Northrop Grumman probably will spin off shipbuilding business

The following is the text of a press release issued by Northrop Grumman Corp.:
(LOS ANGELES) — Northrop Grumman Corporation (NYSE:NOC) will announce its fourth quarter 2010 and year-end financial results on Wednesday, Feb. 9, 2011. The company’s conference call will be held at 10:30 a.m. ET the same day. The conference call will be webcast live on Northrop Grumman’s website at
Northrop Grumman participants will include Wes Bush, chief executive officer and president, and Jim Palmer, chief financial officer. Replays of the call will be available on the website for a limited period of time. Presentations will be supplemented by a series of slides appearing on the company website. Listeners are encouraged to view these materials in conjunction with the call. The 2010 fourth quarter and year-end earnings release will be posted on the home page of the website.
The company also announced that it continues to explore strategic alternatives for a potential separation of its Shipbuilding business. While any final decision remains subject to board approval, the company currently believes a spin-off of Huntington Ingalls Industries, Inc. (HII), will be the most likely method for separating Shipbuilding from Northrop Grumman.
In conjunction with a potential spin-off, HII has begun discussions with lenders and ratings agencies related to arranging financing. HII expects it will also continue to file periodic amendments to its Form 10 filing with the U.S. Securities and Exchange Commission.
Northrop Grumman is a leading global security company whose 120,000 employees provide innovative systems, products, and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide. Please visit for more information.
Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “explore,” “believe,” “likely” and similar expressions generally identify these forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements due to factors such as: the timing and execution of any strategic alternative for the Shipbuilding business, including a spin-off described in this release; timing and execution of consolidation of our Gulf Coast facilities; the effect of economic conditions in the United States and globally; access to capital; future sales and cash flows; changes in government and customer priorities and requirements (including, government budgetary constraints, shifts in defense spending, changes in import and export policies, and changes in customer short-range and long-range plans); and other risk factors disclosed in our filings with the Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business. Any such risks could cause our results to differ materially from those expressed in forward-looking statements.
You should not put undue reliance on any forward-looking statements in this release. These forward-looking statements speak only as of the date of this release and we undertake no obligation to update forward-looking statements after we distribute this release.
By Professional Mariner Staff