Statement From Northrop Grumman on U.S. Air Force Aerial Refueling Tanker Program — Press Release
Filed under: Alabama, Boeing, Congress, EADS, KC-X, KC-X Tanker News, Syndicated Industry News
Statement From Northrop Grumman on U.S. Air Force Aerial Refueling Tanker Program
WASHINGTON, March 8 /PRNewswire-FirstCall/ — The following is a statement from Wes Bush, Chief Executive Officer and President of Northrop Grumman Corporation (NYSE:NOC) , concerning the U.S. Air Force aerial refueling tanker program.
“After a comprehensive analysis of the final RFP, Northrop Grumman has determined that it will not submit a bid to the Department of Defense for the KC-X program. We reached this conclusion based on the structure of the source selection methodology defined in the RFP, which clearly favors Boeing’s smaller refueling tanker and does not provide adequate value recognition of the added capability of a larger tanker, precluding us from any competitive opportunity.
“Northrop Grumman fully respects the Department’s responsibility to determine the military requirements for the new tanker. In the previous competition, Northrop Grumman was selected by the Air Force as offering the most capable tanker for the warfighter at the best value for the taxpayer. However, the Northrop Grumman and EADS team is very disappointed that the revised source selection methodology now dramatically favors Boeing’s smaller refueling tanker. We agree that the fundamental military requirements for the new tanker have not changed since the last competition, but the Department’s new evaluation methodology now clearly favors the smaller tanker.
“We continue to believe that Northrop Grumman’s tanker represents the best value for the military and taxpayer – a belief supported by the selection of the A330 tanker design over the Boeing design in the last five consecutive tanker competitions around the globe. Regrettably, this means that the U.S. Air Force will be operating a less capable tanker than many of our Allies in this vital mission area.
“Our prior selection by the Air Force, our firm belief that we provide the best value offering, and the hard work and commitment of the many individuals and communities on our team over many years made this a difficult decision for our company. But we have a fiduciary responsibility to our shareholders to prudently invest our corporate resources, as do our more than 200 tanker team suppliers across the United States. Investing further resources to submit a bid would not be acting responsibly.
“We have decided that Northrop Grumman will not protest. While we feel we have substantial grounds to support a GAO or court ruling to overturn this revised source selection process, America’s service men and women have been forced to wait too long for new tankers. We feel a deep responsibility to their safety and to their ability to fulfill the missions our nation calls upon them to perform. Taking actions that would further delay the introduction of this urgent capability would also not be acting responsibly.
“We recognize that our decision likely creates a sole-source outcome for Boeing. We call on the Department to keep in mind the economic conclusions of the prior round of bidding as it takes actions to protect the taxpayer when defining the sole-source procurement contract. In the previous round, the Air Force, through a rigorous assessment of our proposal, determined that it would pay a unit flyaway cost of approximately $184 million per tanker for the first 68 tankers, including the non-recurring development costs. With the Department’s decision to procure a much smaller, less capable design, the taxpayer should certainly expect the bill to be much less.”
Northrop Grumman Corporation is a leading global security company whose 120,000 employees provide innovative systems, products, and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide.
Source: Northrop Grumman Corporation
Statement From Northrop Grumman on U.S. Air Force Aerial Refueling Tanker Program
Filed under: Department of Defense, EADS, Syndicated Industry News
March 8, 2010
WASHINGTON, -- The following is a statement from Wes Bush, Chief Executive Officer and President of Northrop Grumman Corporation (NYSE: NOC), concerning the U.S. Air Force aerial refueling tanker program.
"After a comprehensive analysis of the final RFP, Northrop Grumman has determined that it will not submit a bid to the Department of Defense for the KC-X program. We reached this conclusion based on the structure of the source selection methodology defined in the RFP, which clearly favors Boeing's smaller refueling tanker and does not provide adequate value recognition of the added capability of a larger tanker, precluding us from any competitive opportunity.
"Northrop Grumman fully respects the Department's responsibility to determine the military requirements for the new tanker. In the previous competition, Northrop Grumman was selected by the Air Force as offering the most capable tanker for the warfighter at the best value for the taxpayer. However, the Northrop Grumman and EADS team is very disappointed that the revised source selection methodology now dramatically favors Boeing's smaller refueling tanker. We agree that the fundamental military requirements for the new tanker have not changed since the last competition, but the Department's new evaluation methodology now clearly favors the smaller tanker.
