Northrop Grumman (NYSE:NOC) yesterday said that it continues to explore strategic alternatives for a potential separation of its Shipbuilding business. "While any final decision remains subject to board approval, the company currently believes a spin-off of Huntington Ingalls Industries, Inc. (HII), will be the most likely method for separating shipbuilding from Northrop Grumman," it noted.

In conjunction with a potential spin-off, HII has begun discussions with lenders and ratings agencies related to arranging financing. HII expects it will also continue to file periodic amendments to its Form 10 filing with the U.S. Securities and Exchange Commission.

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