Topic summary
Northrop Grumman Newport News
Extracted from the Wikipedia article Newport News Shipbuilding.
Mergers, realignment, and spin-off
In 1968, Newport News merged with Tenneco Corporation. In 1996, Tenneco initiated a spinoff of Newport News into an independent company (Newport News Shipbuilding). In 2001, General Dynamics made a second bid to purchase the company after a failed bid in 1999. Such a merger would have eliminated competition for the production of Virginia-class submarines, which have only been made by Newport News and GD subsidiary Electric Boat. Northrop Grumman matched GD with a similar bid, and following a Department of Justiceanti-trust lawsuit to block GD's bid, GD called off their bid. Now as the sole bidder, Northrop Grumman purchased the company for $2.6 billion and renamed it "Northrop Grumman Newport News". This division was merged with Northrop Grumman Ship Systems in 2008 and given the name "Northrop Grumman Shipbuilding". Three years later, the company was spun off as Huntington Ingalls Industries, Inc., which trades under the symbol HII on the New York Stock Exchange.