"We continue to believe that Northrop Grumman's tanker represents the best value for the military and taxpayer – a belief supported by the selection of the A330 tanker design over the Boeing design in the last five consecutive tanker competitions around the globe. Regrettably, this means that the U.S. Air Force will be operating a less capable tanker than many of our Allies in this vital mission area.
"Our prior selection by the Air Force, our firm belief that we provide the best value offering, and the hard work and commitment of the many individuals and communities on our team over many years made this a difficult decision for our company. But we have a fiduciary responsibility to our shareholders to prudently invest our corporate resources, as do our more than 200 tanker team suppliers across the United States. Investing further resources to submit a bid would not be acting responsibly.
"We have decided that Northrop Grumman will not protest. While we feel we have substantial grounds to support a GAO or court ruling to overturn this revised source selection process, America's service men and women have been forced to wait too long for new tankers. We feel a deep responsibility to their safety and to their ability to fulfill the missions our nation calls upon them to perform. Taking actions that would further delay the introduction of this urgent capability would also not be acting responsibly.
"We recognize that our decision likely creates a sole-source outcome for Boeing. We call on the Department to keep in mind the economic conclusions of the prior round of bidding as it takes actions to protect the taxpayer when defining the sole-source procurement contract. In the previous round, the Air Force, through a rigorous assessment of our proposal, determined that it would pay a unit flyaway cost of approximately $184 million per tanker for the first 68 tankers, including the non-recurring development costs. With the Department's decision to procure a much smaller, less capable design, the taxpayer should certainly expect the bill to be much less."
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Department of Defense (DoD), EADS, KC-45A Tanker, KC-767 Tanker, Northrop Grumman (NYSE:NOC)
Northrop Grumman Elects Gloria A. Flach Corporate Vice President and President, Enterprise Shared Services
Northrop Grumman Elects Gloria A. Flach Corporate Vice President and President, Enterprise Shared ServicesFebruary 18, 2010
LOS ANGELES –– Northrop Grumman Corporation (NYSE:NOC) announced today that its board of directors has elected Gloria A. Flach to the position of corporate vice president and president of Enterprise Shared Services organization, effective March 1, 2010. Flach will report directly to Wes Bush, chief executive officer and president and will serve on the company's Corporate Policy Council.
"Gloria Flach is an outstanding executive whose strong
leadership skills and operating experience will enable her to
successfully guide this new Enterprise Shared Services organization,"
said Bush.
Flach will lead a newly consolidated Enterprise Shared Services
organization. This consolidation is as an important element of the
company's move to improve its operating and financial performance,
bringing together a variety of service and support functions in one
organization.
A 28-year veteran of Northrop Grumman, Flach has held a number
of positions with increasing technical and management responsibility.
She most recently served as vice president and general manager,
Targeting Systems Division in the company's Electronic Systems sector.
In 2004, she was appointed vice president and chief information officer
for Electronic Systems. Previously, she was responsible for
engineering, manufacturing and logistics across Electronic Systems.
Flach earned a bachelor's degree in computer science and a
master's degree in business administration from Loyola University in
Maryland and was inducted into Loyola's Computer Science Hall of Fame
for outstanding contributions in the field. She also has completed the
Executive Marketing Program at the University of California, Los
Angeles, and the General Manager's Program at Harvard University.
###
Technorati Tags:
Appointments, Northrop Grumman (NYSE:NOC)
General Dynamics to Webcast Investor Presentation
Filed under: General Dynamics, Syndicated Industry News
February 9, 2010 3:22:55 PM
GENERAL DYNAMICS
FALLS CHURCH, Va., Feb 09, 2010 -- General Dynamics (NYSE: GD) President and Chief Executive Officer Jay L. Johnson will participate in the Cowen and Company Aerospace/Defense Conference from the company's headquarters on Wednesday, February 10, at 8:55 a.m. The presentation will be webcast, and will be viewable from a link at www.generaldynamics.com. The company announced earlier that it had cancelled plans to participate in the conference due to the severe weather that is forecast for New York and Virginia.
