Cleveland Ship makes a bid for Northrop Grumman shipbuilding division
- October 4, 2010
Cleveland Ship LLC has made a bid for Northrop Grumman Corp.’s shipbuilding division, which includes a massive shipyard in Newport News employing about 19,000 workers.
In a press release posted on its website, the Cleveland-based company did not disclose how much it has bid for the division.
Wes Bush, Northrop Grumman’s CEO, said in July that the company was considering selling or spinning off its shipbuilding division. The company, now based in Los Angeles, plans to move its headquarters to Fairfax County next year.
Cleveland Ship said in its press release that it initially approached Northrop Grumman in February about acquiring its Avondale Shipyard in Louisiana. Other letters were sent in May and July offering to buy the entire division when Cleveland Ship concluded that Northrop Grumman would not sell the Avondale Shipyard separately.
Cleveland Ship said it submitted its latest offer on Sept. 23 after learning from investment banker Credit Suisse what Northrop Grumman’s objectives were in a possible transaction.