Northrop Grumman pull out of Farnborough 2012

(Reuters) – Northrop Grumman Corp (NOC.N) on Thursday pulled out of the 2012 international air show in Farnborough, England, a dramatic move underscoring the company’s drive to cut costs as it prepares for leaner times in the global defence market. Northrop has participated in the air shows — which alternate between Paris and Farnborough — each year, without interruption, since it merged with Grumman in 1994, said spokesman Randy Belote. Belote said the company had already been reducing its footprint at the international air shows in recent years, but pulling out completely would save millions of dollars. He said it did not diminish the company’s commitment to Britain or other international customers. “Northrop Grumman continues to focus its international business development activities and resources in areas that better support its customers’ needs,” he said. Virginia-based defence consultant Loren Thompson said it would be the first time in decades that the company — one of the five largest U.S. defence contractors — was not present at the big international showcase of commercial and military aircraft. “This is just the latest indication of how determined Chairman Wes Bush is to cut costs,” Thompson told Reuters. “They’re going to break the mould in […]
Northrop Grumman pull out of Farnborough 2012