NORTHROP GRUMMAN COMPLETES ACQUISITION OF COMPTEK RESEARCH FOR STOCK
Media Contact: Jim Taft (310) 201-3335
Investor Contact: Gaston Kent (310) 201-3423
LOS ANGELES -- Aug. 31, 2000 -- Northrop Grumman Corporation (NYSE: NOC) announced today that it has completed the acquisition of Comptek Research Inc. (AMEX: CTK) of Buffalo, N.Y., in a stock-for-stock transaction.
Comptek Research shareholders will receive .2799 of a Northrop Grumman share for each share of Comptek Research common stock. The exchange offer involved approximately 6.4 million shares of Comptek Research stock outstanding.
"We are very pleased to have Comptek Research join our Northrop Grumman family," said Kent Kresa, Northrop Grumman's chairman, president and chief executive officer. "Their expertise in advanced battle management and electronic warfare further enhances our leadership position in these critical business areas and will play an important role in our effort to remain on the cutting edge of these technologies in the 21st century."
Comptek Research is a leading supplier of electronic warfare and information dominance technologies for U.S. and international defense customers. For its fiscal year ended March 31, 2000, Comptek generated revenues of $145 million. The company has approximately 1,200 employees located in the U.S. and Canada.
The major business units of Comptek will become part of Northrop Grumman's three operating sectors. Comptek's PRB Associates will become part of Northrop Grumman's Integrated Systems Sector, Comptek Amherst Systems will join the company's Electronic Sensors and Systems Sector and the Federal Systems unit will become part of Logicon Inc., Northrop Grumman's information technology sector.
Northrop Grumman Corporation, headquartered in Los Angeles, is a world-class, high technology company providing innovative solutions in systems integration, defense electronics and information technology for its U.S. and international military, government and commercial customers, as a prime contractor, principal subcontractor, team member or preferred supplier. The company had revenues of $7.6 billion in 1999 (restated) and now has a workforce of approximately 37,000 employees.
