Northrop Grumman Announces Interconnect Technologies Closure
17 Mai 2007 - 12:11AM
PR Newswire (US)
LOS ANGELES, May 16 /PRNewswire-FirstCall/ -- Northrop Grumman
Corporation (NYSE:NOC) today announced plans to close its
Interconnect Technologies (ITD) business in Springfield, Mo., and
exit the business of manufacturing printed circuit boards for third
parties, effective July 31, 2007. The ITD exit and other
restructuring actions result from an ongoing analysis of the
company's operations based on strategic alignment, profitability
and cash generation criteria. As a result, the company expects to
record a pre-tax charge of approximately $20 million in the second
quarter of 2007. "This action is regrettable but unavoidable given
ITD's declining business base, with the plant currently operating
at about 25 percent of capacity," said Jake Volkert, vice president
and general manager of Northrop Grumman's Navigation Systems
Division. "We are now focused on helping ITD employees find new
employment, both inside and outside the company." ITD was acquired
as part of Northrop Grumman's acquisition of Litton, Inc. in 2001,
and is reported under the Electronics business. Northrop Grumman
Corporation is a $30 billion global defense and technology company
whose 122,000 employees provide innovative systems, products, and
solutions in information and services, electronics, aerospace and
shipbuilding to government and commercial customers worldwide.
DATASOURCE: Northrop Grumman Corporation CONTACT: Media, Dan
McClain, +1-310-201-3335, or Investors, Gaston Kent,
+1-310-201-3423, both of Northrop Grumman Corporation
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