Litton Industries, a national electronics and defense company founded in 1953, began manufacturing microwaves in Sioux Falls in 1977 and rode the wave of microwave development until the plant closed in 1992 and disappeared from Sioux Falls.
As a result of the legal merger completed Wednesday, Northrop Grumman now owns 100 percent of Litton’s common stock. Litton stockholders will receive $80 in cash for each common share at the time of the merger.
The Northrop Grumman Corporation, the military contractor, yesterday agreed to buy Litton Industries, a supplier of military electronics and information systems and the nation’s largest manufacturer of surface combatants, for $3.8 billion in cash .
In 1954, Thornton acquired Litton Industries, Inc., an electron tube manufacturer in San Carlos, California. (originally established in 1932) and took the name of the acquired company. That same year he established Litton’s headquarters in Beverly Hills.
In 1945, the heating effect of a high-powered microwave beam was accidentally discovered by Percy Spencer, an American self-taught student from Howland, Maine. When he was employed at Raytheon at the time, he noticed that microwaves from an active radar he was working on began to melt a candy bar he had in his pocket.
That number has now dwindled to two as Litton Systems Canada executives recently confirmed that they have ceased operations at their 15,000 square foot manufacturing facility. Company scientists will continue some limited research and development work, but officials have reassigned all production personnel.
Ocwen Financial (OCN) acquired Houston-based mortgage servicer Litton Loan Servicing from Goldman Sachs (GS) over the weekend for $263.7 million, according to an Ocwen filing with Securities and Exchange Commission.
English: Residential name from Litton (Derbyshire Dorset Somerset and Yorkshire) Leyton (Essex) or perhaps Liddaton Green in Bentor or Leddon in Welcombe (both Devon). Derbyshire and Yorkshire place names are probably derived from Old English hlith ‘hillside’ + tūn ‘farm’.
Peraton, a portfolio company of private investment firm Veritas Capital, has acquired Northrop Grumman’s information technology and mission support services business for $3.4 billion.
However, the results of their research showed the serious health risks associated with such food preparation. As a result, the manufacture and use of microwave ovens was banned throughout Germany.
Of course, since 1975 there has been considerable dollar inflation. Based on changes in the consumer price index, what bought for $100 in 1975 costs about $354 today. So this six digit calculator would cost about $49 today. Sears least expensive microwave oven from 1975 would cost you $672 today.
Raytheon, which had acquired a company called Amana, introduced the first popular home model, the Radarange countertop, in 1967. It cost $495 (about $3,200 today). Consumer interest in microwave ovens began to grow. In 1970 approximately 40,000 units were sold in the United States.
The new corporate battle plan was consolidation, and Northrop’s acquisition of Grumman in April 1994 sparked a blitz of deals that led to the booming aerospace and defense giants of today. p>
Northrop Grumman employs a total of 650 engineers, technicians and administrative staff and has facilities in Toronto, Ontario and Halifax, Nova Scotia to design and manufacture highly engineered products and systems that are sold worldwide.
Grumman’s downfall came in the 1980s with the collapse of communism. When the Cold War ended, so did the armaments and space races. As military spending slumped on Long Island, Grumman drastically dwindled and was swallowed up by Los Angeles-based Northrop Corporation in 1994.
Today, Northrop Grumman is one of the largest defense companies in the world.