Northrop stock buyback

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By
Muhammed El-Hasan
on December 20, 2007 2:47 PM | | Comments (0) |

Century City-based Northrop Grumman said today that it will repurchase up to $2.5 billion of outstanding common stock, representing more than 9% of hte company's current market cap.

As of Nov. 30, Northrop had about 338 million shares outstanding.

"Our new $2.5 billion authorization is the largest in our company’s history and demonstrates our continuing commitment to a balanced cash deployment strategy that encompasses investment for the future, management of liabilities, and the enhancement of shareholder value through share repurchases and dividends. It also underscores our confidence in Northrop Grumman’s financial outlook for 2008 and beyond,"
said chairman and CEO Ronald D. Sugar in a rlease.

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This page contains a single entry by Muhammed El-Hasan published on December 20, 2007 2:47 PM.

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Biz Waves is a one-stop Web hub for business news and content from the South Bay region of Los Angeles County and beyond.

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Muhammed El-Hasan, a business reporter at the Daily Breeze since 2000, covers aerospace and everything else about business in the South Bay. Muhammed previously reported at the San Bernardino Sun and the community news division of The Orange County Register. He also worked as a researcher in the Jerusalem bureau of the Los Angeles Times in 1996-97. But his career highlight as a young man was driving a forklift at a Gardena company near Hawthorne, where he grew up.

You can email Muhammed at muhammad.el-hasan@dailybreeze.com

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