Litton Industries, Inc. , was an American defense contractor that specialized in shipbuilding, aerospace, electronic components, and information technology. The company was founded in 1953 and was named after inventor Charles Litton Sr. , who was also an early investor in the company.
76-493: During the 1960s, the company began acquiring many unrelated firms and became one of the largest conglomerates in the United States. At its peak, in addition to many defense-related companies, it also owned both Royal Typewriters and Adler , Moffat major appliances , Stouffer's frozen foods , and various office equipment and furniture companies. Like many conglomerates, the company suffered significant declines in
152-494: A Herndon mailing address ), works on "the entire life cycle of civil and defense platforms and capabilities through a range of services". Vinnell , a Northrop Grumman subsidiary, provides training and communications for the military. In 2003, it landed a $ 48 million contract to train the Iraqi Army . In 2005, the company won a $ 2 billion contract with Virginia to overhaul most of the state's IT operations. Later that year,
228-429: A market inefficiency , which undervalues the true strength of these stocks. In her 1999 book No Logo , Naomi Klein provides several examples of mergers and acquisitions between media companies designed to create conglomerates to create synergy between them: A relatively new development, Internet conglomerates, such as Alphabet , Google's parent company belong to the modern media conglomerate group and play
304-486: A disorienting and demoralizing experience for executives at acquired companies—those who were not immediately laid off found themselves at the mercy of the conglomerate's executives in some other distant city. Most conglomerates' headquarters were located on the West Coast or East Coast , while many of their acquisitions were located in the country's interior. Many interior cities were devastated by repeatedly losing
380-549: A focus in Asia.) In Japan, a different model of conglomerate, the keiretsu , evolved. Whereas the Western model of conglomerate consists of a single corporation with multiple subsidiaries controlled by that corporation, the companies in a keiretsu are linked by interlocking shareholdings and a central role of a bank. Mitsui , Mitsubishi , Sumitomo are some of Japan's best-known keiretsu, reaching from automobile manufacturing to
456-638: A global presence and a diversified portfolio of products and services. Conglomerates can be formed by merger and acquisitions , spin-offs , or joint ventures . Conglomerates are common in many countries and sectors, such as media , banking , energy , mining , manufacturing , retail , defense , and transportation . This type of organization aims to achieve economies of scale , market power, risk diversification , and financial synergy. However, they also face challenges such as complexity, bureaucracy , agency problems, and regulation . The popularity of conglomerates has varied over time and across regions. In
532-401: A joint venture, which grew "from $ 100 million in revenue in 2000 to approximately $ 500 million in fiscal year 2007." In 2000, NG acquired Federal Data Corporation, Navia Aviation As, Comptek Research, Inc., and Sterling Software, Inc. In 2001, the company acquired Litton Industries , a shipbuilder and defense electronics systems provider for the U.S. Navy . During the acquisition process,
608-493: A major role within various industries, such as brand management . In most cases, Internet conglomerates consist of corporations that own several medium-sized online or hybrid online-offline projects. In many cases, newly joined corporations get higher returns on investment , access to business contacts, and better rates on loans from various banks. Similar to other industries many companies can be termed as conglomerates. Northrop Grumman Northrop Grumman Corporation
684-533: A much larger business, with major shipyards , and manufacturing microwave ovens . It was founded in 1953 by American business executive Charles Bates "Tex" Thornton alongside his associates Roy Ash and Hugh Jamieson. Headquartered in Beverly Hills, California , the original name of the company was 'Electro Dynamics Corporation.' In 1954, with a loan from the Lehman Brothers , Thornton acquired
760-511: A net income of $ 218 million for the 2000 fiscal year. On December 21, 2000, in a joint statement, Litton Industries and Northrop Grumman announced that the latter will acquire Litton Industries shares in a transaction worth $ 5.1 billion. The transaction was completed on May 31, 2001 and Northrop Grumman officially acquired Litton Industries. A provisional list of Litton Industries' major divisions: Conglomerate (company) A conglomerate ( / k ə ŋ ˈ ɡ l ɒ m ə r ə t / )
