Northrop Grumman News
ST. AUGUSTINE, Fla., April 17, 2014 /PRNewswire/ -- Northrop Grumman Corporation (NOC) dedicated its new Aircraft Integration Center of Excellence in St. Augustine today, which builds upon the company's 34-year legacy of operations there. Set against the backdrop of construction of a new 368,000 square foot aircraft production facility, approximately 500 employees, local business leaders, and federal, state and local elected officials gathered to celebrate the formal establishment of Northrop Grumman's St. Augustine manufacturing facility as a center of excellence. It is one of the company's two aircraft integration centers in the U.S. Dignitaries at the ceremony included Florida Gov. Rick Scott, Sen. Bill Nelson and Rep. Ron DeSantis.
The Pentagon on Thursday forecast the cost of developing and buying Lockheed Martin Corp's F-35 fighter jet at $398.6 billion, up 2 percent from last year, but said the projected cost to operate and maintain the jets was down about 9 percent. The total cost of the F-35 Joint Strike Fighter, the Pentagon's costliest weapons program, is now seen at $1.42 trillion, down about 6 percent from $1.50 trillion, including research, development, procurement and operations through 2065. Air Force Lieutenant General Chris Bogdan said the higher acquisition cost was mainly due to postponed orders by the U.S. military and some allies. But he said he was unhappy about a $4.3 billion increase in costs on the plane's engine, which is built by Pratt & Whitney, a unit of United Technologies Corp .
A senior Pentagon official lashed out at Pratt & Whitney, saying that the United Technologies Corp. unit is failing to meet commitments to cut costs for the engines for the delayed and over-budget F-35 Joint Strike Fighter.
Lockheed Martin Aeronautics Company, a key unit of Lockheed Martin Corporation, received a modification contract of $54.6 million from the U.S. Department of Defense.
Northrop Grumman was a winner within the aerospace/defense industry, rising $1.40 (1.2%) to $122.00 on light volume
CEO Wes Bush said that despite belt-tightening at the Pentagon, defense contractors can count on the military's continuing need for advanced technology and personnel training as well as expanded opportunities for exports to allies,
U.S. weapons maker Northrop Grumman Corp on Thursday urged U.S. lawmakers to enact cybersecurity legislation that would limit the liability of U.S. companies and enable them to take more decisive action to protect their computer networks. "We need to move to a place as a country where the legal framework matches the technology framework, or even gets within a decade of the technology framework," Northrop Chief Executive Wes Bush told Reuters after a speech to the Economic Club. He said it was critical to enact legislation that would allow better information sharing between industry and government on threats to computer networks. Northrop, which provides cybersecurity equipment and services to the U.S. Defense Department and other national security agencies, is participating in industry-wide efforts to improve cybersecurity and information-sharing, Bush said.
Zacks Industry Outlook Highlights: Embraer, General Dynamics, Wesco Aircraft Holdings, Huntington Ingalls Industries and Northrop GrummanYahoo 04/17 09:05 ET
The U.S. Defense Department has approved the first trans-Atlantic flight of Lockheed Martin Corp's F-35 fighter jet in July to take part in two international air shows near London, senior defense officials ...
Aerospace & Defense Stock Outlook - April 2014 - Industry Outlook