Northrop Grumman has completed the previously announced spin-off of its subsidiary Huntington Ingalls Industries (HII). Northrop Grumman stockholders of record at the close of business of the New York Stock Exchange on March 30 received one share of HII common stock for every six shares of Northrop Grumman common stock held.
"Today's completion of the separation of Huntington Ingalls from Northrop Grumman is an important milestone benefiting both companies. We thank HII for their many contributions to our company and the defence of our nation, and wish them the best as an independent company," said Wes Bush, Northrop Grumman Chief Executive Officer and President.
"Northrop Grumman will now be focused on its core markets of aerospace systems, electronic systems, information systems and technical services. Our portfolio has tremendous capability, technology and synergy across these areas, and we are fully dedicated to delivering innovative and mission-critical systems and products. Going forward, we will create value for shareholders, customers and employees through a more focused portfolio and continued performance improvement," Bush concluded.
{WISroYQ symbol='HII'}