836-519: A new Delaware holding company, NNG, Inc. , was formed, which merged with Northrop Grumman through a one-for-one common shares exchange in April 2001. Both Northrop Grumman and Litton became subsidiaries of the new holding company. The original Northrop Grumman Corporation then changed its name to "Northrop Grumman Systems Corporation"; the holding company, NNG, Inc., changed its name to "Northrop Grumman Corporation". Later that year, Newport News Shipbuilding
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#1732780544712912-518: A revenue of $ 393.8 million. In December 1964, Litton acquired Royal McBee. In 1969, the company acquired Triumph-Adler , a major typewriter manufacturer based in Germany and the sixth-largest European office equipment manufacturer at the time. In 1973, after several years of disappointing sales, Thornton replaced Ash with Fred O'Green as president of the company. With the new strategy, Litton sold some of its profit-losing subsidiaries and focused on
988-639: A small slice of many companies in a fund rather than owning shares in a conglomerate. Another example of a successful conglomerate is Warren Buffett 's Berkshire Hathaway , a holding company which used surplus capital from its insurance subsidiaries to invest in businesses across a variety of industries. The end of the First World War caused a brief economic crisis in Weimar Germany , permitting entrepreneurs to buy businesses at rock-bottom prices. The most successful, Hugo Stinnes , established
1064-402: Is a type of multi-industry company that consists of several different and unrelated business entities that operate in various industries. A conglomerate usually has a parent company that owns and controls many subsidiaries , which are legally independent but financially and strategically dependent on the parent company. Conglomerates are often large and multinational corporations that have
1140-497: Is an American multinational aerospace and defense company. With 95,000 employees and an annual revenue in excess of $ 30 billion, it is one of the world's largest weapons manufacturers and military technology providers. The firm ranked No. 101 on the 2022 Fortune 500 list of America's largest corporations. Northrop Grumman and its industry partners have won the Collier Trophy nine times, most recently for
1216-472: Is currently China's largest civilian-run conglomerate by revenue. In South Korea , the chaebol is a type of conglomerate owned and operated by a family. A chaebol is also inheritable, as most of the current presidents of chaebols succeeded their fathers or grandfathers. Some of the largest and most well-known Korean chaebols are Samsung , LG , Hyundai Kia and SK . In India, family-owned enterprises became some of Asia's largest conglomerates, such as
1292-787: Is forecasted to enter test flights as early as late 2023, with the United States Air Force forecasted to acquire operational aircraft as early as 2030. It was reported in October 2023 that taxi tests for the B-21 Raider were underway. In May 2024, Northrop Grumman unveiled the Manta Ray, an underwater drone developed for the Defense Advanced Projects Research Agency (DARPA). The drone, which resembles its namesake sea creature,
1368-571: The Aditya Birla Group , Tata Group , Emami , Kirloskar Group , Larsen & Toubro , Mahindra Group , Bajaj Group , ITC Limited , Essar Group , Reliance Industries , Adani Group and the Bharti Enterprises . In Brazil the most important conglomerates are J&F Investimentos , Odebrecht , Itaúsa , Camargo Corrêa , Votorantim Group , Andrade Gutierrez , and Queiroz Galvão. In New Zealand, Fletcher Challenge
1444-1056: The B-1 Lancer . Mission Systems produces and maintains the AWACS aerial surveillance systems for the U.S., the United Kingdom , NATO, Japan, and others. Northrop Grumman is the prime contractor for the development and integration of the Air Force's $ 2-billion Multi-Platform Radar Technology Insertion Program . Northrop Grumman also supports the U.S. ballistic missile program, integrates various command, control and intelligence systems, and provides technical and management services, to governmental and military customers, all with an emphasis on cybersecurity. Many other smaller products are made by Northrop Grumman, such as night vision goggles and secure communications equipment. The Defense Systems sector, headquartered in McLean, Virginia (with