Technorati Tags:
Financial Results, General Dynamics (NYSE:GD)
Inclement Weather Forces General Dynamics to Cancel Appearance at Investor Conference
Filed under: General Dynamics, Syndicated Industry News
Investor Conference
February 9, 2010 10:16:55 AM
FALLS CHURCH, Va., Feb 09, 2010 -- General Dynamics (NYSE: GD) has cancelled plans to participate in the Cowen and Company Aerospace/Defense Conference scheduled for Wednesday, February 10, in New York, due to the severe weather that has been forecast for the New York and northern Virginia regions. Company President and Chief Executive Officer Jay L. Johnson had been scheduled to speak.
Technorati Tags:
General Dynamics (NYSE:GD)
Raytheon Executives to Speak at Barclays Capital’s Industrial Select Conference
Raytheon Executives to Speak at Barclays Capital's Industrial Select ConferenceFebruary 8, 2010
WALTHAM, Mass., Feb. 8, 2010 -- Raytheon Company (NYSE: RTN) announced today that William H. Swanson, Raytheon chairman and chief executive officer, and David C. Wajsgras, Raytheon senior vice president and chief financial officer, will speak at Barclays Capital's Industrial Select Conference on Wednesday, February 17, 2010. Their presentation is scheduled to start at 8:50 a.m. ET.
Swanson's and Wajsgras' remarks will be audiocast live (listen-only mode) through the Raytheon web site, http://www.raytheon.com/ir. A replay will be available through the Raytheon web site approximately 1 hour after the conclusion of the live audiocast and will remain available for seven days following the conference. No charts will be used.
Technorati Tags:
Raytheon (NYSE:RTN)
General Dynamics President and CEO Johnson to Speak at Investor Conference General Dynamics President and CEO Johnson to Speak at Investor Conference
Filed under: General Dynamics, Syndicated Industry News
February 4, 2010 9:05:28 AM
FALLS CHURCH, Va., Feb 04, 2010 -- General Dynamics (NYSE: GD) President and Chief Executive Officer Jay L. Johnson will speak at the Cowen and Company Aerospace/Defense Conference in New York on Wednesday, February 10th, at 8:55 a.m. ET.
General Dynamics will provide a live webcast of the presentation via
www.generaldynamics.com. A replay will be available after the live
presentation.
Technorati Tags:
Financial Results, General Dynamics (NYSE:GD)
Oshkosh Corporation Surpasses 1,000 Vehicles A Month; Again Delivers Ahead of Schedule — Press Release
Oshkosh Corporation Surpasses 1,000 Vehicles A Month; Again Delivers Ahead of Schedule
OSHKOSH, Wis. — Dec. 22, 2009 — Oshkosh Corporation (NYSE:OSK) announced today that it has reached a milestone production rate for the MRAP All Terrain Vehicle (M-ATV) of 1,000 vehicles per month on December 18. The production for December is the sixth consecutive month Oshkosh exceeded delivery requirements. Since being awarded the contract on June 30, 2009, Oshkosh has been steadily ramping up production, and will continue at this rate of 1,000 vehicles per month through May 2010 to deliver the 6,619 vehicles currently under contract.
“Our employees gave a great effort to meet the aggressive production timeline for these urgently needed vehicles. These M-ATVs will help improve the safety and mobility of our soldiers and Marines in Afghanistan,” said Robert G. Bohn, Oshkosh Corporation chairman and chief executive officer. “Staying on or ahead of our delivery schedule goes beyond the M-ATV program. It is a core value with every order we receive and every high-quality vehicle we produce here at Oshkosh.”
Oshkosh reached the milestone by using production capacity at existing manufacturing facilities in Oshkosh, Wis. and McConnellsburg, Pa. These and other Oshkosh Corporation manufacturing facilities have available production capacity for all current and pending military vehicle programs, including the M-ATV and the U.S. Army’s Family of Medium Tactical Vehicles (FMTV) program, as well as any surges in production. Oshkosh uses an integrated assembly line to simultaneously produce as many as 10 vehicle models with 29 variations at its facilities.
