- SPECIAL REPORTS
- THE MAGAZINE
Los Angeles and Fairfax, VA –Northrop Grumman Corporation (NYSE: NOC) and 3001 International, Inc. announced that they have signed a definitive merger agreement under which Northrop Grumman will acquire 3001. Financial terms of the agreement are not disclosed.
The transaction is expected to close in the fourth quarter of 2008. Following the close of the transaction, 3001 will be part of Northrop Grumman’s Information Technology (IT) sector. Completion of the transaction is subject to customary conditions and approval.
"The addition of 3001 will significantly complement our current core geospatial business," said Linda A. Mills, corporate vice president and president of Northrop Grumman IT. "Its strong geospatial data collection, processing and production capabilities help us further address the critical needs and priorities across civilian, defense, intelligence, homeland security, energy and environmental business areas, from both domestic and international perspectives."
Bart Bailey, current CEO of 3001 noted, "We are excited about the additional business opportunities, resources, and potential career possibilities available to 3001 and our employees as part of the Northrop Grumman team." Bailey will continue to lead 3001 as part of Northrop Grumman.
3001, owned by its management and CM Equity Partners, provides geospatial data production and analysis, including airborne imaging, surveying, mapping and geographic information systems for domestic and international government intelligence, defense and civilian customers. Among 3001’s federal customers are the National Geospatial Intelligence Agency, U.S. Army Corps of Engineers, U.S. Navy Facilities Command, and the U.S. Department of Agriculture. 3001 also has numerous contracts supporting state and local governments.
CM Equity Partners is a private equity investment firm, which makes investments in private middle-market companies that operate primarily in the federal services sector.
Northrop Grumman Corporation is a global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide.