8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________ 

FORM 8-K

 _____________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

September 3, 2013

  _____________________________________

HUNTINGTON INGALLS INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

 _____________________________________

DELAWARE	1-34910	90-0607005
(State or other jurisdiction of incorporation)	(Commission file number)	(I.R.S. Employer Identification No.)
4101 Washington Avenue, Newport News, Virginia		23607
(Address of principal executive offices)		(Zip Code)

(757) 380-2000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.05. Costs Associated with Exit or Disposal Activities.

On September 3, 2013, Huntington Ingalls Industries, Inc. (the "Company") approved the closing of its Gulfport Composite Center of Excellence (the “Gulfport Facility”) in Gulfport, Mississippi, which it intends to complete by May 2014. In connection with this closure, the Company expects to impact 427 employees either through headcount reductions or transfers and to incur total costs of approximately $59 million, consisting primarily of approximately $52 million in accelerated depreciation of fixed assets, $2 million in personnel related costs and $5 million in facility shutdown and other related costs. All but approximately $7 million of the total costs are non-cash, and approximately $14 million of the total costs will be recorded in the third quarter of 2013, with the remainder expected to be recognized over the following six quarters. The Company estimates that these costs will reduce operating income in the third quarter of 2013 by $15 to $20 million with no material impact in subsequent periods.

A copy of the press release announcing the closing of the Gulfport Facility is attached hereto as Exhibit 99.1 and incorporated by reference herein.

This Current Report on Form 8-K contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the amount, timing and components of the charges that the Company expects to incur in connection with the closure of the Gulfport Facility and the impact on operating income, and the Company's actual results could vary from these estimates. The Company undertakes no obligation to update any forward-looking statements and you should not place undue reliance on any forward-looking statements that it may make. 

Item 9.01.	Financial Statements and Exhibits.
(d)	Exhibits.

Exhibit No.	Description
99.1	Press Release dated September 4, 2013

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HUNTINGTON INGALLS INDUSTRIES, INC.
Date: September 4, 2013	By:	/s/ Barbara A. Niland
		Barbara A. Niland
		Corporate Vice President, Business Management and Chief Financial Officer

EX-99.1

EXHIBIT 99.1 News Release

Contacts:

Jerri Fuller Dickseski (Media)

jerri.dickseski@hii-co.com

757-380-2341

Dwayne Blake (Investors)

dwayne.blake@hii-co.com

757-380-2104

Huntington Ingalls Industries Announces Closure of the Gulfport Composite Center of Excellence

NEWPORT NEWS, Va. (Sept. 4, 2013) - Huntington Ingalls Industries (NYSE: HII) announced today the closure of its Gulfport Composite Center of Excellence (the “Gulfport Facility”) in Gulfport, Miss.

“This is a difficult but necessary decision,” said HII President and CEO Mike Petters. “Due to the reduction in the Zumwalt-class (DDG 1000) ship construction and the recent U.S. Navy decision to use steel products on Lyndon B. Johnson (DDG 1002), there is both limited and declining Navy use for composite products from the Gulfport Facility.”

Current work being performed at Gulfport is expected to be completed by the end of the first quarter of 2014, with closure expected by May 2014. “Ingalls Shipbuilding continues to perform well in building the composite products for the Zumwalt-class (DDG 1000) program and has demonstrated considerable learning curve improvements,” said Irwin F. Edenzon, HII corporate vice president and president of Ingalls Shipbuilding. “We are working closely with our Navy customer to efficiently complete our composite work on Michael Monsoor (DDG 1001) and the mast of Portland (LPD 27) by the end of the first quarter 2014.”

In connection with this closure, HII expects to impact 427 employees either through headcount reductions or transfers and to incur total costs of approximately $59 million. All but approximately $7 million of the total costs are non-cash, and approximately $14 million of the total costs will be recorded in the third quarter of 2013, with the remainder expected to be recognized over the following six quarters. HII estimates that these costs will reduce operating income in the third quarter of 2013 by $15 to $20 million with no material impact in subsequent periods. Additional details are contained in HII's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 4, 2013.

The Company

Huntington Ingalls Industries (HII) designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe. For more than a century, HII has built more ships in more ship classes than any other U.S. naval shipbuilder at its Newport News Shipbuilding and Ingalls Shipbuilding divisions. Employing about 37,000 in Virginia, Mississippi, Louisiana and California, HII also provides a wide variety of products and services to the commercial energy industry and other government

Huntington Ingalls Industries

4101 Washington Ave. • Newport News, VA 23607

www.huntingtoningalls.com

customers, including the Department of Energy. For more information, please visit www.huntingtoningalls.com.

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This release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the amount, timing and components of the charges that HII expects to incur in connection with the closure of the Gulfport Facility and the impact on operating income, and HII's actual results could vary from these estimates. HII undertakes no obligation to update any forward-looking statements and you should not place undue reliance on any forward-looking statements that it may make.

Huntington Ingalls Industries

4101 Washington Ave. • Newport News, VA 23607

www.huntingtoningalls.com

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