1520-540: The Cygnus spacecraft. Until 2020 the firm was developing the OmegA space launch vehicle, intended to carry the U.S. government's national security satellites into space. With Northrop Grumman's reorganization of its divisions effective January 1, 2020, NGIS was split, with most of the sector merging with other Northrop Grumman businesses into a new Space Systems sector. On August 8, 2022, Northrop Grumman announced it
1596-1133: The EA-6B Prowler . Northrop Grumman provides major components and assemblies for different aircraft, such as the F/A-18 Hornet , the F/A-18E/F Super Hornet , the EA-18G Growler , and the Lockheed Martin F-35 Lightning II . Aerospace systems also serves as the contractor for numerous space payloads and is the prime contractor for the James Webb Space Telescope . Northrop Grumman Mission Systems, headquartered in Linthicum, Maryland , creates military radar, sensors, and related products, including C4I radar systems for air defense , Airspace Management radar systems such as AMASS , and battlefield surveillance systems like
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#17327805447121672-723: The Northrop Corporation was reincorporated in Delaware in 1985. Northrop made a series of light-weight fighter aircraft such as the F-5 , YF-17 , and F-20. However, Northrop was best known for it experimental flying wing aircraft, the XB-35 and YB-49 of the late 1940s and early 1950s. These flying wing aircraft, while unsuccessful, would pave the way for the B-2 Spirit Stealth Bomber, on which Northrop
1748-656: The RQ-4 Global Hawk , and the T-38 Talon supersonic trainer are used by the US Air Force . The US Army uses Northrop Grumman's RQ-5 Hunter unmanned air vehicle, which has been in operational use since 1995. The U.S. Navy uses Northrop Grumman-built aerial vehicles such as the BQM-74 Chukar , RQ-4 Global Hawk-based MQ-4C Triton , MQ-8 Fire Scout , Grumman C-2 Greyhound , Grumman E-2 Hawkeye , and
1824-496: The United Kingdom paid $ 1.2 billion in a contract with the company to provide maintenance of its AWACS radar. On June 7, 2018, the acquisition of Orbital ATK was completed, and the former company was absorbed in Northrop Grumman as a new business sector called Northrop Grumman Innovation Systems. With this acquisition, Northrop Grumman got more involved in the space industry, including the construction and launch of
1900-652: The United States , conglomerates became popular in the 1960s as a form of economic bubble driven by low interest rates and leveraged buyouts. However, many of them collapsed or were broken up in the 1980s due to poor performance, accounting scandals, and antitrust regulation. In contrast, conglomerates have remained prevalent in Asia, especially in China , Japan , South Korea , and India . In mainland China , many state-affiliated enterprises have gone through high value mergers and acquisitions , resulting in some of
1976-516: The highest value business transactions of all time. These conglomerates have strong ties with the government and preferential policies and access to capital. During the 1960s, the United States was caught up in a "conglomerate fad " which turned out to be a form of an economic bubble . Due to a combination of low interest rates and a repeating bear-bull market , conglomerates were able to buy smaller companies in leveraged buyouts (sometimes at temporarily deflated values). Famous examples from
2052-603: The vacuum tube producer 'Litton Industries Inc' from its founder Charles Litton Sr. for $ 1.5 million and subsequently adopted its name. Although Litton Industries lacked capital in the beginning, Thornton thought that the U.S. Department of Defense would need more sophisticated weapons and that the demand for another large electronics company would increase. During the years, Litton Industries acquired several other smaller companies and had merged with Monroe Calculating Machine . Monroe used Litton's technological assets and Litton required Monroe's sales and service outlets. During
2128-440: The 1960s include Gulf and Western Industries , Ling-Temco-Vought , ITT Corporation , Litton Industries , Textron , and Teledyne . The trick was to look for acquisition targets with solid earnings and much lower price–earnings ratios than the acquirer. The conglomerate would make a tender offer to the target's shareholders at a princely premium to the target's current stock price. Upon obtaining shareholder approval,
2204-526: The 1970s, selling off many of its unrelated brands and had largely returned to its defense roots by the 1980s. The company continued to shrink after the ending of the Cold War and by the late 1990s was a corporate takeover target. The company was purchased by Northrop Grumman in 2001. Litton Industries was originally established as an electronics company building navigation , communications and electronic warfare equipment. They diversified and became
