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By Ross Hetrick and Ross Hetrick,Sun Staff Writer | October 15, 1994
Rufus S. Lusk & Son Inc., a regional real estate information company based in Silver Spring, announced yesterday that it has been sold for an undisclosed price to a national competitor, TRW REDI Property Data of Riverside, Calif.The sale was completed on Wednesday.While promising expanded local and national real estateservices, the combined company will close Lusk's 12-person Timonium office in about three months to eliminate redundancies in the two operations.TRW REDI's 22-person Fairfax, Va., office also will be closed, but Lusk's Silver Spring headquarters, which has 38 workers, will remain, according to Rufus S. Lusk III, former president and chief executive officer of the Maryland company.
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BUSINESS
By BLOOMBERG NEWS | October 30, 2003
LOS ANGELES - Northrop Grumman Corp., the world's largest builder of warships, reported yesterday that its third-quarter profit climbed 59 percent as its acquisition of TRW Inc. boosted sales for military satellites and missile defense. Profit from continuing operations rose to $224 million, or $1.21 a share, from $141 million, or $1.17, a year earlier, the company said in a regulatory filing. Sales increased 57 percent to $6.62 billion from $4.21 billion. The two units acquired, Mission Systems and Space Technology, contributed $1.76 billion of sales and $119 million of profit.
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FEATURES
By Knight-Ridder Newspapers | May 6, 1992
Last year TRW, the giant credit reporting company, bowed to public and court pressure.Today it's showtime. Starting now, if you want a copy of your TRW credit report you're entitled to get one free. If you want more than one copy within a year, TRW has reduced the fee to $7.50 from $15 per report. And if you've been denied credit, you're also entitled to a free report to help understand why.All this is in response to government complaints and suits filed by the FTC, Michigan and 18 other states over accuracy.
BUSINESS
By BLOOMBERG NEWS | June 10, 2003
LOS ANGELES - Northrop Grumman Corp., the third-largest U.S. defense contractor, agreed yesterday to pay $111 million to settle claims that TRW Inc., acquired by Northrop in December, overcharged the federal government on some space projects. The agreement resolves lawsuits filed in 1994 and 1995 by a former employee claiming that TRW improperly billed the government for some costs. The settlement was factored into the TRW purchase and won't reduce Northrop's profit forecast for this year, Northrop said In settling TRW's case, Northrop didn't admit violating the False Claims Act, enacted during the Civil War to combat fraud by defense contractors.
BUSINESS
By BLOOMBERG NEWS | April 1, 2002
LOS ANGELES - Northrop Grumman Corp., the fourth-largest U.S. defense contractor, has extended its $11.4 billion hostile bid for rival TRW Inc. after a deadline passed without enough shares tendered to complete the transaction. Northrop extended the tender-offer deadline until midnight on April 12, according to a statement. Cleveland-based TRW, the eighth-biggest U.S. defense contractor, is holding a shareholders meeting April 22 to vote on the offer. Northrop, the world's largest builder of military ships, would become the largest U.S. military contractor should it acquire TRW, according to some analysts.
BUSINESS
By BLOOMBERG NEWS | April 27, 2002
CLEVELAND - TRW Inc., fighting a $12.2 billion hostile bid from larger defense contractor Northrop Grumman Corp., said yesterday that it has signed confidentiality agreements with "several" unnamed parties interested in buying the company. The agreements give potential suitors access to detailed company information. TRW, in a statement, again urged shareholders to vote against a proposal that would allow Northrop to start buying TRW shares. Shareholders are scheduled to act on the Northrop plan at a meeting scheduled for Friday.
BUSINESS
By BLOOMBERG NEWS | April 23, 2002
LOS ANGELES - Northrop Grumman Corp. rejected a confidentiality agreement from TRW Inc. yesterday, saying the accord was too restrictive to begin negotiations about its $12.2 billion hostile takeover offer. The agreement was received Thursday and contained "onerous" restrictions, including a so-called standstill provision requiring Northrop to halt its tender offer, Northrop said in a statement. TRW did not comment. Northrop, whose electronics division is based in Linthicum. wants to buy TRW, the No. 8 U.S. defense contractor, to expand its foothold in the military space business, including a missile-defense program.
BUSINESS
By BLOOMBERG NEWS | November 24, 1999
DETROIT -- Delphi Automotive Systems Corp., the world's largest auto parts maker, said yesterday that it will buy TRW Inc.'s diesel fuel-injector business for $871 million to grab a piece of Europe's fast-growing market for diesel engines.TRW acquired the unit this year in its $6.53 billion purchase of United Kingdom-based LucasVarity PLC, and the sale will help TRW pare debt. The unit had sales of $1.1 billion last year.The purchase furthers Delphi's goal of adding customers other than former parent General Motors Corp.
BUSINESS
By BLOOMBERG NEWS | June 10, 2003
LOS ANGELES - Northrop Grumman Corp., the third-largest U.S. defense contractor, agreed yesterday to pay $111 million to settle claims that TRW Inc., acquired by Northrop in December, overcharged the federal government on some space projects. The agreement resolves lawsuits filed in 1994 and 1995 by a former employee claiming that TRW improperly billed the government for some costs. The settlement was factored into the TRW purchase and won't reduce Northrop's profit forecast for this year, Northrop said In settling TRW's case, Northrop didn't admit violating the False Claims Act, enacted during the Civil War to combat fraud by defense contractors.
