Northrop Grumman sets date for TRW deal
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Manufacturing News, Source : TheManufacturer.com
Published : 03 Dec 2002 17:50
Northrop Grumman’s $7.8 billion purchase of TRW is scheduled to take place December 11.
However, completion of the deal hinges on whether Northrop can finish a consent decree with the Department of Justice to allow for fair and open competition, the two companies said in a joint statement Wednesday.
We are working with the Department of Justice to implement arrangements that ensure fair and open competition in space electronics, said Kent Kresa, Northrop Grumman’s chairman and CEO.
The Pentagon has not yet formally signed off on the deal either. We’re still waiting for the Justice Department to resolve our concern regarding an important issue, said Glen Flood, Pentagon spokesman. The company had to agree it would not close the deal without giving regulators at least 10 business days’ notice before the shareholders vote.
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