2280-627: The 1980s, General Electric also moved into financing and financial services , which in 2005 accounted for about 45% of the company's net earnings. GE formerly owned a minority interest in NBCUniversal , which owns the NBC television network and several other cable networks . United Technologies was also a successful conglomerate until it was dismantled in the late 2010s. With the spread of mutual funds (especially index funds since 1976), investors could more easily obtain diversification by owning
2356-1256: The Airborne Reconnaissance Low (ARL). Tactical aircraft sensors include the AN/APG-68 radar, the AN/APG-80 AESA radar, and the AN/APG-83 AESA radar upgrade for the F-16 Fighting Falcon , the AN/APG-77 AESA radar for the F-22 Raptor , and the AN/APG-81 AESA radar for the F-35 Lightning II, and the AN/AAQ-37 electro-optical Distributed Aperture System (DAS) for the F-35, and the APQ-164 Passive Electronically Scanned Array (PESA) radar for
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2432-775: The Antares rocket, which will be known as the Antares 330 . Northrop will provide the A330s upper stage, avionics, software and launch site operations. Firefly will supply seven engines and build the A330s largest structure, the first stage booster. Northrop and Firefly will also jointly develop the MLV. Remotec, a Tennessee-based subsidiary, is a manufacturer of remote control vehicles for explosive ordnance disposal and hazardous material handling. A UK-based subsidiary, Park Air Systems, provides VHF and UHF ground-to-air communications systems for
2508-700: The Colombian jungle. The fourth employee, Tom Janis, had been killed by the FARC shortly after the crash in 2003. In January 2008, Northrop Grumman combined its Newport News and Ship Systems sectors into a new business unit named Northrop Grumman Shipbuilding. On March 31, 2011, this was spun off as Huntington Ingalls Industries , Inc. ( NYSE : HII ). In November 2010, NASA selected Northrop Grumman for consideration of potential contract awards for heavy lift launch vehicle system concepts, and propulsion technologies. From 2013, Northrop Grumman participates in
2584-603: The DARPA Tactically Exploited Reconnaissance Node (TERN) program, and received $ 2.9 million for Phase 1 and $ 19 million for Phase 2. The TERN program attempts to launch and recover a UAV from mid-size ships to provide long distance intelligence gathering. In July 2013, Northrop Grumman won a training-simulation contract potentially worth $ 490 million to support the U.S. Air Force 's next-generation aerial warfare virtual-training network. As of 2018, Northrop Grumman became
2660-689: The Department of Defense and Department of Justice. That same year, it acquired Inter-National Research Institute Inc. In 1999, the company acquired Teledyne Ryan , developer of surveillance systems and unmanned aircraft, California Microwave, Inc., and the Data Procurement Corporation. On March 19, 1999, Northrop Grumman revised its fourth-quarter results to a net loss because of problems related to its dealings with start-up satellite launch company Kistler Aerospace Corp. In 1999, Northrop Grumman and SAIC created AMSEC LLC as
2736-850: The Deployable Rapid Assembly Shelter (DRASH) in New York, as part of the U.S. Army's Standard Integrated Command Post System program. Northrop Grumman can trace its lineage back to the beginning of the 20th century when the Grumman Corporation was founded on Long Island , New York. Here, Leroy R. Grumman established the Grumman Aircraft Engineering Corporation in December 1929. By 1939, the company has expanded and relocated to Bethpage, New York. During World War II
2812-564: The Glide Phase Interceptor (GPI). From 1990 to 2003, before the merger with Grumman in 1994, Kent Kresa was the CEO of the company, who led the serial-acquisition strategy with a total of 15 additional acquisitions from 1994 to 2003, including Litton , Logicon , Westinghouse 's defense electronics business, Ryan Aeronautical and Newport News Shipbuilding , and TRW. He then retired in 2003 at age 65. In 2003 Ronald Sugar ,
2888-603: The United States, some of the examples are The Walt Disney Company , Warner Bros. Discovery and The Trump Organization (see below). In Canada, one of the examples is Hudson's Bay Company . Another such conglomerate is J.D. Irving, Limited , which controls a large portion of the economic activities as well as media in the Province of New Brunswick . Some cite the decreased cost of conglomerate stock (a phenomenon known as conglomerate discount ) as evidential of these disadvantages, while other traders believe this tendency to be
