RELATED: Northrop Grumman to acquire stealth bomber contractor
“We are proud to expand our state-of-the-art manufacturing capability in a state with a dedicated and talented workforce,” Steve Earl, Orbital ATK Aerospace Structures Divisions vice president and general manager, said in a statement.
The company received a $150,000 grant from the state and another $75,000 grant from the Greene County Community Improvement Corp. to defray the cost of training new employees, the defense contractor said. It will also receive a 50 percent waiver on increment Ohio income taxes for the new jobs up to half a million dollars, the company added.
Aerospace defense giant Northrop Grumman announced this week it would acquire Orbital ATK in a $9.2 billion pending deal.
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.
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.
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.