Ohio company makes bid for Northrop Grumman shipbuilding | HamptonRoads.com | PilotOnline.com: "A little-known Cleveland-based firm has bid to acquire the entire shipbuilding unit of Northrop Grumman Corp., including the big shipyard in Newport News that builds aircraft carriers and submarines for the Navy, a company executive confirmed Monday.
'To the best of our knowledge, we're the only company that has made an offer on the entire enterprise,' said Ed Bartlett, president and CEO of Cleveland Ship LLC.
Terms of the offer have not been disclosed, but Northrop's shipbuilding division may be worth as much as $4.6 billion at an average industry multiple, according to Bloomberg News.
If successful, Cleveland Ship would acquire Northrop Grumman's shipyards in Newport News; Pascagoula, Miss.; and Avondale, La.; as well as two subsidiaries, AMSEC LLC, based in Virginia Beach, and Continental Maritime, a San Diego ship repair facility.
The acquisition company would be known as Cleveland Shipbuilding Group Inc., and Northrop's Newport News facility would become 'CSG Newport News Shipbuilding,' Bartlett said."
