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Northrop Wins $2B NASA Contract

A day after announcing a restructuring plan, defense contractor Northrop Grumman (NOC) said Tuesday it won a $2.2 billion NASA and U.S. Air Force contract.

Wall Street applauded the news, boosting the stock up 1 9/16 to 70 1/4 in morning trading.

The company's technical services division will provide base operations support for NASA's Kennedy Space Center. It will also support the Cape Canaveral Air Station and Patrick Air Force Base for the U.S. Air Force.

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Northrop Grumman (NOC)
Northrop Grumman said it landed the contract with its Space Gateway Support joint ventures partners ICF Kaiser Defense Programs and Wackenhut Service Inc.

The company said its contract is for five years starting Oct. 1 and could be extended another five years.

The announcement comes a day after the defense contractor announced a restructuring plan that will include at least 2,100 job cuts and a $60 million restructuring charge.

Written By Tiare Rath