In addition to exceeding the M-ATV’s production requirements, Oshkosh has received orders to send its fully trained field service representatives (FSR) to Afghanistan and supply spare-parts kits to provide the full spectrum of life-cycle support that will help sustain the M-ATV program. Oshkosh has the experience and infrastructure in place in the theater of operation to provide the required level of support, from parts supply to remanufacturing.
Oshkosh Defense has teamed with Plasan North America to provide an advanced armor solution for the M-ATV. Plasan also developed the armor system used on more than 5,000 legacy MRAPs and thousands of Oshkosh Medium Tactical Vehicle Replacement (MTVR) Armored Cabs already in theater.
About Oshkosh Defense
Oshkosh Defense, a division of Oshkosh Corporation, is an industry-leading global designer and manufacturer of tactical military trucks and armored wheeled vehicles, delivering a full product line of conventional and hybrid vehicles, advanced armor options, proprietary suspensions and vehicles with payloads that can exceed 70 tons. Oshkosh Defense provides a global service and supply network including full life-cycle support and remanufacturing, and its vehicles are recognized the world over for superior performance, reliability and protection. For more information, visit www.oshkoshdefense.com.
About Oshkosh Corporation
Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. Oshkosh Corp. manufactures, distributes and services products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®, Medtec®, Jerr-Dan®, Oshkosh Specialty Vehicles, Frontline™, SMIT™, CON-E-CO®, London® and IMT®. Oshkosh products are valued worldwide in businesses where high quality, superior performance, rugged reliability and long-term value are paramount. For more information, log on to www.oshkoshcorporation.com.
®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.
AUSA Honors Oshkosh Corporation CEO With Prestigious John W. Dixon Award — Press Release
Filed under: Business Line, Companies, Events, Oshkosh Truck Corp, Press Releases, Promotions, Services, U.S. Army, production program
AUSA Honors Oshkosh Corporation CEO With Prestigious John W. Dixon Award
OSHKOSH, Wis. — Oct. 7, 2009 — The Association for the United States Army (AUSA) today presented Oshkosh Corporation (NYSE:OSK) Chairman and Chief Executive Officer Robert G. Bohn with the distinguished John W. Dixon award at the AUSA 2009 Annual Meeting in Washington, D.C.
Bohn received the award for the company’s continuous contributions to the U.S. Armed Forces and defense industry. “We at Oshkosh are grateful for the opportunity to serve our Armed Forces and understand the great responsibility that comes with that service,” said Robert G. Bohn, Oshkosh Corporation chairman and chief executive officer. “We take great pride in what we do and are mindful every day, in every level of our operations, that the military depends on our products to meet its demanding and ever-evolving challenges. We are also proud to have won the FMTV contract and look forward to delivering more great trucks for our brave Warfighter.”
Most recently, Bohn has made the urgently needed MRAP All-Terrain Vehicle (M-ATV) the top priority for Oshkosh Corporation. The Oshkosh® M-ATVs already are being delivered to Afghanistan, only three months after the initial contract award on June 30, 2009. The Oshkosh vehicle provides a highly mobile, well-protected solution for America’s men and women operating in Afghanistan’s demanding off-road terrain and unimproved roads. Additionally, Oshkosh worked with industry and government officials to begin supplying and equipping its patented Oshkosh TAK-4® independent suspension system on more than 2,400 legacy MRAPs in Afghanistan this year.
Several tactical wheeled vehicle programs have thrived under Bohn’s leadership: the U.S. Army Family of Heavy Tactical Vehicles (FHTV) includes the Heavy Expanded Mobility Tactical Truck (HEMTT), Heavy Equipment Transporter (HET), Palletized Load System (PLS); and the U.S. Marine Corps heavy and medium fleets: Medium Tactical Vehicle Replacement (MTVR) and Logistics Vehicle System Replacement (LVSR).
In addition, in 2008 both the national and Wisconsin Employer Support of the Guard and Reserve committees have recognized Oshkosh for its long-standing programs in place to support its National Guard and Reserve employees who are called to active duty.
Oshkosh Corporation has been an AUSA sustaining member since 1979. The company and its employees support eight local AUSA chapters in five states. Oshkosh also contributes financially to military members and their families through the Armed Forces Foundation, U.S. Army and Marine Corps association’s scholarship programs, III Corps scholarship fund, Army Ten Miler and the United Service Organization.
