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October 15, 2010

Northrop Grumman takes initial step in shipbuilding spin-off

Northrop Grumman today announced the filing of a Form 10 registration statement with the U. S. Securities and Exchange Commission in connection with the exploration of strategic alternatives for its shipbuilding business. Northrop Grumman says that it "continues to explore various alternatives for the potential separation of its shipbuilding business, including a spin-off or sale of the unit. Today's filing is the initial step toward executing a potential spin-off."

Interestingly, Bloomberg reported yesterday that four private-equity firms -- Bain Capital LLC, Carlyle Group, KKR & Co. and TPG Capital --are exploring bids for Northrop Grumman's shipbuilding business and that the price may range from $2.5 billion to more than $3 billion.

The Form 10 registration referred to by Northrop Grumman has been filed by New Ships, Inc., a Delaware corporation that is wholly owned by Northrop Grumman. You can access the filing HERE.


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