Shipbuilder Huntington Ingalls Industries likely to join Fortune 500April 29, 2011 6:00 AM
by Richard Foster
Photo courtesy Huntington Ingalls Industries Inc.
Soon Newport News economic development officials will be able to boast that their city is home to not only the largest single-site employer in Virginia, but also the headquarters of a Fortune 500 company. They’re the same entity, Huntington Ingalls Industries Inc.
The publicly traded shipbuilding company, headed by President and CEO Mike Petters, was spun off by defense contractor Northrop Grumman in April. Huntington Ingalls designs, constructs, repairs and maintains nuclear-powered and non-nuclear-powered ships and submarines for the U.S. Navy.
“It’s likely, given our 2010 revenues, we will be a Fortune 500 company,” says Jerri Dickseski, senior vice president of communications for Huntington Ingalls.
As a division of Northrop Grumman, the shipbuilding business generated $6.7 billion in annual revenues last year. The company most likely will be listed on Fortune magazine’s 2012 list of the nation’s largest companies.
Huntington Ingalls would be the only Fortune 500 company based in Newport News and just the fifth in Hampton Roads region, says Florence G. Kingston, director of development for the city of Newport News. (The others are Amerigroup in Virginia Beach, Dollar Tree in Chesapeake, Norfolk Southern in Norfolk and Smithfield Foods in Smithfield.)
Beyond the obvious marketing benefits of having a Fortune 500 company, its presence also creates opportunities for synergies with other businesses and suppliers, Kingston says.
Publicly traded on the New York Stock Exchange under the symbol “HII,” Huntington Ingalls is currently listed in the Standard & Poor’s MidCap 400 Index (also known as the S&P 400), a stock market index covering leading U.S. corporations with a market capitalization value between $1 billion and $10 billion.
Huntington Ingalls’ Newport News operation employs 19,000 workers and is responsible for all its nuclear shipbuilding operations. A sister shipyard in Pascagoula, Miss., employs another 20,000 workers.
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