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Northrop Grumman Announces New Billion Dollar Share Buy-Back
Los Angeles CA (SPX) Dec 15, 2006 Northrop Grumman Corporation's board of directors has approved a new $1 billion share repurchase authorization. This new authorization is in addition to $175 million remaining on the company's most recent share repurchase authorization. In total, the company now has $1.175 billion authorized for share repurchases. "This new $1 billion share repurchase authorization brings our total authorizations since August 2003 to $4.2 billion and demonstrates our continued commitment to a balanced cash deployment strategy," said Ronald D. Sugar, Northrop Grumman's chairman and chief executive officer. "We expect to repurchase these shares, and the $175 million remaining on our previous authorization, within the next 24 months." Share purchases will take place at management's discretion from time to time, depending on market conditions, in the open market and in privately negotiated transactions over the next 24 months. As of Nov. 30, 2006, Northrop Grumman had approximately 346 million shares outstanding. Northrop Grumman Corporation is a $30 billion global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide. Community Email This Article Comment On This Article Related Links The Military Industrial Complex at SpaceWar.com The Military Industrial Complex at SpaceWar.com Learn about the Superpowers of the 21st Century at SpaceWar.com
Booming Saudi Arms Buying Leads Middle East Arms Market
Newtown CN (SPX) Dec 13, 2006Awash in a sea of petrodollars, Saudi Arabia is expected to spend tens of billions of dollars in the coming years revamping its military forces, according Forecast International's most recent Middle East defense market analysis. |
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