About Oshkosh Defense Oshkosh Defense, a division of Oshkosh Corporation, is an industry-leading global designer and manufacturer of tactical military trucks and armored wheeled vehicles, delivering a full product line of conventional and hybrid vehicles, advanced armor options, proprietary suspensions and vehicles with payloads that can exceed 70 tons. Oshkosh Defense provides a global service and supply network including full life-cycle support and remanufacturing, and its vehicles are recognized the world over for superior performance, reliability and protection. For more information, visit www.oshkoshdefense.com.
About Oshkosh Corporation Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. Oshkosh Corp. manufactures, distributes and services products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®, Medtec®, Jerr-Dan®, BAI™, Oshkosh Specialty Vehicles, Frontline™, SMIT™, CON-E-CO®, London® and IMT®. Oshkosh products are valued worldwide in businesses where high quality, superior performance, rugged reliability and long-term value are paramount. For more information, log on to www.oshkoshcorporation.com.
®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.
Oshkosh Defense Receives Orders from BAE Systems Valued at $24 Million to Supply TAK-4 Independent Suspension for MRAPs — Press Release
Filed under: BAE Systems, Business Line, Companies, Contract Awards, Events, Oshkosh Truck Corp, Press Releases, logistics, production program
Oshkosh Defense Receives Orders from BAE Systems Valued at $24 Million to Supply TAK-4 Independent Suspension for MRAPs
OSHKOSH, Wis. (Sept. 28, 2009) – Oshkosh Corporation (NYSE: OSK) announced today that its Defense division has received orders valued at $24 million to supply its TAK-4® independent suspension system for more than 300 BAE Systems USCS RG-33 Mine Resistant Ambush Protected (MRAP) vehicles. BAE issued the orders following the receipt of contracts awarded from the MRAP Joint Program Office.
These are the latest in multiple deliveries Oshkosh Defense has received for its advanced independent suspension system to be supplied for legacy MRAPs. The TAK-4 system provides improved mobility for the difficult on- and off-road terrain in Afghanistan.
“The Oshkosh TAK-4 independent suspension delivers increased cross-country performance for legacy MRAPs to successfully handle and negotiate the most challenging environments,” said Robert G. Bohn, Oshkosh Corporation chairman and chief executive officer. “Our advanced suspension system is a more durable alternative than straight-axle suspensions, providing improved performance and greater crew comfort on rugged terrain.”
In testing of a BAE Systems RG-33 MRAP upgraded with the Oshkosh TAK-4 system, the military determined the enhancement significantly improved the vehicle’s mobility. Based on this successful testing, Oshkosh worked with BAE Systems to develop a suspension kit for the RG-33 USSOCOM variant.
The vehicles will be upgraded in theater, with work expected to be completed by March 31, 2010. Oshkosh Defense is working with multiple manufacturers of legacy MRAPs and has now received orders for more than 2,300 TAK-4 systems for the vehicles.
The advanced suspension system, which has undergone more than 400,000 miles of government testing, also is featured on the MRAP-All Terrain Vehicle (M-ATV) and the U.S. Army’s Palletized Load System (PLS A1), as well as the U.S. Marine Corps’ Medium Tactical Vehicle Replacement (MTVR) and Logistics Vehicle System Replacement (LVSR).
Vehicles outfitted with Oshkosh’s TAK-4 independent suspension system benefit from:
· Increased vehicle mobility – 16 inches of independent wheel travel provide advanced off-road capabilities in the most rugged terrain of Afghanistan
· Improved ride quality – shock and vibration are greatly reduced resulting in mission-ready soldiers and Marines and longer component life
· Greater off-road speeds – speed off-road is almost triple that of straight axle vehicles, improving mobility as well as survivability
· Lower life-cycle costs – more than 75 percent of the parts are common with the U.S. Marine Corps MTVR for improved reliability, as well as streamlined availability and training.
