Huntington Ingalls Industries Inc. officially spun off from defense contractor Northrop Grumman Corp. Thursday and began operating as an independent and publicly traded company.
The move makes Newport News headquarters of the largest military shipbuilder in the world. Huntington Ingalls is being traded on the New York Stock Exchange under the symbol HII.
“Operating as an independent company will allow us greater focus and agility to accomplish these important objectives, which should create significant value for our shareholders,” Mike Petters, president and CEO of Huntington Ingalls said in a statement. Petters led Northrop Grumman’s shipbuilding division.
Last year, the division reported revenues of $6.7 billion.
“Northrop Grumman will now be focused on its core markets of aerospace systems, electronic systems, information systems and technical services,” Wes Bush, Northrop Grumman CEO and president, said. Northrop Grumman, which is headquartered in Los Angeles, is moving its headquarters to Virginia later this year.
Northrop Grumman shareholders received one share of the new company for every six Northrop Grumman shares they own.
Huntington Ingalls Industries employs nearly 38,000 people in Virginia, Mississippi, Louisiana and California. Its name comes from Collis P. Huntington and the Ingalls family. Huntington founded Newport News Shipbuilding in 1886, and the Ingalls established Ingalls Shipbuilding in 1936.
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