Newport News Shipbuilding , originally Newport News Shipbuilding and Drydock Company , was the largest privately owned shipyard in the United States prior to being purchased by Northrop Grumman in 2001. Formerly known as Northrop Grumman Newport News , and later Northrop Grumman Shipbuilding Newport News , the company is located in Newport News, Virginia, and often participates in projects with the Norfolk Naval Shipyard in Portsmouth, Virginia, also located adjacent to Hampton Roads. In March 2011 Newport News Shipbuilding, along with the shipbuilding sector of Northrop Grumman spun off to form a new company called Huntington Ingalls Industries.The shipyard is a major employer not only for the lower Virginia Peninsula, but also portions of Hampton Roads south of the James River and the harbor, portions of the Middle Peninsula region, and even some northeastern counties of North Carolina.As of December 2014, the shipyard was building the aircraft carriers USS Gerald R. Ford and the USS John F. Kennedy . Wikipedia.
News Article | February 27, 2017
NEWPORT NEWS, Va., Feb. 27, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) hosted commencement exercises on Saturday for 184 graduates of the company’s Apprentice School located at Newport News Shipbuilding. The ceremony was held at Liberty Baptist Church Worship Center in Hampton. Rear Adm. Mat Winter, the U.S. Navy’s deputy program executive officer for the F-35 Lightning II, reminded the company’s newest shipbuilders during his commencement address that everything they have achieved and will continue to achieve makes a difference. “Newport News Shipbuilding is a leader—a leader on the global stage in providing war-fighting capability to our Navy,” Winter said. “You just have to look around and see our submarine fleet and our surface fleet and those great American aircraft carriers that are here and around the world doing the diplomacy and the engagement and the power projection that keeps our nation safe and allows us to do what we need to do every day. The fact is that those sailors and Marines are out on the pointy end, and they are there because of you, and because of what you’ve done and what you are going to do.” Photos accompanying this release are available at: http://newsroom.huntingtoningalls.com/releases/nns-apprentice-graduation-2017. Eighty-eight apprentices completed an optional, advanced program, which includes coursework in subjects such as marine design, production planning, modeling and simulation, and marine engineering—culminating with an associate’s or bachelor’s degree. Seventy-nine apprentices earned honors, which combines academic and craft grades to determine overall performance. Fifteen graduates completed the program with a perfect 4.0 grade point average in the required academic curriculum. Nineteen graduates were recognized as Gold Athletic Award recipients for outstanding achievement in four consecutive years of Apprentice School collegiate athletics. Of the 184 graduates, 13 are military veterans or are currently serving in the Armed Services as reservists and guardsmen. Newport News Shipbuilding President Matt Mulherin addressed the graduates as the shipyard’s newest leaders. “Leadership is not a title or a position,” he said. “A leader produces results and sets examples. You, indeed, are all leaders, and I commend you and I applaud you on this defining moment in your shipbuilding careers and in your lives.” Evan George Danz received the Homer L. Ferguson Award for earning the highest grade point average for required academic and craft grades combined. Danz is a naval architect who began his shipbuilding career in 2013 as an outside machinist apprentice. “There is truth in the old saying: ‘Blame the carpenter and not the tool,’” Danz said. “A drill is only as effective as the person who holds it. Our tasks may have been difficult and some have been repetitive, but we were always improving our technique, speed, efficiency and critical thinking. We are more valuable to our shipbuilding community than any tool, drill, saw or crane could ever be.” The Apprentice School accepts about 225 apprentices per year. The school offers four- to eight-year, tuition-free apprenticeships in 19 trades and eight optional advanced programs. Apprentices work a 40-hour week and are paid for all work, including time spent in academic classes. Through partnerships with Thomas Nelson Community College, Tidewater Community College and Old Dominion University, The Apprentice School’s academic program provides the opportunity to earn associate degrees in business administration, engineering and engineering technology and bachelor’s degrees in mechanical or electrical engineering. Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, visit:
News Article | February 16, 2017