Oshkosh Defense is a current manufacturer of both medium and heavy tactical wheeled vehicles for the U.S. Department of Defense, having produced more than 67,000 new vehicles in its manufacturing facilities. The company’s use of an advanced integrated assembly line has allowed for the simultaneous production of as many as 10 vehicle models with 29 variations. A highly skilled in-house engineering team coupled with an experienced production workforce help Oshkosh continually improve vehicle quality levels through design innovations, assembly process improvements and lean manufacturing.
About Oshkosh Defense
Oshkosh Defense, a division of Oshkosh Corporation, is an industry-leading global designer and manufacturer of tactical military trucks and armored wheeled vehicles, delivering a full product line of conventional and hybrid vehicles, advanced armor options, proprietary suspensions and vehicles with payloads that can exceed 70 tons. Oshkosh Defense provides a global service and supply network including full life-cycle support and remanufacturing, and its vehicles are recognized the world over for superior performance, reliability and protection. For more information, visit www.oshkoshdefense.com.
About Oshkosh Corporation
Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. Oshkosh Corp. manufactures, distributes and services products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®, Medtec®, Jerr-Dan®, BAI™, Oshkosh Specialty Vehicles, Frontline™, SMIT™, CON-E-CO®, London® and IMT®. Oshkosh products are valued worldwide in businesses where high quality, superior performance, rugged reliability and long-term value are paramount. For more information, log on to www.oshkoshcorporation.com.
®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.
# # #
Forward-Looking Statements
This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this press release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the consequences of financial leverage associated with the JLG acquisition, including the level of the Company’s borrowing costs, the increased interest rates the Company would face if it experienced a deterioration or downgrade in credit agency ratings and the Company’s ability to maintain compliance with its financial covenants under its credit agreement; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during a global recession and credit crisis; the duration of the global recession, which could lead to additional impairment charges related to many of the Company’s intangible assets; risks related to the required increase in the rate of production for the M-ATV and FMTV contracts, and the amount, if any, of additional orders for M-ATVs and/or FMTVs that the Company may receive; the outcome of the formal protests of the FMTV award to the Company: the expected level and timing of U.S. Department of Defense procurement of products and services and funding thereof; risks related to reductions in government expenditures and the uncertainty of government contracts; risks related to production delays as a result of the economy’s impact on the Company’s suppliers; the potential for commodity costs to rise sharply in a future economic recovery; risks associated with international operations and sales, including foreign currency fluctuations; risks related to the collectibility of receivables during a recession, particularly for those businesses with exposure to construction markets; and the potential for increased costs relating to compliance with changes in laws and regulations. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. The Company assumes no obligation, and disclaims any duty, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Northrop Grumman’s Chairman and CEO Ronald D. Sugar Announces Plan to Retire; Board Elects Wesley G. Bush CEO and President
Northrop Grumman’s Chairman and CEO Ronald D. Sugar Announces Plan to Retire; Board Elects Wesley G. Bush CEO and PresidentSeptember 16, 2009
LOS ANGELES– Ronald D. Sugar, chairman and chief executive officer of Northrop Grumman Corporation (NYSE: NOC) since 2003, has announced his plan to retire from the company in June 2010, following 29 years of service to Northrop Grumman and its predecessor companies. To facilitate an orderly transition process, Sugar will step down from the chairman and CEO positions and the company’s Board of Directors effective December 31, 2009.
He will continue as an employee officer advising the company until his June 30, 2010 retirement date. Sugar will assume the title of chairman emeritus effective January 1, 2010.
The Northrop Grumman Board of Directors has elected Wesley G. Bush, currently president and chief operating officer, to the position of chief executive officer and president, effective January 1, 2010. Bush was also elected to the Northrop Grumman Board of Directors, effective immediately.
The Board of Directors elected Lewis W. Coleman, currently lead independent director, to the role of non-executive chairman, effective January 1, 2010.
"On behalf of the Board of Directors, I want to thank Ron Sugar for his many outstanding contributions both to Northrop Grumman and to the security of our nation," said Coleman. “Wes Bush brings extraordinary management talent and industry knowledge to his new position and his selection reflects the effectiveness of the company's leadership succession process.”
"It has been a privilege to serve at the helm of this great company," Sugar said, "and I am extremely proud of the 120,000 men and women who have contributed significantly to our nation’s defense, building Northrop Grumman into a leader in global security. I have worked closely with Wes Bush for many years. Wes is an outstanding executive who is ready to provide a new generation of leadership for Northrop Grumman.”
