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Thursday, July 15, 2010
Northrop might sell Newport News shipyard
Northrop Grumman Shipbuilding
Northrop Grumman Corp. on Tuesday said it is considering "strategic alternatives" for its shipbuilding sector that include a possible sale or spinoff of the business, including its shipyards in Newport News and on the Gulf Coast.
Northrop, the nation's largest shipbuilder and Hampton Roads' largest private-sector employer, said it has hired advisers to explore options for its shipbuilding business, which has been a drag on the firm's profitability in recent years.
"We foresee little synergy between shipbuilding and our other businesses," Northrop CEO Wes Bush said Tuesday in a statement. "It is now appropriate to explore separating shipbuilding from Northrop Grumman."
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