Northrop Grumman Completes Acquisition of XonTech, Boosting Missile Defense Capabilities
LOS ANGELES - July 24, 2003 -- Northrop Grumman Corporation (NYSE: NOC) announced today that it has completed its acquisition of XonTech, a Van Nuys, Calif.-based science and technology firm specializing in missile defense, and sensor and intelligence data analysis. The acquisition boosts the company's missile defense capabilities.
XonTech, with 450 employees, generated 2002 revenues of approximately $73 million. The company will be integrated into Northrop Grumman's Mission Systems sector headquartered in Reston, Va.
"Missile defense is one of the nation's great challenges, requiring the best the defense industry has to offer," said Donald C. Winter, president, Northrop Grumman Mission Systems and lead corporate executive for missile defense. "XonTech's technology complements Northrop Grumman's expertise in data analysis and interpretation, phenomenology, sensors, radar design, algorithm development and modeling. XonTech's expertise and technology also strengthens our ability to develop the missile defense systems essential to countering 21st century threats."
Kenneth W. Schultz, XonTech's president and chief executive officer said, "For the past 20 years, the company has been dedicated to advancing the technologies required to field an effective U.S. missile defense. XonTech's employees are looking forward to making even greater contributions to this strategic imperative as part of Northrop Grumman."
Houlihan Lokey Howard & Zukin's Aerospace Defense Government Group served as exclusive financial advisor to XonTech.
Northrop Grumman-through its Mission Systems and Space Technology sectors-plays a key role in all phases of missile defense, providing the battle management command control and communications system, spacecraft, lasers and target launch vehicles. The company's major missile defense programs include the Defense Support Program satellite; Fire Control/Communications system for the Ground-based Midcourse Defense system; Space Tracking and Surveillance System; Airborne Laser; Space Based Laser; Mobile Tactical High Energy Laser and the Liquid Booster Development Program. Mission Systems also serves as prime contractor for the nation's premier missile defense wargaming and test facility, the Joint National Integration Center in Colorado Springs.
Northrop Grumman Mission Systems, based in Reston, Va., is a global integrator of complex, mission-enabling systems and services for defense, intelligence and civil government markets. The sector's technology leadership and expertise spans areas such as strategic systems, including ICBMs; missile defense; intelligence, surveillance and reconnaissance; command and control; and technical services and training.
Northrop Grumman Corporation is a $25 billion global defense company, headquartered in Los Angeles, Calif. Northrop Grumman provides technologically advanced, innovative products, services and solutions-systems integration, defense electronics, information technology, advanced aircraft, shipbuilding, and space technology. With approximately 120,000 employees and operations in all 50 states and 25 countries, Northrop Grumman serves U.S. and international military, government and commercial customers.
Frank Moore (Media) (310) 201-3335
Gaston Kent (Investors) (310) 201-3423
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