Northrop Grumman Corp.’s proposed acquisition of Newport News Shipbuilding Inc., Newport News, Va., will bring together more than $19 billion in combined retirement assets, according to the latest available company documents.
Newport News has $652 million in defined benefit assets and $793 million in 401(k) assets. Northrop Grumman, Los Angeles, has $11.7 billion in defined benefit assets and $5.9 billion in 401(k) assets.
The five investment options in the Newport News 401(k) plan include funds from Fidelity and Putnam, as well as a company stock option. Managers for the defined benefit plan weren’t available. Northrop Grumman has several 401(k) plans. One of its largest has $1 billion in assets. Its investment options includes funds managed by American Century, Bankers Trust, State Street Bank, Fidelity, J.P. Morgan and Janus. It also had $430 million in Northrop Grumman stock.
Executives at the companies couldn’t be reached for comment.