NG opts for spinoff, not sale of shipbuilding

Northrop Grumman told private-equity firms it's scrapping a plan to sell its shipbuilding business and will instead pursue creating a spinoff. Bids from four private equity concerns fell short of expectations. During the summer Northrop Grumman said it was exploring getting out of the shipbuilding business to focus on its other sectors. The company filed documents with the Securities and Exchange Commission on Oct. 15 to start the process. (Sources: Bloomberg via Sun Herald, Reuters, 11/05/10) Gulf Coast note: Northrop Grumman has shipyards in Louisiana, Mississippi and Virginia.