“I look forward to leading Northrop Grumman and continuing to drive improvements in our performance and shareholder value,” said Bush.
Sugar, 61, joined Northrop Grumman following its acquisition of Litton Industries and previously held executive positions at TRW Inc. During his tenure as CEO, Northrop Grumman effectively integrated multiple acquired companies as it developed systems and technologies critical to the nation’s security. Northrop Grumman expanded sales from $26 billion to nearly $35 billion to become the nation’s second largest defense company by revenue. During this time, Northrop Grumman also strengthened its balance sheet to achieve the highest credit rating in the company’s history.
Bush, 48, joined the company in 1987, and rose to positions of increasing responsibility, including serving as sector president, chief financial officer, and most recently president and chief operating officer. Bush earned bachelor’s and master’s degrees in electrical engineering from the Massachusetts Institute of Technology. He also is a graduate of UCLA’s Executive Management Program.
Coleman, 67, was elected to the Northrop Grumman Board of Directors in 2001. He is president and chief financial officer of DreamWorks Animation SKG. He was formerly chairman of Banc of America Securities L.L.C., a subsidiary of Bank of America Corporation.
Northrop Grumman Corporation is a leading global security company whose 120,000 employees provide innovative systems, products, and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide.
Statements in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks and uncertainties. Actual results could differ materially due to factors such as: the effect of economic conditions in the United States and globally; access to capital; future sales and cash flows; timing of cash receipts; effective tax rates and timing and amounts of tax payments; returns on pension plan assets, interest and discount rates and other changes that may impact pension plan assumptions; the outcome of litigation, claims, audits, appeals, bid protests and investigations; hurricane-related insurance recoveries; costs of environmental remediation; our relationships with labor unions; availability and retention of qualified personnel; costs of capital investments; changes in organizational structure and reporting segments; risks associated with acquisitions, dispositions, joint ventures and other business arrangements; possible impairments of goodwill or other intangible assets; effects of legislation, rulemaking, and changes in accounting, tax or defense procurement; changes in government and customer priorities and requirements (including, government budgetary constraints, shifts in defense spending, changes in import and export policies, changes in customer short-range and long-range plans); acquisition or termination of contracts; technical, operational or quality setbacks in contract performance; issues with, and financial viability of, key suppliers and subcontractors; availability of materials and supplies; controlling costs of fixed-price development programs; contractual performance relief and the application of cost sharing terms; allowability and allocability of costs under U.S. Government contracts; progress and acceptance of new products and technology; domestic and international competition; legal, financial and governmental risks related to international transactions; potential security threats, natural disasters and other disruptions not under our control; and other risk factors disclosed in our filings with the Securities and Exchange Commission.
These forward-looking statements speak only as of the date of this release and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
###
Technorati Tags:
Appointments, Northrop Grumman (NYSE:NOC)
Point Blank Solutions names new CEO
POMPANO BEACH, Fla., Sept. 14 (UPI) -- U.S.-based body armor systems developer Point Blank Solutions Inc. announced it has named a new chief executive officer.
AAR ANNOUNCES AAR GLOBAL SOLUTIONS, LLC JOINT VENTURE — Press Release
Filed under: AAR Corporation, Business Line, Companies, Events, Press Releases, Restructuring, logistics
AAR ANNOUNCES AAR GLOBAL SOLUTIONS, LLC JOINT VENTURE
WOOD DALE, ILLINOIS (June 15, 2009) — AAR CORP. (NYSE: AIR) today announced the formation of a joint venture to expand the Company’s participation in the government and defense services markets. The new business, AAR Global Solutions, LLC, combines the capabilities of AAR with the experience of a seasoned government contracting team, led by Steve Cannon, former Chief Executive Officer of DynCorp International, and other strategic partners including Johnson Global Services, LLC, an affiliate of Magic Johnson Enterprises, and Zaccanelli Investment Partners (ZIP).
