Economy

Northrop Grumman to acquire Orbital ATK in deal worth $9.2 billion

Northrop Grumman to acquire Orbital ATK in deal worth $9.2 billion”

Aerospace manufacturer Orbital ATK soared 20 percent after agreeing to be acquired by Northrop Grumman.

Orbital shares surged over 19% to $131.51 after hours.

Also ion focus on Monday, Steelcase Inc (NYSE:SCS) shares added 1.79% on Friday ahead of today, where it is expected to post quarterly earnings of $0.23 per share on revenue of $759.83 million after the closing NY bell.

The Dow Jones industrial average rose 34 points, or 0.2 percent, to 22,301.

"Our complementary portfolios and technology-focused cultures will yield significant value creation through revenue synergies associated with new opportunities, cost savings, operational synergies, and enhanced growth", Northrop Grumman CEO Wes Bush said in a press release.

Northrop Grumman will purchase Orbital ATK with $7.8 billion in cash and assume $1.4 billion of Orbital's debt, the company's announced on Monday. Besides rockets that carry satellites to space, Orbital's businesses include rocket propulsion systems, missiles, defense electronics and precision weapons.



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