2964-563: The acquisition was approved by Orbital ATK stockholders and on June 6, 2018, the merger closed after final FTC approval. The acquired company assets and naming were absorbed and become a division named Northrop Grumman Innovation Systems. In June 2020, NASA granted a $ 935 million contract to Northrop Grumman for the Lunar Gateway Habitation and Logistics Outpost (HALO) module, based on its Cygnus cargo spacecraft. In July 2022, Northrop subcontracted Solstar to provide
3040-588: The break in Antares manufacturing caused by Russia's invasion of Ukraine in February 2022. But in addition to salvaging the Antares rocket series, the cost-sharing deal also helps ensure NASA's cargo missions to the International Space Station keep flying regularly and brings muscle to Firefly's plan to build a larger rocket called Medium Launch Vehicle (MLV). Northrop Grumman and Firefly Aerospace will jointly produce an upgraded version of
3116-484: The civil and defense markets. Northrop Grumman has also worked closely with Antenna Associates, Inc., a manufacturer of Identification friend or foe (IFF)/ Secondary Surveillance Radar (SSR) antennas located in Massachusetts. In August 2007, Northrop Grumman acquired Scaled Composites in which it had previously owned a 40% stake. In 2008, Northrop Grumman began working with DHS Systems LLC, manufacturer of
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3192-533: The company built most US Navy aircraft. After the war it branched out into making the first aluminum canoes using left-over materials no longer needed for aircraft. Later the firm created a myriad of products such as ballistic missiles , all-weather radars, the Apollo Lunar Module , land and sea-based fighter aircraft and Stealth bombers . Founded in California in 1939 by Jack Northrop ,
3268-455: The conglomerate usually settled the transaction in something other than cash, like debentures , bonds , warrants or convertible debentures (issuing the latter two would effectively dilute its shareholders down the road, but many shareholders at the time were not thinking that far ahead). The conglomerate would then add the target's earnings to its earnings, thereby increasing the conglomerate's overall earnings per share . In finance jargon,
3344-403: The contract went to rival Lockheed Martin on August 31, 2006. In 2006, Northrop Grumman had intended to bid for the U.S. Air Force's Next-Generation Bomber . Though it has not built a large manned aircraft since wrapping up B-2 Spirit production in the 1990s, the company has "been working hard to turn that perception around, with the skills and capabilities that back it up." However, by 2009,
3420-459: The development and production of the James Webb Space Telescope , an orbiting observatory launched in 2021. Northrop Grumman leads the development of the B-21 Raider , a long-range, stealth strategic bomber that can drop conventional and nuclear weapons ; it will replace Northrop's own B-2 Spirit , the world's only known stealth bomber. Among its other projects are the production of
3496-555: The electronic firms Itek Corp. and Core Laboratories. In the early 1990s, Litton Industries split into separate military and commercial companies. The US$ 2 billion commercial business, which included Litton's oilfield services, business, and automated assembly line operations, was named Western Atlas , Inc. In 1998, Litton Industries bought TASC, Inc. In 2000, TASC sold three stand-alone commercial operations: Adesso Software, WSI (Weather Services International) Corporation and Emerge. The company reported sales of $ 5.6 billion and
3572-467: The end came in January 1968, when Litton shocked Wall Street by announcing a quarterly profit of only 21 cents per share, versus 63 cents for the previous year's quarter. This was "just a decline in earnings of about 19 percent", not an actual loss or a corporate scandal, and "yet the stock was crushed, plummeting from $ 90 to $ 53". It would take two more years before it was clear that the conglomerate fad
3648-771: The examples are Adamjee Group , Dawood Hercules , House of Habib , Lakson Group and Nishat Group . In the Philippines , the largest conglomerate of the country is the Ayala Corporation which focuses on malls , bank , real estate development , and telecommunications . The other big conglomerates in the Philippines included JG Summit Holdings , Lopez Holdings Corporation , ABS-CBN Corporation , GMA Network, Inc. , MediaQuest Holdings , TV5 Network, Inc. , SM Investments Corporation , Metro Pacific Investments Corporation , and San Miguel Corporation . In
