Northrop Grumman says it has reached a $9.2 billion pending deal to acquire defense contractor Orbital ATK, which has operations in the Dayton area.
In March 2016, the Air Force disclosed that Orbital ATK was one of seven prime contractors working with Northrop Grumman to produce the boomerang -shaped B-21 Raider next generation stealth bomber that resembles the B-2 Spirit.
Orbital ATK’s has a 175,000-square-foot facility in Dayton that’s home to a metallic and composite machine shop among other facilities, according to the company. Northrop Grumman also has a regional office in Beavercreek near Wright-Patterson Air Force Base.
In a press statement, Northrop Grumman and the Orbital ATK, both of which are headquartered in Virginia, said the proposed deal includes $7.8 billion in cash plus assuming $1.4 billion in net debt.
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Orbital ATK, an aerospace and defense contractor with locations around the world, has a workforce of about 13,000 employees. The company reported revenues of about $4.5 billion and a backlog of $15 billion in orders.
Both companies board of directors have OK’d the agreement which was expected to take effect next year.