Grumman May Spin Off Shipbuilding Business

Defense contractor Northrop Grumman Corp. said that it may consider spinning off its shipbuilding business.
Grumman May Spin Off Shipbuilding Business
7/14/2010
Updated:
7/14/2010

Defense contractor Northrop Grumman Corp. said that it may consider spinning off its shipbuilding business as a standalone company, its Chairman Wes Bush said on Wednesday during a conference call with analysts.

The company is a major manufacturer of warplanes, military electronics, and services military machinery and weapons. An analyst at investment bank Jeffries & Co. estimated that a sale of the unit may fetch Grumman around $3 billion in cash. The potential spinoff news lifted the company’s stock, which gained more than 3 percent on Wednesda