3724-543: The group into its Peraton subsidiary. The sale closed in February 2021. The Mars Ascent Propulsion System for Mars sample-return mission Ascent Vehicle contract was awarded to Northrop Grumman on March 5, 2021. For this Northrop Grumman to make a 3–meter long, two-stage , solid-fueled Mars ascent rocket for the Mars Sample Return mission. This mission is to collect Perseverance's samples for return to Earth. In August 2022, Northrop Grumman announced it
3800-663: The headquarters of corporations to mergers, in which independent ventures were reduced to subsidiaries of conglomerates based in New York or Los Angeles. Pittsburgh, for example, lost about a dozen. The terror instilled by the mere prospect of such harsh consequences for executives and their home cities meant that fending off takeovers, real or imagined, was a constant distraction for executives at all corporations seen as choice acquisition targets during this era. The chain reaction of rapid growth through acquisitions could not last forever. When interest rates rose to offset rising inflation, conglomerate profits began to fall. The beginning of
3876-507: The historic Space Park , produces aircraft, spacecraft, high-energy laser systems and microelectronics for the U.S. and other nations. This includes surveillance and reconnaissance, protected communications, intelligence, battle management, strike operations, electronic warfare, to missile defense, Earth observation, space science and space exploration. The B-2 Spirit strategic bomber, the E-8C Joint STARS surveillance aircraft ,
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#17327805447123952-416: The late 1950s and early 1960s, 50% of Litton's business was with the U.S. Government; besides calculators, they were also producing inertial guidance systems for aircraft, potentiometers , duplexers , etc. In 1961, Litton acquired Ingalls Shipbuilding for $ 8 million and subsequently ventured into the production of submarines and oil-drilling equipment. By 1963, Litton Industries reached $ 500 million with
4028-503: The most powerful private economic conglomerate in 1920s Europe – Stinnes Enterprises – which embraced sectors as diverse as manufacturing, mining, shipbuilding, hotels, newspapers, and other enterprises. The best-known British conglomerate was Hanson plc . It followed a rather different timescale than the U.S. examples mentioned above, as it was founded in 1964 and ceased to be a conglomerate when it split itself into four separate listed companies between 1995 and 1997. In Hong Kong, some of
4104-652: The new businesses they had recently purchased, and by the mid-1970s most conglomerates had been reduced to shells. The conglomerate fad was subsequently replaced by newer ideas like focusing on a company's core competency and unlocking shareholder value (which often translate into spin-offs ). In other cases, conglomerates are formed for genuine interests of diversification rather than manipulation of paper return on investment. Companies with this orientation would only make acquisitions or start new branches in other sectors when they believed this would increase profitability or stability by sharing risks. Flush with cash during
4180-472: The new company acquired substantially all of the defense and electronics systems business of Westinghouse Electric Corporation, Westinghouse Electronic Systems , a major manufacturer of radar systems, for $ 2.9 billion, and Xetron Corporation . In 1997, the defense computer contractor Logicon was added, which had acquired Geodynamics Corporation in March 1996 and Syscon Corporation in February 1995. Northrop
4256-686: The primary contractor for the James Webb Space Telescope . In October 2015, the US Military announced it had awarded Northrop Grumman the contract for the successor to the B-1 and B-52 , subsequently identified as the B-21 . The initial value is $ 21.4 billion, and could eventually be worth up to $ 80 billion. In September 2017, Northrop announced its intention to acquire missile and rocket manufacturer Orbital ATK Inc for $ 9.2 billion: $ 7.8 billion in cash plus $ 1.4 billion in net debt. On November 29, 2017,
4332-714: The production of electronics such as televisions. While not a keiretsu, Sony is an example of a modern Japanese conglomerate with operations in consumer electronics , video games , the music industry , television and film production and distribution , financial services , and telecommunications . In China, many of the country's conglomerates are state-owned enterprises , but there is a substantial number of private conglomerates. Notable conglomerates include BYD , CIMC , China Merchants Bank , Huawei , JXD , Meizu , Ping An Insurance , TCL , Tencent , TP-Link , ZTE , Legend Holdings , Dalian Wanda Group , China Poly Group , Beijing Enterprises , and Fosun International . Fosun
