SALT LAKE CITY — Defense contracting giant Northrop Grumman announced Monday its plans to buy aerospace company Orbital ATK in a deal valued at $9.2 billion.
Orbital ATK has a significant Utah presence, including manufacturing and testing facilities in Clearfield, Magna and Promontory. The company employs almost 3,000 in the state with a payroll approaching $250 million doing work that includes development and testing of propulsion systems for rockets and missiles, and manufacturing advanced composite components for both commercial and military aircraft.
“The acquisition of Orbital ATK is an exciting strategic step as we continue to invest for profitable growth,” said Wes Bush, chairman, CEO and president of Northrop Grumman. “Through our combination, customers will benefit from expanded capabilities, accelerated innovation and greater competition in critical global security domains. Our complementary portfolios and technology-focused cultures will yield significant value creation through revenue synergies associated with new opportunities, cost savings, operational synergies and enhanced growth. READ MORE ….