By Matt Grossman

Northrop Grumman Corp. is planning to buy back $500 million of shares through an accelerated repurchase agreement, the aerospace and defense company said Tuesday.

The program adds to previously planned buybacks, bringing the company's annual repurchase target to more than $3.5 billion this year, Northrop Grumman said.

The company said it expects to receive initial deliveries of about 1.2 million shares on Wednesday, representing about 85% of the expected repurchases under the accelerated program.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

11-02-21 0653ET