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Northrop Grumman Approves Spin-off of Shipbuilding Business Pending SEC Approval

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By Calvin Biesecker Northrop Grumman [NOC] yesterday said its board of directors has approved the spin-off of its shipbuilding operations to company stockholders subject to final approval from the Securities and Exchange Commission. If all goes to plan, Northrop Grumman shareholders will receive one share of common stock in Huntington Ingalls Industries (HII) for every six shares of Northrop Grumman common stock they hold on the March 31 distribution date. Any fractional shares will be aggregated and sold in the…

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