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LITTON INDUSTRIES, Woodland Hills, Calif., third-largest shipbuilder supplying the United States Navy, said its shipbuilding division had signed an agreement to design at least two cruise ships for SeaAmerica Cruise Lines Inc., Hollywood, Fla. Financial terms were not disclosed.
Electric Boat, which shares the building of the two submarines a year with the Newport News Shipbuilding division of Huntington Ingalls, employs more than 8,000 people at its facilities in Groton and across the Thames River in New London.
At Northrop Grumman, which produces aircraft carriers and a new generation of destroyers, profits in the shipbuilding division nearly doubled, to $186 million, in the first half of 2004 from $98 million in the first half of 2003.
This called into question the sum the ESOP paid Ogden, triggered a lawsuit and ended up encouraging a pirate-like move from the profitable Avondale shipbuilding division.
The Shipbuilding division's main products involve VLCCs, tankers, product carriers, chemical tankers, containerships, bulk carriers, OBO carriers, ro-pax ships, ro-ro ships, pure car carriers, LNG carriers, LPG carriers, submarines, destroyers, and frigates.
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General Dynamics and Northrop Grumman have both enjoyed big jumps in sales and profits from their shipbuilding divisions, which are dominated by Navy contracts, but tax payments at both companies during the same period declined.
The Shipbuilding and Support division designs, constructs, and upgrades various ships such as bulk carriers, chemical and oil tankers, and container vessels.
It operates through the following business divisions: Shipbuilding and Support, Ship Remodeling and Repair, Naval Equipment, Offshore Engineering, and Others.
Its operations are carried out through the following divisions: Shipbuilding, Offshore and Engineering, Industrial Plant and Engineering, Engine and Machinery, Electro Electric Systems, Green Energy, and Construction Equipment.
Chabraja admits that the company's shipbuilding and aerospace divisions, which accounted for 63% of 2001 operating income, will remain flat in 2002.
Sales were strong across all of the company's seven divisions, especially shipbuilding, a business Northrop wasn't even in until its 2001 purchase of Litton Industries and Newport News Shipbuilding.
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