4408-486: The profitable ones. The company also succeeded to make a $ 1.6 billion deal with the Saudi Arabian Air Force . The profits of the company increased from $ 44 million in 1979 to $ 78 million in 1983. During the 1980s, Litton dropped its businesses in publishing, medical products, office furniture, and microwaves and shifted the production to sophisticated technology. As a result of that, the company bought
4484-507: The solid rocket boosters for NASA's Space Launch System program. It was the sole bidder on the Air Force's Ground Based Strategic Deterrent program , which aims to develop and build a new intercontinental ballistic missile . As of the end of 2022, Northrop Grumman organized its business around four main sectors, each of which comprises two or more business areas: Aeronautics Systems, headquartered in Redondo Beach, California , at
4560-570: The tanker program and in March 2010, Northrop Grumman announced it was withdrawing from the competition, deeming the revised requirements to be weighted in favor of the Boeing KC-46 . On January 1, 2006, Northrop Grumman opened its business sector called 'Technical Services'. Northrop Grumman and Boeing collaborated on a design concept for NASA 's upcoming Orion spacecraft (previously the Crew Exploration Vehicle), but
4636-1043: The teams working on that project were dispersed, as USAF's focus turned to a long-range strike instead. Northrop Grumman was one of two teams competing for the Long Range Strike Bomber , and in October 2015 won the contract for the Long Range Strike Bomber. On July 20, 2007, Northrop Grumman became the sole owner of Burt Rutan 's Scaled Composites . In 2007, Northrop Grumman created 'National Workforce Centers' as an alternative to offshoring . Locations are Auburn , Alabama; Corsicana , Texas; Fairmont , West Virginia; Helena , Montana; Johnstown , Pennsylvania; and Lebanon, Virginia . The Rapid City, South Dakota location closed in January 2012. In July 2008, three of four Northrop Grumman employees ( Thomas Howes , Marc Gonsalves and Keith Stansell ) were freed during Operation Jaque after five years of captivity following their aircraft crash in
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#17327805447124712-406: The transaction was " accretive to earnings." The relatively lax accounting standards of the time meant that accountants were often able to get away with creative mathematics in calculating the conglomerate's post-acquisition consolidated earnings numbers. In turn, the price of the conglomerate's stock would go up, thereby re-establishing its previous price-earnings ratio, and then it could repeat
4788-425: The well-known conglomerates include Jardine Matheson (AD1824), Swire Group (AD1816), (British companies, one Scottish one English; companies that have a history of over 150 years and have business interests that span across four continents with a focus in Asia.) C K Hutchison Whampoa (now CK Hutchison Holdings ), Sino Group , (both Asian-owned companies specialize business such as real estate and hospitality with
4864-613: The whole process with a new target. In plain English, conglomerates were using rapid acquisitions to create the illusion of rapid growth. In 1968, the peak year of the conglomerate fad, U.S. corporations completed a record number of mergers: approximately 4,500. In that year, at least 26 of the country's 500 largest corporations were acquired, of which 12 had assets above $ 250 million. All this complex company reorganization had very real consequences for people who worked for companies that were either acquired by conglomerates or were seen as likely to be acquired by them. Acquisitions were
4940-438: The wings to enhance the propulsion provided by its gliding system, which glides forward while moving up and down in the water column by changing its buoyancy. With an emphasis on minimal human oversight, the creation of the Manta Ray represents a significant advancement in unmanned underwater vehicles (UUV) technology. In September 2024, Northrop Grumman won the U.S. Missile Defense Agency (MDA) competition to develop and build
5016-557: The wireless-enabling technology to enable a Wi-Fi access for employees and equipment in the module. In September 2020, Northrop Grumman won a $ 298 million sole-source contract for the Evolved Strategic Satcom program, an anti-jam communications satellite program intended to replace the Advanced Extremely High Frequency (AEHF) satellite program where Northrop Grumman was a subcontractor to Lockheed Martin . In December 2020, Northrop sold its federal IT and mission support business to Veritas Capital for $ 3.4 billion in cash. Veritas placed
