Home / Markets / Industries / Government
Monday, November 09, 2009
Northrop Grumman TASC Sale Neutral to Earnings in 2010
FOXBusiness
Los Angeles-based Northrop Grumman (NOC) announced that the $1.65 billion sale of its TASC business, which handles advisory services, will be neutral to earnings in 2010.
The defense contracting giant said that the funds received from the deal will be used for a stock buyback, in which the company will repurchase shares from the open market.
General Atlantic and Kohlberg Kravis Roberts will be the owners of TASC after the sale, which was announced on Sunday, is completed.
Northrop is selling the division due to new laws enacted in January that prevent companies from having both an advisory and government contracting position, due to potential conflicts of interest.
Shares of Northrop closed up 3% on Monday, at $53.93.
Fox Business Video
-
-
Greenberg Finalizes Deal With AIG
-
Nov 26, 2009
Former CEO settles with AIG
-
-
-
Old in the NFL
-
Nov 25, 2009
Brett Favre and Kurt Warner Battle on Thurs
-
-
-
Passenger's Bill of Rights
-
Nov 25, 2009
Passengers spent 6 hours inside plane
-
-
-
Thank You to the Troops
-
Nov 25, 2009
Cody's Shot Clock
-
-
-
Stuck on a Runway for 6 Hours
-
Nov 25, 2009
Passengers stuck on runway overnight
-
