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Dan McClain
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Thursday, 20 December 2007 |
Northrop Grumman Corporation (NYSE:NOC) announced today that its board of directors has authorized a new program to repurchase up to $2.5 billion of its outstanding common stock, which represents more than 9 percent of the company's current market capitalization.
As of Nov. 30, 2007 Northrop Grumman had approximately 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 Ronald D. Sugar, Northrop Grumman's chairman and chief executive officer.
Share purchases will take place at management's discretion from time to time, depending on market conditions, in the open market and in privately negotiated transactions.
Including the $2.5 billion authorization, the company has authorized the repurchase of $6.7 billion of its common stock since 2003 and has completed the repurchase of approximately 69 million shares for $4.2 billion.
About Northrop Grumman
Northrop Grumman Corporation is a global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide. |
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