NG board OKs spinoff

Northrop Grumman's board of directors has approved the spin-off of a wholly owned subsidiary, Huntington Ingalls Industries. Northrop Grumman stockholders will get one share of the shipping business for every six shares of Northrop Grumman stock they hold on March 30. Shares of the shipbuilding business will trade under the symbol "HII." When Northrop said in July it would explore strategic alternatives for the unit, it also announced plans to close its Avondale facility in Louisiana and consolidation of that yard's work in Pascagoula, Miss. (Source: Mississippi Press, 03/15/11)