Northrop Grumman Corporation's board of directors has approved a new $1 billion share repurchase authorization. This new authorization is in addition to $175 million remaining on the company's most recent share repurchase authorization. In total, the company now has $1.175 billion authorized for share repurchases.
"This new $1 billion share repurchase authorization brings our total authorizations since August 2003 to $4.2 billion and demonstrates our continued commitment to a balanced cash deployment strategy," said Ronald D. Sugar, Northrop Grumman's chairman and chief executive officer. "We expect to repurchase these shares, and the $175 million remaining on our previous authorization, within the next 24 months."
Share purchases will take place at management's discretion from time to time, depending on market conditions, in the open market and in privately negotiated transactions over the next 24 months. As of Nov. 30, 2006, Northrop Grumman had approximately 346 million shares outstanding.
Northrop Grumman Corporation is a $30 billion global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide.
