LOS ANGELES, April 17, 2003 -- Northrop Grumman Corporation (NYSE:NOC) announced today that it has successfully completed the stand up of the defense-related operations acquired in December 2002 from TRW Inc. Two new operating sectors were created from that acquisition -- Mission Systems and Space Technology.
Both sectors' policies and operating procedures now comply with those of Northrop Grumman. These include a wide range of policies and procedures, including financial reporting, program oversight and risk management, human resources practices and access to the company's electronic network, among others.
The Mission Systems and Space Technology sectors will continue to work closely with Northrop Grumman's five other operating sectors and corporate staff to identify and leverage company-wide capabilities. The new sectors are led by Don Winter, corporate vice president and president of Mission Systems, and Wes Bush, corporate vice president and president of Space Technology.
"Today marks another key milestone in our business integration efforts, providing further testimony to our ability to swiftly and efficiently integrate acquired companies," said Ronald D. Sugar, Northrop Grumman's chief executive officer and president. "This core competency allows us to reap the benefits of diverse programs and capabilities while honoring legacy company traditions and best practices along the way. The stand up of the Mission Systems and Space Technology sectors was accomplished ahead of schedule and without any major issues."
The company also stated that the migration of all TRW corporate functions is also on schedule and is expected to be completed by the end of the year.
The acquisition of TRW was a capstone event in a decade-long series of mergers and acquisitions. Since 1994, Northrop Grumman has acquired 16 companies, growing from about $5 billion in annual revenues to an estimated $25 billion to $26 billion for 2003, and from about 30,000 employees to nearly 120,000.
Headquartered in Reston, Va., Mission Systems is a leading global integrator of complex, mission-enabling systems and services for federal agencies engaged in defense and intelligence activities, such as its role as prime integrator for the Intercontinental Ballistic Missile program. Mission Systems also serves federal civilian organizations, state and local governments and commercial clients.
Space Technology, headquartered in Redondo Beach, Calif., links far-flung military forces with space-based communications networks, keeps a global eye on hostile threats with 24/7 early warning satellites, explores the universe with high-performance space telescopes and science spacecraft, and probes closer to home with earth science and remote sensing platforms.
Northrop Grumman Corporation is a $25 billion global defense company, headquartered in Los Angeles, Calif. Northrop Grumman provides technologically advanced, innovative products, services and solutions in systems integration, defense electronics, information technology, advanced aircraft, shipbuilding and space technology. With approximately 120,000 employees and operations in all 50 states and 25 countries, Northrop Grumman serves U.S. and international military, government and commercial customers.
Statements made in this release that describe future events or expectation are forward-looking within the meaning of the Private Securities Litigation Reform Act are subject to risks more fully described in the Company's filings with the SEC, including without limitation Forms 10K and 10Q.
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