NEWPORT NEWS, Va., Feb. 16, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) reported fourth quarter 2016 revenues of $1.9 billion, up 0.9 percent from the fourth quarter of 2015. Operating income in the quarter was $268 million and operating margin was 13.9 percent, compared to $144 million and 7.6 percent, respectively, in the fourth quarter of 2015. Diluted earnings per share in the quarter was $4.20, compared to $1.06 in the same period of 2015. For the full year, revenues of $7.1 billion increased 0.7 percent over 2015. Operating income in 2016 was $858 million and operating margin was 12.1 percent, compared to $769 million and 11.0 percent, respectively, in 2015. Diluted earnings per share for the full year was $12.14, compared to $8.36 in 2015. Cash from operations in 2016 was $822 million and free cash flow1 was $537 million, compared to $861 million and $673 million, respectively, in 2015. New contract awards for 2016 were approximately $5.2 billion, bringing total backlog to $21.0 billion as of Dec. 31, 2016. Major contract awards in 2016 included the detail design and construction contract for the amphibious transport dock Fort Lauderdale (LPD 28); a fixed-price incentive contract to build a ninth Legend-class National Security Cutter (unnamed); the planning, advanced engineering and procurement of long-lead material contract for the amphibious assault ship Bougainville (LHA 8); and the continued advance planning contract for the refueling and complex overhaul (“RCOH”) of the aircraft carrier USS George Washington (CVN 73). “Huntington Ingalls Industries’ operational performance in 2016 was solid,” said Mike Petters, HII’s president and CEO. “Exceptional execution on mature programs at Ingalls lessened the impact of the ongoing transition between programs at Newport News and drove the strong financial results for the year.” Petters continued, “Our 2016 performance, the acquisition of Camber Corporation and the formation of our Technical Solutions division established a great foundation to achieve our Path to 2020 strategic commitments.” 1Free cash flow is a non-GAAP measure. See exhibit B for definition and reconciliation. Fourth Quarter 2016 Significant Event On December 1, 2016, the Company closed on its previously announced acquisition of Camber Corporation and simultaneously formed a new reporting segment, Technical Solutions. Technical Solutions is comprised of AMSEC, Camber Corporation, Continental Maritime of San Diego, Newport News Industrial, SN3, Undersea Solutions Corporation and UniversalPegasus International. The segment provides agile software development and network engineering, training systems, logistics support, information technology, fleet maintenance and modernization, unmanned undersea systems, nuclear engineering and fabrication, and oil and gas engineering to a wide variety of government and commercial customers worldwide. Ingalls Shipbuilding revenues for the fourth quarter were $641 million, an increase of $61 million, or 10.5 percent, from the same period in 2015, due to higher revenues in surface combatants and the Legend-class National Security Cutter (“NSC”) program, partially offset by lower revenues in amphibious assault ships. Higher surface combatant revenues were primarily due to increased volumes on Lenah H. Sutcliffe Higbee (DDG 123) and Frank E. Petersen Jr. (DDG 121), partially offset by decreased volume on Delbert D. Black (DDG 119) and the delivery of John Finn (DDG 113) in the quarter. Higher NSC program revenues were primarily due to increased volume on Midgett (NSC 8), partially offset by the delivery of USCGC Munro (NSC 6) in the quarter. Lower amphibious assault ships revenues were due to the delivery of USS John P. Murtha (LPD 26) in the second quarter of 2016 and decreased volume on Portland (LPD 27), partially offset by increased volumes on Fort Lauderdale and Bougainville. Ingalls Shipbuilding segment operating income for the fourth quarter was $85 million, an increase of $26 million from the same period last year. Segment operating margin in the quarter was 13.3 percent, compared to 10.2 percent in the same period last year. These increases were primarily due to higher risk retirement and improved performance on the LPD, DDG and NSC programs. For the full year, Ingalls Shipbuilding revenues were $2.4 billion, an increase of $201 million, or 9.2 percent, from 2015, due to higher revenues in surface combatants and amphibious assault ships, partially offset by lower revenues on the NSC program. Higher surface combatants revenues were primarily due to increased volumes on Frank E. Petersen Jr., Lenah H. Sutcliffe Higbee, and planning yard services, partially offset by the delivery of John Finn. Higher amphibious assault ships revenues were primarily due to increased volumes on Fort Lauderdale, Tripoli (LHA 7) and Bougainville, partially offset by lower volume on Portland and the delivery of USS John P. Murtha. Lower NSC program revenues were due to the delivery of USCGC James (NSC 5) in 2015 and the delivery of Munro in 2016, partially offset by higher volume on Midgett. For the full year, Ingalls Shipbuilding segment operating income was $321 million, compared to $379 million in 2015. Segment operating margin was 13.4 percent for 2016, compared to 17.3 percent in 2015. Segment operating income and margin in 2015 included a $136 million favorable impact from an insurance litigation settlement. Adjusting for the insurance litigation settlement, segment operating income in 2016 increased $78 million over 2015, and segment operating margin increased 240 basis points. These increases were primarily due to higher risk retirement on the LPD and DDG programs, partially offset by lower risk retirement on the America class (LHA 6) program. Newport News Shipbuilding revenues for the fourth quarter were $1.1 billion, a decrease of $75 million, or 6.3 percent, from the same period in 2015, due to lower revenues in aircraft carriers and submarines. Lower aircraft carriers revenues were primarily due to decreased volumes on