“We set out, together with Zaccanelli Investment Partners, to create a unique enterprise dedicated to providing high-quality, value-added solutions in support of the U.S. and other governments’ defense/logistics and nation building initiatives,” said David P. Storch, Chairman and Chief Executive Officer of AAR CORP. “We created an organization with an inclusive and diverse base of ownership, leadership and workforce that has a distinctive blend of skills and perspectives
that will enhance the new venture’s value proposition. I am very pleased to announce the successful launch of AAR Global Solutions and look forward to a bright future with tremendous growth.”
Storch continued, “The parties are committed to providing high-quality solutions to our U.S. Government and international customers by bringing discipline and solid business practices to meet the unique needs and stringent requirements of this customer base. Our partners contribute an international presence and reputation to our efforts as we build this new company.” “AAR Global Solutions will open new government and defense markets to AAR as well as strengthen our ability to compete for global government services programs as a prime contractor,” Storch concluded.
“Through this joint venture, we’re able to offer customers a solution that combines our team’s extensive experience winning and managing large-scale government programs with AAR’s diverse and field-proven capabilities,” said Steve Cannon, Chief Executive Officer, AAR Global Solutions, LLC. “The new AAR Global Solutions team is excited to work with AAR CORP. and our strategic partners to pursue new opportunities to provide world-class, quality services to the U.S. Government and foreign customers.”
“Our strategic investment in AAR Global Solutions reflects my confidence in AAR’s reputation as a highly regarded service provider and a dynamic, entrepreneurial company. I am also impressed with the experience of Steve Cannon and his team,” said Earvin “Magic” Johnson, Chairman and Chief Executive Officer of Magic Johnson Enterprises. “One of our key strategies is identifying diverse business opportunities that strengthen our ability to address emerging markets and create community-based programs that we know will make a difference.” “The formation of AAR Global Solutions represents a unique opportunity to build a worldclass government and defense services organization,” said Frank Zaccanelli, Chairman of
Zaccanelli Investment Partners. “ZIP has a distinguished, successful track record with Steve Cannon and his team and is excited to combine its resources and capabilities with those of AAR and Johnson Global Services.”
AAR is a leading provider of products and value-added services to the worldwide aerospace and defense industry. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve aviation and defense customers through four operating segments: Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems and Aircraft Sales and Leasing. More information can be found at www.aarcorp.com.
# # #
This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including those factors discussed under Item 1A, entitled “Risk Factors”, included in the Company’s May 31, 2008 Form 10-K. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company’s control. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. For additional information, see the comments included in AAR’s filings with the Securities and Exchange Commission.
AAR Corporation Announces that Donald Wetekam was Elected Company Officer – Press Release
Filed under: AAR Corporation, Military Aviation, development program
DONALD J. WETEKAM ELECTED AAR CORPORATE OFFICER
WOOD DALE, ILLINOIS (November 6, 2008) — AAR CORP. (NYSE: AIR) announced today
that Donald J. Wetekam was elected an Officer of the Company. Wetekam serves as Group
Vice President of the Company’s Maintenance, Repair and Overhaul (MRO) segment and is
responsible for overseeing AAR’s MRO activities, growing the Company’s domestic and
international MRO business and expanding the Company’s offerings for government and
defense customers.
“Don is a world-class leader with a wealth of experience successfully directing and transforming large-scale operations,” said David P. Storch, Chairman and Chief Executive Officer of AAR CORP. “His leadership and sharp focus on operational excellence have contributed greatly to strengthening AAR’s position as a first-rate MRO provider.”
Prior to joining AAR, Wetekam served as Deputy Chief of Staff for Insatllations and Logistics in the US Air Force where he was a staunch advocate for the adoption of commercial process improvement techniques, such as Lean and Six Sigma. He also directed oeprations at Warner Robins Air Logistics Center an dplayed key leadership roles at the Oklahmoa City Air Logistics Center at Tinker Air Force Base.
AAR is a leading provider of products and value-added services to the worldwide aerospace and defense industry. With facility and sales locations around the world, AAR usies its close-to-the-customer business model to serve aviation and defense customers through four operating segments: Aviation Supply Chain, Maintenance, Repari and Overhaul; Structures and Systems; and Aircraft Sales and Leasing. More information can be found at www.aarcorp.com.
Contact: Chris Mason, Director, Corporate Communications
(630) 227-2062, chris.mason@aarcorp.com
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