NEWPORT NEWS Northrop Grumman Corp. on Tuesday said it was considering "strategic alternatives" for its Shipbuilding sector, saying it sees "little synergy" between the sector and its other businesses.
Created by xcxemedrano on Jul 13, 2010
Last updated: 07/14/10 at 11:02 AM
Tags: Northrop Grumman shipbuilding sell shipyard Virginia Peninsula-Businesses Ports Business Newport_News
July 13, 2010: Northrop Grumman announces that it’s considering “strategic alternatives” to the shipbuilding business, which could include selling its Newport News shipyard and other yards.
Oct. 23, 2008: Northrop Grumman Shipbuilding and French nuclear giant AREVA announced they will invest $363 million and create 540 jobs at a new 368,000-square-foot nuclear reactor manufacturing facility.
Jan. 14, 2008: Shipyard consolidates its two shipbuilding divisions - one in Newport News and another on the Gulf Coast - into a combined sector called Northrop Grumman Shipbuilding. Newport News yard president Mike Petters leads the new division.
Shipyard workers remove "Newport News Shipbuilding" lettering from its landmark gantry crane, replacing them with "Northrop Grumman."
Nov. 7, 2001: Though it had originally favored General Dynamics, Newport News Shipbuilding's board accepts Northrop Grumman's buyout offer.
Nov. 2, 2001: Justice Department approves Northrop’s offer, saying General Dynamics deal would create a monopoly in nuclear-sub construction. A week earlier, the Defense Department had also given the nod to Northrop’s bid.
May 2001: Northrop Grumman makes a rival offer for the local shipyard, also bidding $2.6 billion.
April 25, 2001: General Dynamics announces it will acquire Newport News Shipbuilding Inc. in a transaction valued at approximately $2.6 billion.
Sept. 30, 1998: Newport News Shipbuilding and General Dynamics’ Electric Boat division, once rivals, agree to jointly build a new line of nuclear-powered attack submarines for the Navy
1998: After losing more than $300 million, the yard pulls out of commercial shipping.
Dec. 12, 1996 NNS is listed on the New York Stock Exchange -- 1.8 million shares change hands. The stock ends its first day of trading at $16 a share. With 34 shares outstanding, the company has a total value of $544 million.
March 21, 1996: Tenneco Inc. announces spin-off of the yard into an independent, publicly-traded company.
1989-1996: With the end of the Cold War, Navy work evaporates. The yard re-enters the commercial market.
1979: Yard ceases commercial construction.
1968: Tenneco Inc. announces plans to buy the yard from stockholders. The Houston-based company pays $123 million, or $74 a share, for the operations.
1959: The yard begins work on submarines.
1946: Ferguson retires from the yard, but remains chairman until his death in 1953.
1940: Archer Huntington, son of the yard's founder, announces plans to sell the yard to New York brokers for $18 million. Four months later, common stock in the company is offered at $22 a share.
An aerial view of Newport News shipyard piers in 1918 with World War I destroyers.
1915: Homer Ferguson, who will come to personify the yard, becomes its president.
1903: The yard issues $5 million in bonds and $6 million in stock to settle estate claims. It remains held by the Huntington family.
1900: Collis P. Huntington dies. The yard becomes part of his estate; the name is changed to Newport News Shipbuilding and Dry Dock Co.
1892: The yard delivers its first profit: $1,500 on a $100,000 contract for two cargo vessels.
The yard is officially in business. It is chartered as the Chesapeake Dry Dock & Construction Co. by railroad magnate Collis P. Huntington.