Northrop Grumman (NOC) is spinning off its wholly-owned shipbuilding business to its shareholders, subject to clearance by the Securities and Exchange Commission.

The subsidiary, Huntington Ingalls Industries, is slated to begin trading on the New York Stock Exchange on March 22. Northrop Grumman shareholders will receive one share of Hunting Ingalls for every six of their Northrop shares.

The Los Angeles-based government contractor will continue trading on the NYSE under the symbol NOC through and after the March 31 consummation.

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