the construction contract for Gerald R. Ford (CVN 78) and the execution contract for the RCOH of USS Abraham Lincoln (CVN 72), partially offset by increased volumes on the advance planning contracts for the RCOH of USS George Washington and the construction preparation contract for Enterprise (CVN 80). Lower submarines revenues related to the Virginia class (SSN 774) submarine (“VCS”) program were due to decreased volumes on Block III boats, partially offset by increased volumes on Block IV boats. Newport News Shipbuilding segment operating income for the fourth quarter was $139 million, an increase of $23 million from the same period last year. Segment operating margin was 12.4 percent for the quarter, compared to 9.7 percent in the same period last year. These increases were primarily due to favorable changes in overhead costs and the receipt of a $15 million local government incentive grant, partially offset by lower risk retirement on the VCS program. For the full year, Newport News Shipbuilding revenues were $4.1 billion, a decrease of $209 million, or 4.9 percent, from 2015, due to lower revenues in aircraft carriers. Lower aircraft carrier revenues were primarily due to decreased volumes on the construction contract for Gerald R. Ford and the execution contract for the RCOH of USS Abraham Lincoln, partially offset by increased volumes on the construction contract for John F. Kennedy (CVN 79) and the advance planning contract for the RCOH of USS George Washington. Submarines revenues related to the VCS program were relatively flat in 2016 compared to 2015. Increased volumes on Block IV boats and USS John Warner (SSN 785) post-shakedown availability services were offset by decreased volumes on Block III boats. For the full year, Newport News Shipbuilding segment operating income was $386 million, a decrease of $15 million from 2015. The decrease was primarily due to lower risk retirement on the VCS program, lower volume and lower risk retirement on the execution contract for the RCOH of USS Abraham Lincoln and lower volume on Gerald R. Ford, partially offset by higher volumes on John F. Kennedy (CVN 79) and the RCOH of USS George Washington (CVN 73), favorable changes in overhead costs, and the receipt of a $15 million local government incentive grant. Segment operating margin for 2016 was 9.4 percent, compared to 9.3 percent in 2015. Technical Solutions revenues for the fourth quarter were $186 million, an increase of $32 million, or 20.8 percent, from the same period in 2015, primarily due to the acquisition of Camber and higher revenues in oil and gas and nuclear and environmental services, partially offset by lower revenues in fleet support. Higher oil and gas revenues were primarily due to increased volume in field services, partially offset by decreased volume in engineering services. Higher nuclear and environmental revenues were primarily due to increased volumes in commercial fabrication services, partially offset by decreased volumes in environmental remediation programs. Technical Solutions segment operating income for the fourth quarter was $1 million, compared to segment operating loss of $51 million in fourth quarter 2015. Segment operating loss in the fourth quarter of 2015 included a $27 million intangible asset impairment charge and a $16 million goodwill impairment charge. Adjusting for these items, segment operating income in the fourth quarter of 2016 increased $9 million from the same period in 2015. The increase was primarily due to improved performance in oil and gas and fleet support. For the full year, Technical Solutions revenues were $691 million, an increase of $75 million, or 12.2 percent, from 2015, primarily due to increased volumes in nuclear and environmental and fleet support as well as the acquisition of Camber, partially offset by lower volume in oil and gas. For the full year, Technical Solutions segment operating income was $8 million, compared to a segment operating loss of $113 million in 2015. Segment operating loss in 2015 included $75 million of goodwill impairment charges and a $27 million intangible asset impairment charge. Adjusting for these items, segment operating income in 2016 increased $19 million over 2015. The increase was primarily due to improved performance in oil and gas, fleet support and nuclear and environmental. Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear and Environmental, and Oil and Gas operations. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, please visit www.huntingtoningalls.com. Huntington Ingalls Industries will webcast its earnings conference call at 9 a.m. ET today. A live audio broadcast of the conference call and supplemental presentation will be available on the investor relations page of the company’s website: www.huntingtoningalls.com. A telephone replay of the conference call will be available from 12 noon today through Thursday, Feb. 23 by calling toll-free (855) 859-2056 or (404) 537-3406 and using conference ID 53546409. Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; adverse economic conditions in the United States and globally; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make. This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures. We make reference to “segment operating income (loss),” “segment operating margin,” “adjusted sales and service revenues,” “adjusted segment operating income (loss),” “adjusted segment operating margin,” “adjusted operating income,” “adjusted operating margin,” “adjusted net earnings,” “adjusted diluted earnings per share,” and “free cash flow.” We internally manage our operations by reference to “segment operating income (loss)” and “segment operating margin,” which are not recognized measures under GAAP. When analyzing our operating performance, investors should use segment operating income (loss) and segment operating margin in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP. They are measures that we use to evaluate our core operating performance. We believe that segment operating income (loss) and segment operating margin reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. We believe these measures are used by investors and are a useful indicator to measure our performance. Because not all companies use identical calculations, our presentation of segment operating income (loss) and segment operating margin may not be comparable to similarly titled measures of other companies. Adjusted sales and service revenues, adjusted operating income, adjusted operating margin, adjusted segment operating income (loss), adjusted segment operating margin, adjusted net earnings and adjusted diluted earnings per share are not measures recognized under GAAP. They should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. We believe these measures are useful to investors because they exclude items that do not reflect our core operating performance. They may not be comparable to similarly titled measures of other companies. Free cash flow is not a measure recognized under GAAP. Free cash flow has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, analysis of our results as reported under GAAP. We believe free cash flow is an important measure for our investors because it provides them insight into our current and period-to-period performance and our ability to generate cash from continuing operations. We also use free cash flow as a key operating metric in assessing the performance of our business and as a key performance measure in evaluating management performance and determining incentive compensation. Free cash flow may not be comparable to similarly titled measures of other companies. Segment operating income (loss) is defined as operating income (loss) for the relevant segment(s) before the FAS/CAS Adjustment and non-current state income taxes. Segment operating margin is defined as segment operating income (loss) as a percentage of sales and service revenues. Adjusted sales and service revenues is defined as sales and service revenues adjusted for the impact of the insurance litigation settlement in the Ingalls segment in second quarter 2015. Adjusted segment operating income (loss) is defined as segment operating income (loss) adjusted for the impacts, as applicable to the relevant segment, of: the insurance litigation settlement in the Ingalls segment in second quarter 2015, the goodwill impairment charges in the Technical Solutions segment in the second and fourth quarters of 2015 and the intangible asset impairment charge in the Technical Solutions segment in fourth quarter 2015. Adjusted segment operating margin is defined as adjusted segment operating income (loss) as applicable to each segment, as a percentage of adjusted sales and service revenues as applicable to each segment. Adjusted operating income is defined as operating income adjusted for the impacts of: the insurance litigation settlement in second quarter 2015, the goodwill impairment charges in the second and fourth quarters of 2015 and the intangible asset impairment charge in fourth quarter 2015. Adjusted operating margin is defined as adjusted operating income as a percentage of adjusted sales and service revenues. Adjusted net earnings is defined as net earnings adjusted for the after-tax impacts of: the insurance litigation settlement in the second quarter 2015, the goodwill impairment charges in the second and fourth quarters of 2015, the intangible asset impairment charge in fourth quarter 2015, the loss on early extinguishment of debt in third quarter 2015 and the FAS/CAS Adjustment. Adjusted diluted earnings per share is defined as adjusted net earnings divided by the weighted-average diluted common shares outstanding. Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures. FAS/CAS Adjustment is defined as the difference between our pension and postretirement plan expense under GAAP Financial Accounting Standards and the same expense under U.S. Cost Accounting Standards (CAS). Our pension and postretirement plan expense is charged to our contracts under CAS. Non-current state income taxes are defined as deferred state income taxes, which reflect the change in deferred state tax assets and liabilities, and the tax expense or benefit associated with changes in state uncertain tax positions in the relevant period. These amounts are recorded within operating income. Current period state income tax expense is charged to contract costs and included in cost of sales and service revenues in segment operating income. We present financial measures adjusted for the FAS/CAS Adjustment and non-current state income tax to reflect the company’s performance based upon the pension costs and state tax expense charged to our contracts under CAS. We use these adjusted measures as internal measures of operating performance and for performance-based compensation decisions.
