by Armando Duke
Oil Producing Algae Northrop Grumman said late Tuesday that the US government awarded a $470 million contract to build an additional Aegis guided missile destroyer.If you would like to receive late breaking news on stocks covered by AXcess News then you need to subscribe. By joining, you can stay ahead of the pack and receive the latest news in your email in-box first.Print This Page
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Algae Oil Production Nov 17, 2004 (AXcess News) Pascagoula MS -Northrop Grumman Corporation (NYSE: NOC) said late Tuesday that the US Navy awarded it a $470 million contract to build an additional Arleigh Burke (DDG 51)-class Aegis guided missile destroyer.
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Algae Bio Fuel The destroyer is the fourth of four Aegis destroyers awarded to the company's Ship Systems sector in September 2002, as part of a multiyear procurement plan in which the Navy awarded multiple ships under a single contract.
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Algae Fuel Cell Philip A. Dur, president said the Aegis destroyer program has been one of the most successful programs in the company's history.
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Algae Based Fuels Dur commented on the Navy contract saying, "We are very pleased that our customer recognizes our supremacy in the shipbuilding industry, and has chosen to award another vital Navy asset into our care."
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Diesel From Algae This contract releases the funding for DDG 110, the 60th ship of the DDG 51 program, and the 28th to be built by Northrop Grumman's Pascagoula shipyard.
Green Fuel Algae Northrop Grumman Ship Systems includes primary operations in Pascagoula and Gulfport, Miss.; and in New Orleans and Tallulah, La., as well as in a network of fleet support offices in the U.S. and Japan.Advertisement
Algae Fuel Production Shares of Northrop Grumman were up 39 cents at $55.58 at the close Tuesday.
Bio Diesel From Algae Competitor General Dynamics (NYSE: GD) shares were down 30 cents at $107.81. General Dynamics was awarded a $489 million contract last week to build its 33 Aegis guided missle destroyer at the company's Bath Iron Works shipyard, which is projected to be completed by 2010.Bath Iron Works of Bath, Maine, is the lead designer and builder of the Arleigh Burke class destroyer and employs 6,400 people.
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