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MarketScreener Homepage  >  Equities  >  Nyse  >  Northrop Grumman Corporation    NOC

NORTHROP GRUMMAN CORPORATION

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Northrop Grumman : Welcomes Selection of UK for Second Major Assignment to Provide Global F-35 Avionics and Aircraft Component Repair Services

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02/12/2019 | 01:21pm EDT

        LONDON - Feb. 12, 2019 - Northrop Grumman Corporation (NYSE: NOC) welcomes the announcement by the F-35 Joint Program Office (JPO) in the U.S. that the U.K.'s European repair hub for F-35 avionics and aircraft components, based in North Wales, has been awarded a second major assignment of work. 

        This builds on the global assignment awarded to the U.K. in November 2016 to provide maintenance, repair, overhaul and upgrade (MRO&U) services for F-35 Lightning II Air Vehicle Depot-Level Repairable Components. 

F-35 1st UK arrival RAF Marham. (Photo Credit: Thinh D Nguyen/Lockheed Martin)

       Northrop Grumman is a full partner in the Sealand Support Services Ltd. (SSSL) joint venture with the U.K. government-owned, Defence Electronics and Components Agency and BAE Systems.  SSSL will provide maintenance and repair of avionics and aircraft components for hundreds of European-based F-35 aircraft at MOD Sealand. 

        'The selection of the U.K. and SSSL to undertake this work recognises the military aircraft support skills and capabilities that we have here,' said Nick Chaffey, chief executive, Northrop Grumman U.K. and Europe. 'Northrop Grumman's commitment to the U.K. and the F-35 programme, deep expertise in air systems and proven experience working alongside global customers delivering support solutions, will ensure that engineering excellence and world-class innovation will be brought to F-35 component MRO&U services.'

        This new assignment of work, worth some £500 million, will support hundreds of additional F-35 jobs in the U.K. - many of them at the MOD's Defence and Electronics Components Agency (DECA) at MOD Sealand, where the majority of the work will be carried out.  It will see crucial maintenance, repair, overhaul and upgrade services for an even wider range of F-35 avionic, electronic and electrical systems for hundreds of European-based F-35 aircraft. 

        Rear-Admiral Rick Thompson, SSSL managing director said, 'From 2020, there will be hundreds of F-35s flying across the globe and SSSL will be central to sustaining operations in the European region and around the world, providing essential MRO&U services. Together with our partners from DECA, BAE Systems and Northrop Grumman, as Team U.K., SSSL will be able to offer the F-35 programme engineering excellence, world-class innovation and agility. It is hoped that this will be the start of a 40-year endeavour that continues the U.K.'s already long and proud involvement in the F-35 programme, which makes us very much part of this aircraft's DNA and the F-35 global enterprise.'

        'MRO&U components are one element of the Northrop Grumman F-35 global sustainment solutions. As the U.S., partner nations and global customers activate their fleets, Northrop Grumman and the industry team will continue to ensure F-35 Lightning II weapon systems are available for tasking and mission training,' said Steve Hogan, sector vice president, global sustainment and technology services supply chain, Northrop Grumman.

        This award builds upon the significant contribution made by Northrop Grumman in the development and production of the aircraft as a principal member of the F-35 industry team, together with its strong pedigree in platform support, upgrade and sustainment.

        Northrop Grumman is a leading global security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, space, strike, and logistics and modernization to customers worldwide. Please visit news.northropgrumman.com and follow us on Twitter, @NGCNews, for more information.

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Disclaimer

Northrop Grumman Corporation published this content on 12 February 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 February 2019 18:20:03 UTC

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Financials (USD)
Sales 2019 33 969 M
EBIT 2019 3 709 M
Net income 2019 3 257 M
Debt 2019 10 969 M
Yield 2019 1,60%
P/E ratio 2019 17,0x
P/E ratio 2020 14,6x
EV / Sales2019 1,95x
EV / Sales2020 1,81x
Capitalization 55 231 M
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Average target price 333  $
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Kathy J. Warden President, CEO, COO & Director
Wesley G. Bush Chairman
Kenneth L. Bedingfield Chief Financial Officer & Corporate Vice President
Patrick M. Antkowiak Chief Technology Officer & Vice President
Donald E. Felsinger Lead Independent Director
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