Exhibit 99.1
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Contacts:
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Randy Belote (Media) |
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randy.belote@ngc.com |
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(703) 875-8525 |
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Paul Gregory (Investors) |
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paul.gregory@ngc.com |
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(310) 201-1634 |
Huntington Ingalls Industries, Inc. Form 10 Registration Statement Declared Effective
LOS ANGELES March 18, 2011 Northrop Grumman Corporation (NYSE: NOC) today announced that
the Form 10 Registration Statement for the spin-off of its wholly owned subsidiary, Huntington
Ingalls Industries, Inc. (HII), has been declared effective by the U.S. Securities and Exchange
Commission. The Form 10 includes an Information Statement containing details of the spin-off and
important information about HII. The Information Statement will be mailed to Northrop Grumman
stockholders prior to the anticipated March 31, 2011, distribution date for the spin-off, and can
also be accessed on the investor relations page of the Northrop Grumman website at
www.northropgrumman.com.
Northrop Grumman stockholders of record at the close of business of the New York Stock
Exchange (NYSE) on the record date scheduled for March 30, 2011, will receive one share of HII
common stock for every six shares of Northrop Grumman common stock held. Stockholders will receive
cash in lieu of fractional shares of HII.
Northrop Grumman is a leading global security company whose 120,000 employees
provide innovative systems, products and solutions in aerospace, electronics, information systems,
and technical services to government and commercial customers worldwide. Please visit
www.northropgrumman.com for more information.
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Statements in this release, other than statements of historical fact, constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ
materially from those expressed in these forward-looking statements due to factors such as: the
effect of economic conditions in the United States and globally; access to capital; future sales
and cash flows; changes in government and customer priorities and requirements (including
government budgetary constraints, shifts in defense spending, changes in import and export
policies, and changes in customer short-range and long-range plans); and other risk factors
disclosed in our filings with the U.S. Securities and Exchange Commission. There may be other
Huntington Ingalls Industries, Inc. Form 10 Registration Statement Declared Effective
risks and uncertainties that we are unable to predict at this time or that we currently do not
expect to have a material adverse effect on our business. Any such risks or uncertainties could
cause our results to differ materially from those expressed in forward-looking statements.
You should not put undue reliance on any forward-looking statements in this release. These
forward-looking statements speak only as of the date of this release and we undertake no obligation
to update any forward-looking statements after we distribute this release.
0311-122
Northrop Grumman Corporation
1840 Century Park East Los Angeles, CA 90067
www.northropgrumman.com/media