Northrop Grumman to Acquire 3001 International, Inc.
Expands Role in Geospatial Business
LOS ANGELES and FAIRFAX, VA - Sep. 10, 2008 - Northrop Grumman Corporation (NYSE:NOC) and 3001 International, Inc. announced today that they have signed a definitive merger agreement under which Northrop Grumman will acquire 3001. Financial terms of the agreement are not disclosed.
The transaction is expected to close in the fourth quarter of 2008. Following the close of the transaction, 3001 will be part of Northrop Grumman's Information Technology (IT) sector. Completion of the transaction is subject to customary conditions and approval.
"The addition of 3001 will significantly complement our current core geospatial business," said Linda A. Mills, corporate vice president and president of Northrop Grumman IT. "Its strong geospatial data collection, processing and production capabilities help us further address the critical needs and priorities across civilian, defense, intelligence, homeland security, energy and environmental business areas, from both domestic and international perspectives."
Bart Bailey, current CEO of 3001, noted, "We are excited about the additional business opportunities, resources, and potential career possibilities available to 3001 and our employees as part of the Northrop Grumman team." Bailey will continue to lead 3001 as part of Northrop Grumman.
3001, owned by its management and CM Equity Partners, provides geospatial data production and analysis, including airborne imaging, surveying, mapping and geographic information systems for domestic and international government intelligence, defense and civilian customers. Among 3001's federal customers are the National Geospatial Intelligence Agency, U.S. Army Corps of Engineers, U.S. Navy Facilities Command, and the U.S. Department of Agriculture. 3001 also has numerous contracts supporting state and local governments.
CM Equity Partners is a private equity investment firm, which makes investments in private middle-market companies that operate primarily in the federal services sector.
Northrop Grumman Corporation is a global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide.
Note: Certain statements and assumptions in this release contain or are based on "forward-looking" information that Northrop Grumman Corporation (the "Company") believes to be within the definition in the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties, and include, among others, statements in the future tense and all statements accompanied by terms such as "expect" and "guidance" or variations thereof. This information reflects the Company's best estimates when made, but the Company expressly disclaims any duty to update this information if new data become available or estimates change after the date of this release.
For a statement of the risk factors and uncertainties that may affect future performance, please refer to the Company's filings with the Securities and Exchange Commission, including, without limitation, Forms 10-K and 10-Q.
CONTACT: For Northrop Grumman: Dan McClain (Media) (310) 201-3335 email@example.com Gaston Kent (Investors) (310) 201-3423 firstname.lastname@example.org For 3001 International, Inc.: Bart Bailey (703) 574-2623 email@example.com