News Article | December 12, 2016
NEW HAVEN, Conn.--(BUSINESS WIRE)--The Board of Directors of Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) announced today that it has named David Brennan as Interim Chief Executive Officer, effective immediately. Mr. Brennan is the former Chief Executive Officer and Executive Director of AstraZeneca PLC and has been a member of the Alexion Board of Directors since July 2014. Mr. Brennan succeeds David Hallal who has resigned for personal reasons, effective immediately. Mr. Hallal has also resigned from the Board. Spencer Stuart has been engaged to commence the search for a permanent CEO. In addition, the Board announced that David J. Anderson, the former Senior Vice President and Chief Financial Officer of Honeywell for 11 years, has joined the Company as Chief Financial Officer, effective immediately. Mr. Anderson succeeds Vikas Sinha, who has left Alexion to pursue other opportunities. The previously announced Audit and Finance Committee investigation is nearing completion. At this point in time, the Audit and Finance Committee’s investigation has not identified any facts that require the Company to update its previously reported historical results. The Company continues to assess these matters from an accounting, disclosure and internal controls perspective, and expects to file the Form 10-Q for the period ended September 30, 2016 in January 2017 or earlier. Leonard Bell, M.D., Chairman of the Board of Directors, said, “ This leadership transition comes during a period of great strength and momentum. The fundamentals of Alexion are very strong. We have three highly effective therapies and a robust rare disease pipeline. We are well-positioned for sustainable growth. Moreover, we have a clear strategy to continue our mission to develop and deliver transformative therapies for patients with devastating and rare diseases. “ With strong new leaders in place, we will continue to be relentlessly focused on serving patients and families with devastating and rare diseases. With a dedicated and talented team of 3,000 employees, coupled with our breakthrough medical innovation, Alexion will continue to develop and deliver life-transforming therapies for patients and families who count on us,” Dr. Bell concluded. Doug Norby, Lead Independent Director, said, “ Both David Brennan and Dave Anderson are highly experienced executives who bring outstanding leadership skills, valuable expertise, and global perspective, making them well-suited to lead Alexion as we embark on our next exciting phase of growth. David Brennan is an extremely talented and seasoned pharmaceutical chief executive who has a deep understanding of Alexion based on his work on our Board. We are fortunate to have someone of his caliber guide us during this transition. We are also delighted that Dave Anderson is joining Alexion as our new CFO. Dave has distinguished himself over his career as one of the most experienced and well-respected financial executives across industries. We welcome Dave to his new role and look forward to his leadership.” Mr. Brennan added, “ I look forward to working with the Board, the management team, and all of our employees as we continue to focus on serving patients with devastating and rare diseases, as well as advancing our promising clinical development and registration programs. Alexion has a clear strategy to deliver long-term growth, and the Board and I are fully committed to ensuring a smooth transition as we position the Company for continued success as one of the world’s most innovative biopharmaceutical companies.” Mr. Anderson commented, “ Alexion is a world-class company with a strong financial position and solid fundamentals in place to support our long-term strategy. I am excited to join Alexion and to work with David Brennan and the Company’s talented team to drive growth, capitalize on Alexion’s significant potential and enhance shareholder value.” Mr. Brennan has been a Director of Alexion since July 2014 and has served on the Strategy and Risk Committee, the Quality Compliance Committee, and the Science and Innovation Committee. From 2006 to 2012, he served as Chief Executive Officer and Executive Director of AstraZeneca PLC, one of the world’s largest pharmaceutical companies. Mr. Brennan worked for AstraZeneca in increasing roles of responsibility, including as Executive Vice President of North America from 2001 to 2006 and as Senior Vice President of Commercialization and Portfolio Management from 1999 to 2001. Prior to the merger of Astra AB and Zeneca Plc, he served as Senior Vice President of Business Planning and Development of Astra Pharmaceuticals LP, the American subsidiary of Astra AB. Mr. Brennan began his career in 1975 at Merck and Co. Inc., where he rose from Sales Representative in the U.S. Division to General Manager of Chibret International, a French subsidiary of Merck. Mr. Brennan currently serves on the Board of Directors of Innocoll, Inc. and Insmed Incorporated, and previously served on the Board of Directors of AstraZeneca PLC, Reed Elsevier PLC, and the Pharmaceutical Research & Manufacturers of America (PhRMA). He received a BA in business