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Tuesday, June 25, 2019

Northrop Grumman Corp News

Karen Velkey (HII photo)

HII Names New VP, Benefits and Compensation

Shipbuilder Huntington Ingalls Industries (HII) has promoted Karen Velkey to the position of corporate vice president, benefits and compensation, effectively immediately. She reports to corporate vice president and chief human resources officer Bill Ermatinger. In her new position, Velkey has responsibility for formulating and maintaining competitive benefit and compensation programs for HII, including executive compensation, salary and wage administration, incentives, deferred compensation, health and welfare insurance and retirement benefits.

Frigate Combat System

Lockheed Welcomes US Plan to Use Its Combat System for Frigates

Lockheed Martin Corp on Friday welcomed the U.S. Navy's decision to use Lockheed's integrated combat system for future frigate-class ships to be built beginning in fiscal 2019, saying it would allow greater commonality across the entire Navy fleet. "It's great news," Joe North, vice president of Littoral Ships and Systems at Lockheed, told Reuters in a telephone interview. Neither the Navy nor Lockheed provided an estimate for the value of the combat system, but North said each system accounted for less than 10 percent of the cost of the ship.

Mike Petters, president and chief executive officer of Huntington Ingalls Industries (Photo courtesy of HII)

HII’s Petters Honored by Navy League

Huntington Ingalls Industries (HII) announced today that Mike Petters, its president and CEO, was honored by the Navy League of the United States New York Council at a dinner last night in New York City. Petters was awarded the Rear Admiral John J. Bergen Leadership in Industry Award for his leadership of HII and the company's achievement in designing and building the ships that help maintain the sea power that assures the United Sates' security and economic prosperity. He was one of five individuals recognized by the Navy League.

Don Perkins

Ingalls Shipbuilding Names Don Perkins VP

Huntington Ingalls Industries announced that Don Perkins has been named vice president of contracts and pricing for the company's Ingalls Shipbuilding division. Operationally, Perkins' organization is responsible for contract administration, proposal formulation, estimating, pricing, negotiations, contract awards and change orders, as well as management of contractual risks and mitigation strategies. Perkins' shipbuilding experience began with an apprenticeship program and comprises more than 30 years of his career, including seven years as contracts director at Ingalls from 2002 to 2009.

Christopher D. Kastner: Photo credit HII

HII Appoints Head of New Corporate Development Division

Huntington Ingalls Industries appoints Christopher D. Kastner Corporate Vice President & General Manager, Corporate Development. Kastner previously served as vice president and chief financial officer for HII's Ingalls Shipbuilding division. Prior to the HII spin from Northrop Grumman Corp., he served as vice president, business management, and CFO for Northrop Grumman Shipbuilding-Gulf Coast and vice president, contracts and risk management, for Northrop Grumman Ship Systems.

Mike Petters, president and chief executive officer of Huntington Ingalls Industries

HII CEO Petters Named to USNA Foundation Board

Huntington Ingalls Industries announced that Mike Petters, its president and chief executive officer, was recently elected to the board of directors for the U.S. Naval Academy Foundation. He will serve a four-year term. The mission of the U.S. Naval Academy Foundation is "to support, promote and advance the mission of the Naval Academy by working in conjunction with Academy leadership to identify strategic institutional priorities, and by raising, managing and disbursing private…

Report: HII Explores Options for Avondale

According to a Bloomberg report, Huntington Ingalls Industries (HII) may keep its Avondale shipyard in Louisiana open beyond 2013 by turning it into a site for other manufacturing. Huntington, with 2010 sales of $6.7 billion, became a separate company in March when Northrop Grumman Corp. (NOC) spun off its shipbuilding unit. Former parent Northrop and Huntington have said the Avondale yard would be shut when work on the Navy’s two amphibious ships there is completed in 2013. Huntington, based in Newport News, Virginia, operates two other yards.

Northrop Grumman Q1 Profit Up 20%

According to a May 3 report from The Associated Press, Northrop Grumman Corp. said its first-quarter profit increased 20 percent, led by strong growth in shipbuilding. Business improved for nearly every sector in which the company operates, except for a 1% decline in information systems. (Source: The Associated Press)

Analyst Says Northrop Could Sell Shipyard

Defense industry analyst, Loren Thompson, in an April 7 Press Register story, questioned whether Northrop Grumman Corp.'s recent focus on profit margin will lead it to get out of the shipbuilding industry and sell its Pascagoula shipyard. That's not necessarily bad news for the 12,000 workers in the former Ingalls Shipbuilding yard, according to the Washington D.C.-based analyst. Northrop shipbuilding division's profit margin was 4.8 percent, compared with 10.3 percent for aerospace, 12.6 percent for electronic systems and 7.3 percent for information systems. (Source: www.al.com)