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Northrop Grumman Uses $1 Billion To Accelerate Share Repurchase

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Flush with cash from the recent spin-off of its former shipbuilding sector, Northrop Grumman [NOC] yesterday said it has repurchased 15.6 million shares of its common stock for $1 billion. "This transaction will immediately reduce our outstanding shares by approximately 5 percent and demonstrates our continued commitment to value creation through effective cash deployment," Wes Bush, Northrop Grumman's president and CEO, said in a statement. The spin-off of Huntington Ingalls Industries [HII] generated $1.4 billion cash for Northrop Grumman, which…

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