LOS ANGELES, May 16 /PRNewswire-FirstCall/ -- Northrop Grumman Corporation today announced plans to close its Interconnect Technologies (ITD) business in Springfield, Mo., and exit the business of manufacturing printed circuit boards for third parties, effective July 31, 2007. The ITD exit and other restructuring actions result from an ongoing analysis of the company's operations based on strategic alignment, profitability and cash generation criteria. As a result, the company expects to record a pre-tax charge of approximately $20 million in the second quarter of 2007.
"This action is regrettable but unavoidable given ITD's declining business base, with the plant currently operating at about 25 percent of capacity," said Jake Volkert, vice president and general manager of Northrop Grumman's Navigation Systems Division. "We are now focused on helping ITD employees find new employment, both inside and outside the company."
ITD was acquired as part of Northrop Grumman's acquisition of Litton, Inc. in 2001, and is reported under the Electronics business.
Northrop Grumman Corporation is a $30 billion global defense and technology company whose 122,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide.
