | July 18, 1998
Northrop Grumman Corp. stock plunged yesterday as investors worried about the company's fate now that Lockheed Martin Corp. has abandoned its $11 billion merger attempt.During a telephone conference, analysts hammered Northrop Grumman Chairman Kent Kresa with questions about whether he would break up the company to revive the 40 percent premium investors had expected if the merger had taken place.Northrop Grumman shares fell $6.75 yesterday to $90.625, a day after dropping $5.1875 on word that talks aimed at settling the government's antitrust suit against the merger had collapsed.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | January 16, 1997
Northrop Grumman Corp. said yesterday that it will close four plants and lay off about 1,100 workers in its continuing effort to streamline and stay competitive.None of the actions -- which involve facilities in New York, Florida, California and Georgia -- affects the company's electronics factory in Linthicum, a spokesman said.He added that the total number of jobs lost at the closed facilities will be about 755, because of new positions created elsewhere.The announcement comes at a sensitive time for the California-based defense company, which is said to be locked in a mortal struggle with Raytheon Co. to acquire Hughes Aircraft.
BUSINESS
By Robert Little and Robert Little,SUN STAFF | April 19, 2000
Two months after laying off nearly half its work force because of lack of business, a Northrop Grumman Corp. aircraft electronics plant in Hagerstown has won a $33 million contract from the U.S. Coast Guard that should keep the plant operating for at least two years. Northrop Grumman officials would not say yesterday whether the mechanics, electricians and sheet-metal workers who lost their jobs in February will be rehired because of the new business. But a company spokesman said, "We believe the latest award will have a positive impact on employment."
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | July 18, 1998
Northrop Grumman Corp. stock plunged yesterday as investors worried about the company's fate now that Lockheed Martin Corp. has abandoned its $11 billion merger attempt.During a telephone conference, analysts hammered Northrop Grumman Chairman Kent Kresa with questions about whether he would break up the company to revive the 40 percent premium investors had expected if the merger had taken place.Northrop Grumman shares fell $6.75 yesterday to $90.625, a day after dropping $5.1875 on word that talks aimed at settling the government's antitrust suit against the merger had collapsed.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | June 14, 1998
After a federal judge hit Lockheed Martin Corp. and Northrop Grumman Corp. with an unexpected setback this month, many observers began counting the days until the companies gave up their expensive fight for the right to merge.Those skeptics might be counting for some time.Misguided, noble or both, the two aerospace contractors appear determined to stick with their court battle against antitrust regulators until the end of the year, though many doubt they will win."We believe it's the right thing to do, not only for the companies but for the country," said Kent Kresa, Northrop Grumman's president, chief executive and chairman.
NEWS
By Greg Schneider and Greg Schneider,SUN STAFF Sun staff writer Tom Bowman contributed to this article | July 4, 1997
The big got humongous yesterday when defense industry powerhouse Lockheed Martin Corp. announced an $11.6 billion deal to buy Northrop Grumman Corp.The surprise transaction tested the limits of a defense industry reconfiguration that had already worn out most adjectives, as the nation's crop of prime military contractors has dwindled to three in the past few years.The new company will have sales of about $37 billion and nearly 230,000 workers -- an aerospace colossus second only to the pending merger between Boeing Co. and McDonnell Douglas Corp.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | March 30, 1997
Congress is rattling its bill hoppers at the merger-crazed defense industry, threatening to undo the payment of subsidies that opponents have labeled "payoffs for layoffs."A Vermont congressman who last year almost halted the practice says he thinks he now has support to finish the job.Industry executives warn that mega-deals like the impending consolidation of Boeing Co. and McDonnell Douglas Corp. might not take place if the government backs out of paying some of their costs.The practice now lets the Defense Department reimburse merging companies for certain expenses of consolidating -- including layoffs -- in return for future savings from the more efficient new company.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | January 16, 1997
Northrop Grumman Corp. said yesterday that it will close four plants and lay off about 1,100 workers in its continuing effort to streamline and stay competitive.None of the actions -- which involve facilities in New York, Florida, California and Georgia -- affects the company's electronics factory in Linthicum, a spokesman said.He added that the total number of jobs lost at the closed facilities will be about 755, because of new positions created elsewhere.The announcement comes at a sensitive time for the California-based defense company, which is said to be locked in a mortal struggle with Raytheon Co. to acquire Hughes Aircraft.
BUSINESS
By Robert Little and Robert Little,SUN STAFF | February 28, 2002
Northrop Grumman Corp. tried to assure Wall Street yesterday that its $10.9 billion bid for TRW Inc. will not saddle the defense contractor with an unwanted auto-parts division and billions of dollars in excess debt. Chief Executive Officer Kent Kresa said he already has prospective buyers for TRW's automotive division, which Northrop Grum- man plans to sell if it acquires TRW. And while Northrop Grumman would assume roughly $4.9 billion in debt as part of the deal, the company would still maintain "investment grade" debt levels, Kresa said.
BUSINESS
By Ted Shelsby and Ted Shelsby,Sun Staff Writer | March 25, 1994
Grumman Corp. directors last night authorized the Bethpage, N.Y.-based defense contractor to enter into discussions with Northrop Corp. to clarify terms of its takeover offer.The board emphasized, however, that it was not approving acquisition negotiations with the Los Angeles-based company, which on March 11 launched a hostile $2.04 billion bid for Grumman.The board's decision was a victory for Northrop, which topped Martin Marietta Corp.'s offer of $1.93 billion with its bid. Northrop had been seeking the talks in hopes of reaching a friendly buyout agreement with Grumman.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | October 17, 1996
The March purchase of the former Westinghouse electronics division in Linthicum helped power Northrop Grumman to a 15 percent gain in earnings in the third quarter, the company said yesterday.Overall sales were up 25 percent compared with the same period a year ago -- rising to $2 billion from $1.6 billion -- again, in part, because of the pickup of what has become Northrop Grumman Corp.'s Electronic Sensors and Systems Division.The performance could have been better, though, according to analyst Paul Nisbet of JSA Research Inc. He pointed out that the amortization of goodwill and the debt incurred by the Westinghouse Electric Corp.
BUSINESS
By Ted Shelsby and Ted Shelsby,SUN STAFF | March 1, 1996
Northrop Grumman Corp. yesterday named James G. Roche to head the Linthicum-based defense operations of Westinghouse Electric Corp., which it is in the process of acquiring.Mr. Roche, 56, succeeds Francis J. Harvey, who will stay with Westinghouse and become one of the top officers at its headquarters in Pittsburgh.Northrop Grumman announced in January that it has signed an agreement to acquire Westinghouse's defense operations, a big portion of them in Maryland, for $3.6 billion. A closing on the sale is expected within the next several days, said Kevin K. Ramundo, a Westinghouse spokesman.
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