administration from Gettysburg College, where he is a member of the Board of Trustees. Mr. Anderson has significant experience leading complex, multi-national finance organizations across multiple industries. Most recently, he was the Senior Vice President and Chief Financial Officer of Honeywell International from 2003-2014. A member of Honeywell's senior leadership team, Mr. Anderson was responsible for all corporate finance activities including accounting, treasury, tax, audit, investments, financial planning, and acquisitions, and was integral to the reshaping of the company's business portfolio. While at Honeywell, Mr. Anderson received recognition from investors and peers as one of America's top CFOs. From 2012 to 2014, IR Magazine awarded Honeywell for having the best Financial Reporting, and Mr. Anderson was honored as conducting the Best IR by a CFO of a Large Cap company. Prior to joining Honeywell, Mr. Anderson was Senior Vice President and Chief Financial Officer of ITT Industries where he had responsibility for financial management, information technology and corporate development. Prior to joining ITT Industries, Mr. Anderson worked at Newport News Shipbuilding, where he was Senior Vice President and Chief Financial Officer. In that role, he successfully led the effort in 1996 to establish Newport News Shipbuilding as a stand-alone public company. Previously, he also held senior financial positions with RJR Nabisco and The Quaker Oats Company. Mr. Anderson serves on the Boards of several public companies, including Cardinal Health, a Fortune 20 leader in healthcare products and services. He received a BS in Economics from Indiana University and an MBA from the University of Chicago. Alexion leadership will host a listen-only conference call at 8:30 a.m. Eastern Time. To listen to this call, dial 1-855-327-6837 (USA) or 1-631-891-4304 (International), passcode 10002184 shortly before 8:30 a.m. Eastern Time. A replay of the call will be available for a limited period following the call. The replay number is 1-844-512-2921 (USA) or 1-412-317-6671 (International), passcode 10002184. The audio webcast can be accessed on the Investor page of Alexion’s website at: http://ir.alexionpharm.com. Alexion is a global biopharmaceutical company focused on developing and delivering life-transforming therapies for patients with devastating and rare disorders. Alexion developed and commercializes Soliris® (eculizumab), the first and only approved complement inhibitor to treat patients with paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS), two life-threatening ultra-rare disorders. As the global leader in complement inhibition, Alexion is strengthening and broadening its portfolio of complement inhibitors, including evaluating potential indications for eculizumab in additional severe and ultra-rare disorders. Alexion’s metabolic franchise includes two highly innovative enzyme replacement therapies for patients with life-threatening and ultra-rare disorders, Strensiq® (asfotase alfa) to treat patients with hypophosphatasia (HPP) and Kanuma® (sebelipase alfa) to treat patients with lysosomal acid lipase deficiency (LAL-D). In addition, Alexion is advancing the most robust rare disease pipeline in the biotech industry with highly innovative product candidates in multiple therapeutic areas. This press release and further information about Alexion can be found at: www.alexion.com . This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements often include words such as "anticipate," "believe," "expect," "will," or similar expressions. A number of important factors could cause actual results of the Company to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, (i) risks related to potential disruptions to our business as a result of the leadership changes and transition, (ii) the risk that hiring a new CEO may take longer than anticipated, (iii) risks relating to the internal investigation being conducted by the Audit and Finance Committee; (iv) legal proceedings and government investigations relating to the subject of the Audit and Finance Committee's investigation or related matters; (v) the risk that these or other risk factors impact the expected timing of the filing of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016; (vi) the risk that the failure by the Company to file the 10-Q in a timely manner could lead to a default under certain of the Company's indebtedness; and (vii) the risk factors detailed in Part I, Item 1A, "Risk Factors," of the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q, and other risk factors identified herein or from time to time in the Company's periodic filings with the SEC. The Company therefore cautions you against relying on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on the Company's behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
News Article | March 3, 2017
