Northrop Grumman [NOC] said that it is in tune with the rapid production goal that the Pentagon said motivated its agreement with L3Harris Technologies [LHX] to spin off the latter's missile solutions business as a new company with $1 billion from DoD's Industrial Base Analysis and Sustainment (IBAS) program. The Pentagon will receive convertible preferred equity for the IBAS funding–an arrangement which typically means the convertible preferred equity holder receives a predetermined number of shares when the company goes public.…
