Northrop Grumman Corp. (NOC) announced Monday that it plans to move its corporate headquarters to the Washington D.C. area, from its current location in Los Angeles.
The company cited a need to be closer to the federal government and “key customers”.
"As a global security company with a large customer base in the Washington, D.C. region, this move will enable us to better serve our nation and customers," said Wes Bush, chief executive officer and president, in a statement.
The company hopes to have completed its search for a new headquarters location by this spring and hopes to open its new corporate offices, which will employ about 300 people, by the summer of 2011, according to a press release.
California will still remain a major location for the company with about 30,000 of its employees located there.
Shares of Northrop Grumman rose $1.00 or 1.79% in Monday’s session, closing at $56.85 a share. The stock was down 48 cents in trading after hours.
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