LOS ANGELES, April 5, 2001 (PRIMEZONE) -- Northrop Grumman Corporation (NYSE:NOC) announced today that a $30 million expansion project has been approved for Litton Interconnect Technologies, a leading technology supplier of high-performance, custom backplanes and complete electro-mechanical packaging subassemblies to the communications and data networking markets. The project will enhance the capabilities and output of the printed circuit board (PCB) operations of Interconnect Technologies, a unit of Northrop Grumman, based in Springfield, Mo.
A new PCB facility will be constructed to provide technology-driven products to an ever-widening list of customers within the emerging global networking and wireless technology markets. The project will nearly double Litton's PCB operations, which currently occupy a 225,000 square foot manufacturing plant, and will create up to 400 new jobs in the next four to five years. The facility will be operational 15 months from the start of construction.
"This investment makes sound business sense," said Kent Kresa, chairman, president and chief executive officer of Northrop Grumman. "Our Electronic Components and Materials Group in general and Interconnect Technologies specifically are healthy, growing and profitable players in the commercial electronics arena, which is good news for everyone here, and for the economy of Springfield and Southwest Missouri," Mr. Kresa continued.
"This investment is a huge vote of confidence by our new parent company, Northrop Grumman, in Interconnect Technologies and Springfield," said Bob Schutz, president of Litton Interconnect Technologies. "The expansion allows us to grow our business at an accelerated pace and enables Interconnect Technologies to meet increasing customer demands for large-format, high-layer-count printed circuit boards. This furthers our technology capabilities and leadership in serving our customers' needs for speed and bandwidth," Mr. Schutz continued.
In less than 18 months, Interconnect Technologies has nearly doubled its sales from more than $100 million to exceed $200 million. The PCB operations' 70,000 square foot addition completed in 1999 was central to this growth by providing the capacity to build complex product in volume. The demand for the large-format, high-layer-count backplanes that optimize speed, density and reliability has outpaced previous projections.
Interconnect Technologies is a division of Litton Industries Inc., a subsidiary of Northrop Grumman. Headquartered in Springfield, Interconnect Technologies has locations in Massachusetts, California, Scotland and China.
Northrop Grumman Corporation is a $15 billion, global aerospace and defense company with its worldwide headquarters in Los Angeles. Northrop Grumman provides technologically advanced, innovative products, services and solutions in defense and commercial electronics, systems integration, information technology and non-nuclear shipbuilding and systems. With 80,000 employees and operations in 44 states and 25 countries, Northrop Grumman serves U.S. and international military, government and commercial customers.
Except for historical information and discussions contained herein, statements included in this release constitute "forward-looking statements", which involves a number of risks, uncertainties and other factors that could cause results to differ materially, as discussed in the company's filings with the Securities and Exchange Commission, including Form 10-K.
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CONTACT: Litton Interconnect Technologies Linda Self (417) 829-5208