LITTON MARITIME MERGER COMPLETE.Byline: Gregory J. Wilcox Staff Writer Litton Industries Named after inventor Charles Litton Sr., Litton Industries was a large defense contractor in the United States, bought by the Northrop Grumman Corporation in 2001. Inc. said Monday it has completed the $529 million acquisition of rival ship builder Avondale Industries Inc. of New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded . Avondale shareholders approved the merger on July 27. Terms were for $39.50 per share. No layoffs are planned, and the company will retain its name and management team. Albert L. Bossier Bossier may refer to:
The company will now be called Litton Avondale Industries and become part of the new Litton Ship Systems organization, which will also include Ingalls Shipbuilding Ingalls Shipbuilding is a shipyard located in Pascagoula, Mississippi, originally established in 1938, and is now part of Northrop Grumman Ship Systems. It is a leading producer of ships for the US Navy, and at 10,900 employees, the largest private employer in Mississippi. based in Pascagoula, Miss. Avondale designs, builds and overhauls ships for the U.S. Navy, the U.S. Coast Guard and commercial customers. Most of the military work is for support type ships. Ingalls concentrates on combat ships but also builds some amphibious vessels, as does Avondale. However, there should not be much overlap in the operations, the company said. The unit also builds cruise ships. Avondale had revenues of about $750 million for the year ended last December. The newly created Litton maritime organization will have combined revenues of approximately $1.8 billion and 17,000 employees. It will be capable of producing any class of nonnuclear non·nu·cle·ar adj. 1. Not causing, involving, or operated by nuclear energy. 2. Not possessing nuclear weapons. ship for military or commercial customers. |
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