Ohio company makes bid for Northrop’s shipbuilding unit
Published: October 5,2010
PASCAGOULA — A small Ohio-based shipbuilding company says it has made an offer to buy defense contractor Northrop Grumman Corp.’s shipbuilding unit.
Cleveland Ship, LLC, said in a 21-page news release Sunday that it submitted a bid in late September for Northrop Grumman’s shipbuilding operations. That includes one shipyard in Newport News that employs about 20,000 workers, along with two other major shipyards in Mississippi and Louisiana.
Cleveland Ship did not disclose the value of the offer. The company without its own shipyard is run by a small group of engineers and financiers. Cleveland Ship intends to own the business long term and said its offer “fully satisfies” Northrop Grumman’s objectives and holds “superior value” for its corporation and shareholders.
Northrop Grumman told The Associated Press that it does not comment on such matters, but the nation’s largest shipbuilder said in July that it is studying “strategic alternatives” for its shipbuilding division.
Northrop Grumman is one of the Navy’s main sources of nuclear powered submarines, aircraft carriers and other warships. In 2009, shipbuilding accounted for $6.2 billion of its $33 billion in total revenue.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Twang & Tourism: The Country Music Trail
Top Posts & Pages
- Officials set hunting dates for birds; expands dove season by 20 days
- FLIPPING OUT — Flipping houses is popular in much of the country, but in Mississippi ...
- REVVING UP — Motorcars of Jackson is preparing to open its first-ever showroom on I-55
- Brandon man hauls in record 756-pound alligator
- MBJ Special report: MDA numbers help with cities’ retail pitches
- Is cotton looking too good? Farmers facing weaker prices
- COO of TL Wallace Construction keeps eye on revenue growth and profits
- Woman found guilty of murder in buttocks injection case
- Nehi Bottling Company has been a Cleveland fixture for 85 years