Litton to Use Stock Merger to Purchase Sperry Marine
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Litton Industries Inc. has agreed to buy Sperry Marine Inc. in a $160-million stock merger.
Sperry Marine, based in Charlottesville, Va., makes electronic navigation and guidance systems used in boats and aircraft for commercial and military customers. Sperry Marine had sales of $145 million in 1995.
Litton will issue about 2 million shares of common stock to an investment partnership led by J.F. Lehman & Co., and assume Sperry’s outstanding debts of $52 million.
Litton, based in Woodland Hills, is a major defense contractor and specializes in navigation systems as well as building surface combat ships.
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