BUSINESS
By Peter Kerr and Peter Kerr,New York Times News Service | October 15, 1991
Bowing to critics who say computerized credit records are littered with inaccuracies, TRW Inc., a leading compiler of personal financial data, said yesterday that it would allow consumers to obtain free copies of their credit histories.The move appeared to be a significant turnabout for TRW, one of three large companies that compile financial information on more than 170 million Americans, or most adults. Until now all the companies have refused to go along with such a policy, a big demand of consumer groups, and have charged as much as $20 to supply a record.
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.
NEWS
By Michael Stroh and Michael Stroh,SUN STAFF | September 11, 2002
In a significant step toward a new era in astronomy, NASA picked the company yesterday that will build the successor to the aging Hubble Space Telescope. TRW of Redondo Beach, Calif., won the $825 million contract to design and build the new space observatory, dubbed the James Webb Space Telescope after a former NASA chief. The telescope, expected to launch in 2010, was formerly known as the Next Generation Space Telescope. The Webb Space Telescope will search for cosmic clues to how the first stars and galaxies formed, events which are thought to have occurred only a few hundred million years after the Big Bang.
BUSINESS
August 24, 2002
In the Region TRW beats out Lockheed to win satellite contract Civilian and military branches of the government picked TRW Space and Electronics yesterday to build a national fleet of next-generation weather satellites under a contract worth up to $4.5 billion. A California unit of Cleveland-based TRW Inc. will build two satellites, with options for four more, for launch between 2009 and 2018. It beat Bethesda-based Lockheed Martin Corp. to win the contract. TRW is expected to build the satellites in Redondo Beach.
BUSINESS
By Robert Little and Robert Little,SUN STAFF | July 2, 2002
Northrop Grumman Corp.'s hostile bid to acquire TRW Inc. ended with a handshake yesterday, as the two companies announced a $7.8 billion merger agreement that will create the world's second-largest defense company. The deal caps a swift ascent to the top ranks of the industry for Northrop Grumman, adding a major stake in the government satellite business to its portfolio of shipbuilding, aircraft and military electronics manufacturing. Northrop Grumman plans to quickly shed TRW's automotive parts division, close its corporate headquarters in Cleveland and absorb its remaining defense manufacturing businesses.
BUSINESS
By BLOOMBERG NEWS | May 9, 2002
LOS ANGELES - Northrop Grumman Corp. agreed yesterday to halt its $12.2 billion hostile takeover bid for TRW Inc. until Sept. 30 while it reviews the smaller defense contractor's financial information, according to a regulatory filing. The length of the so-called standstill agreement had been at the center a dispute between the companies about opening talks about a possible Northrop acquisition. TRW, based in Cleveland, had sought a delay of as long as three years. The agreement could be extended an additional year if TRW announced on or before Sept.
BUSINESS
By BLOOMBERG NEWS | May 2, 2002
LOS ANGELES - Northrop Grumman Corp., the fourth-largest U.S. defense contractor, said yesterday that it is willing to halt its $12.2 billion hostile offer for TRW Inc. for 75 days to begin talks with the smaller contractor and auto-parts maker. TRW, which described the bid as inadequate, has insisted that Northrop delay a tender offer for three years through a so-called standstill agreement as a condition for opening talks, Northrop said. TRW responded in a statement, saying it is willing to "address the standstill period's length."
BUSINESS
By New York Times | August 23, 1991
NEW YORK -- TRW Inc. is considering selling its credit reporting business, in part because of the growing public outcry and regulatory scrutiny of the business of tracking and selling sensitive consumer financial data, says Joseph T. Gorman, TRW's chairman and chief executive.In recent months, he said in an interview yesterday, he had become less convinced that the information services business made sense for TRW. "We need to take some strategic action" on the unit, which accounted for about 11 percent of sales in 1990.
NEWS
By LOS ANGELES TIMES | March 4, 2002
Northrop Grumman Corp. said yesterday it is launching a hostile bid to acquire TRW Inc. for $5.9 billion, after TRW's board rejected earlier in the day an unsolicited offer made 10 days ago. Northrop said it will take its bid directly to the shareholders by filing a tender offer for TRW with the Securities and Exchange Commission today. Northrop has been preparing for such a hostile bid, anticipating a rejection by Cleveland-based TRW. Northrop, a Los Angeles-based defense contractor that has grown to become an industry powerhouse, proposed a deal with TRW directors Feb. 21, just three days after TRW's chief executive abruptly resigned to take a top post at another aerospace company.
BUSINESS
By BLOOMBERG NEWS | April 27, 2002
CLEVELAND - TRW Inc., fighting a $12.2 billion hostile bid from larger defense contractor Northrop Grumman Corp., said yesterday that it has signed confidentiality agreements with "several" unnamed parties interested in buying the company. The agreements give potential suitors access to detailed company information. TRW, in a statement, again urged shareholders to vote against a proposal that would allow Northrop to start buying TRW shares. Shareholders are scheduled to act on the Northrop plan at a meeting scheduled for Friday.
BUSINESS
By BLOOMBERG NEWS | April 23, 2002
LOS ANGELES - Northrop Grumman Corp. rejected a confidentiality agreement from TRW Inc. yesterday, saying the accord was too restrictive to begin negotiations about its $12.2 billion hostile takeover offer. The agreement was received Thursday and contained "onerous" restrictions, including a so-called standstill provision requiring Northrop to halt its tender offer, Northrop said in a statement. TRW did not comment. Northrop, whose electronics division is based in Linthicum. wants to buy TRW, the No. 8 U.S. defense contractor, to expand its foothold in the military space business, including a missile-defense program.
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