NEW YORK (AP) _ Defense giant Northrop Grumman Corp. launched a $5.9 billion unsolicited bid Friday to buy TRW Inc., aiming to boost its aerospace business only three months after it sealed a deal to buy the country's only builder of nuclear-powered aircraft carriers.
``We believe the strategic combination of Northrop Grumman and TRW will provide tremendous value to the shareholders of both companies,'' said Kent Kresa, Northrop Grumman's chairman and chief executive officer. ``Northrop Grumman's electronics and systems integration capabilities, combined with TRW's space and systems expertise, would create a strong contributor to the nation's satellite and missile defense requirements.
Cleveland-basedTRW's space and defense products include spacecraft and satellite technology, defense communications equipment, and high-energy lasers. Northrop Grumman would sell TRW's automotive parts business, which account for 60 percent of the company's sales, if TRW accepts Northrop's offer.