Northrop Grumman Corp (NOC.N) said its board approved the spin-off of its shipbuilding unit Huntington Ingalls Industries Inc to shareholders. The defense contractor said on Tuesday the spin-off has been structured to qualify as a tax-free distribution for U.S. federal tax purposes. Under terms, Northrop shareholders will receive one share of Huntington Ingalls for every six Northrop common shares they hold.
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