Northrop Grumman Sells Off Its Auto-Parts Sector.

From: Daily News (Los Angeles, California) (via Knight-Ridder/TribuneBusiness News) | Date: March 4, 2003 | Copyright information

Byline: Gregory J. Wilcox

Mar. 4--CENTURY CITY, Calif.--Defense giant Northrop Grumman Corp. announced Monday that it completed the $4.7 billion sale of TRW Automotive to affiliates of the Blackstone Group.

Century City-based Northrop Grumman will use the proceeds to reduce debt and other corporate purposes.

Northrop Grumman will get about $3.9 billion in cash and retain a 19.6 percent equity stake in the auto-parts business and some debt.

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