BRIEFCASE NORTHROP ACQUIRES VALLEY COMPANY.Byline: - Staff and Wire Services VAN NUYS - Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. Corp. on Thursday completed the acquisition of XonTech, a Van Nuys-based science and technology firm specializing in missile defense Missile defence is an air defence system, weapon program, or technology involved in the detection, tracking, interception and destruction of attacking missiles. Originally conceived as a defence against nuclear-armed ICBMs, its application has broadened to include shorter-ranged and sensor and intelligence data analysis. The acquisition boosts the Century City-based global defense company's missile defense capabilities. XonTech, with 450 employees, generated 2002 revenues of about $73 million. The company will be integrated into Northrop Grumman's Mission Systems sector, which is headquartered in Reston, Va. Panavision plans new debt offering WOODLAND HILLS - Panavision Inc. announced Thursday that it is planning a $275 million debt offering in August of notes due in 2008. The company is also in discussions to enter into a new credit agreement to replace its current one. Contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the closing of the refinancing, MacAndrews & Forbes Holdings Inc. (an affiliate of Panavision's majority shareholder) has agreed to increase the amount available to Panavision for borrowing under a revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. from $4 million to $10 million and to extend the maturity of that line of credit from March 2004 to August 2006. Enbrel approved for spinal arthritis THOUSAND OAKS Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. - U.S. regulators said Thursday that they have approved Amgen's drug Enbrel to treat a type of spinal arthritis. Co-marketed by Amgen and Wyeth, the injectable drug will now be used to treat ankylosing spondylitis Ankylosing Spondylitis Definition Ankylosing spondylitis (AS) refers to inflammation of the joints in the spine. AS is also known as rheumatoid spondylitis or Marie-Strümpell disease (among other names). . The condition affects about 350,000 Americans. A study showed that out of 277 patients, 58 percent treated with Enbrel showed significant improvements in pain management and inflammation. JPMorgan to buy Corporate Trust NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of - JPMorgan Institutional Trust Services agreed to buy Bank One Corp.'s Corporate Trust Services for $720 million, a move expected to boost Morgan's corporate trust portfolio to more than $4.5 trillion. Ten percent of the purchase is contingent on business retention. The purchase, which is subject to regulatory approval, should close later this year. B&D screwdriver recall announced WASHINGTON - Black & Decker Inc. is recalling about 265,000 18-volt cordless drills and screwdrivers because the switch on the power tools can malfunction, causing the devices to overheat o·ver·heat v. o·ver·heat·ed, o·ver·heat·ing, o·ver·heats v.tr. 1. To heat too much. 2. To cause to become excited, agitated, or overstimulated. v.intr. and possibly catch fire. Consumers should stop using the recalled tools immediately and remove the battery. For a free repair, contact Black & Decker toll-free at (866) 821-5444. 30-year mortgage rates rise again WASHINGTON - Rates on benchmark 30-year mortgages climbed for the fifth week in a row, rising this week to the highest level since the middle of January, a trend that is slowing - but not stopping - refinancing activity. The average rate on 30-year fixed-rate mortgages for the week ending July 25 was 5.94 percent, up sharply from last week's rate of 5.67 percent, Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. , the mortgage giant, reported Thursday in its weekly nationwide survey. This week's rate marked the highest since the week ending Jan. 17, when rates on 30-year mortgages averaged 5.97 percent. |
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