5092-416: The world. In 1994, Northrop Aircraft bought Grumman Aerospace , which built the Apollo Lunar Module to create Northrop Grumman (NG) at a cost of $ 2.1 billion. The company purchased the remaining 51% interest in Vought Aircraft Company (Vought) in August 1994 for $ 130 million taking full control of the company after it had purchased an initial 49% interest in September 1992 for $ 45 million. In 1996,
5168-543: Was added. On November 1, 2001, Northrop Grumman restated its third-quarter profit after halting work on two ships for American Classic Voyages , which filed for bankruptcy protection. In 2002, Northrop Grumman acquired TRW Inc. , which had acquired Braddock Dunn & McDonald (BDM) in 1997, and became the Space Technology sector based in Redondo Beach , California, and the Mission Systems sector based in Reston, Virginia , with sole interest in their space systems and laser systems manufacturing. The Aeronautical division
5244-458: Was designed to carry out long-duration, long-range military missions, including extended loitering on the sea bottom. The development of the Manta Ray posed several technical challenges, including overcoming the corrosive nature of seawater, preventing sea life from interfering with moving components, and operating under conditions where electromagnetic radiation, including sunlight, does not propagate well. The craft uses two four-bladed propellers on
5320-462: Was formed in 1981 from the merger of Fletcher Holdings , Challenge Corporation, and Tasman Pulp & Paper, in an attempt to create a New Zealand-based multi-national company. At the time, the newly merged company dealt in construction, building supplies, pulp and paper mills, forestry, and oil & gas. Following a series of bungled investments, the company demerged in the early 2000s to concentrate on building and construction. In Pakistan , some of
5396-446: Was moving production of the engines and structures for its Antares rockets to the U.S. from Russia and Ukraine. The move of Antares production fully to the U.S. will happen through a partnership with Texas-based Firefly Aerospace . Northrop Grumman had purchased Russian RD-181 engines to power the Antares 230+ series, and the rocket’s main body was manufactured by Ukraine’s Yuzhmash State Enterprise . Northrop Grumman's B-21 Raider
5472-447: Was moving production of the engines and structures for its Antares rockets to the U.S. from Russia and Ukraine. The move of Antares production fully to the U.S. will happen through a partnership with Texas-based Firefly Aerospace . Northrop Grumman had purchased Russian RD-181 engines to power the Antares 230+ series, and the rocket's main body was manufactured by Ukraine's Yuzhmash State Enterprise . The new arrangement mainly resolves
5548-487: Was on its way out. The stock market eventually figured out that the conglomerates' bloated and inefficient businesses were as cyclical as any others—indeed, it was that cyclical nature that had caused such businesses to be such undervalued acquisition targets in the first place —and their descent put "the lie to the claim that diversification allowed them to ride out a downturn." A major selloff of conglomerate shares ensued. To keep going, many conglomerates were forced to shed
5624-681: Was sold to Goodrich , and the automotive divisions were spun off and retained the TRW name. There were 15 acquisitions from 1994 to 2003. Northrop Grumman partnered with EADS from the mid-2000s to offer the KC-30 Multi Role Tanker Transport aircraft in the U.S. Air Force's KC-X tanker competition. In February 2008 the U.S. Air Force chose KC-30, but in September 2008 the Defense Department suspended
5700-563: Was the prime contractor on the radical YF-23 which was one of two candidates for the Advanced Tactical Fighter but would eventually lose to the F-22 Raptor . Northrop later partnered with Lockheed on the F-35 and serves as a principal member of the Lockheed Martin industry led team. In 1998, a merger between Northrop Grumman and competitor Lockheed Martin was considered but abandoned after resistance from
5776-401: Was the prime contractor. After the end of the Cold War , Northrop made a series of acquisitions, buying Grumman Aerospace , Westinghouse and TRW Inc. in addition to a number of other enterprises. In 2018, Northrop Grumman completed the purchase of Orbital ATK , which has since been renamed to Northrop Grumman Innovation Systems. Northrop Grumman is one of the largest defense contractors in
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