President Donald Trump speaks while aboard the nuclear aircraft carrier Gerald R. Ford, Thursday, March 2, 2017, at Newport News Shipbuilding in Newport, Va. Trump traveled to Virginia to meet with sailors and shipbuilders on aircraft carrier which is scheduled to be commissioned this year after cost overruns and delays. (AP Photo/Pablo Martinez Monsivais) WASHINGTON (AP) — President Donald Trump painted an overly bleak picture of the condition of the armed forces Thursday as he made his case for military expansion. A look at some of his statements from the Gerald R. Ford, a $12.9 billion aircraft carrier being built in Newport News, Virginia: TRUMP: "We are going to have very soon the finest equipment in the world." THE FACTS: Pentagon leaders have said for years that the U.S. already has the world's best weaponry and military equipment. They sometimes claim the U.S. is in danger of losing its advantage unless the Congress continues to spend heavily to develop and build new generations of weapons. The Navy's top officer, Adm. John Richardson, has said repeatedly that the Navy is the world's finest. He also has said the Navy must adapt to a world of changing security threats. Richardson's main focus has been on sharpening and changing the way sailors think about the nature of war, rather than relying on bigger budgets. "We will not be able to 'buy' our way out of the challenges that we face," he wrote in a January 2016 plan for maintaining U.S. naval superiority. TRUMP: "This great aircraft carrier provides essential capabilities to keep us safe from terrorism and take the fight to the enemy for many years in the future." THE FACTS: Aircraft carriers are not the crucial element in the defense against terrorism. They do provide a flexible means of bringing warplanes and intelligence-gathering aircraft to areas where terrorists are being hunted, like off the coast of Libya or in the Persian Gulf, but their main function is to deter bigger wars with state powers like China, Russia and North Korea. The Pentagon's counterterrorism campaigns rely more on special operations forces, Air Force fighters and surveillance drones, military trainers and advisers and the intelligence agencies. TRUMP: "I am calling for one of the largest defense spending increases in history." THE FACTS: Three times in recent years, Congress raised military spending by larger amounts, in percentage terms, than the $54 billion, or 10 percent, increase that Trump proposes. The base defense budget grew by $41 billion, or 14.3 percent, in 2002; by $37 billion, or 11.3 percent, in 2003, and by $47 billion, or 10.9 percent, in 2008, according to Defense Department figures. The proposed expansion pales in comparison with skyrocketing increases in earlier times. Military spending consumed 43 percent of the economy in 1944, during World War II, and 15 percent in 1952, during the Korean War. It was 3.3 percent in 2015, says the World Bank. TRUMP: "Our Navy is now the smallest it's been since, believe or not, World War I. Don't worry. It's going to soon be the largest it's been." THE FACTS: No, the fleet is not growing to the largest it's been, or anything close. The fleet indeed shrank to its smallest size since the decade after World War I — bottoming out at 271 in 2015 before rising to 274 this year, compared with 139 in 1930. But that number alone is not that meaningful. The nature of warfare has changed since the naval battles of the world wars — the rise of air power being just one significant factor. As well, for the last few decades the Navy has dramatically increased the warfighting effectiveness of its ships, meaning it can do more with far fewer vessels than it could during the Cold War, for example. The fleet stood at a record high of 6,768 fighting ships during World War II, declined gradually in the 1950s and '60s and shrank significantly after the Vietnam War. During the 1990s the number fell from the high 500s to the mid-300s as the Navy decommissioned many older ships and the U.S. reaped a "peace dividend" from the end of the Cold War. The count includes aircraft carriers, cruisers, destroyers, submarines, amphibious assault ships and other large combat ships. The fleet may grow more than planned if Trump's military expansion is approved by Congress. But no one is talking about matching — much less exceeding — the enormous armada of another age. The number of Navy personnel has also fallen over time, from more than 725,000 in 1954 to about 323,000 now. It's unlikely to grow anywhere near that higher level. Associated Press writers Jim Drinkard and Cal Woodward contributed to this report. EDITOR'S NOTE _ A look at the veracity of claims by political figures
News Article | January 4, 2016
Virginia may be the only state in the U.S. with a law creating a public-private partnership structure whose mission is to strengthen and promote its nuclear energy and technology industries. There are two components of the partnership, the Virginia Nuclear Energy Consortium Authority (VNECA) and the Virginia Nuclear Energy Consortium (VNEC), which is a private, not for profit corporation that is answerable to the authority. The VNECA Board composition was defined by statute to be composed of the following: The authorizing legislation passed with little opposition in early 2013, and the VNECA hosted the first of a series of meetings that October. Following the authority’s lead, VNEC devised a shared funding mechanism, signed up a group of eight founding, fee-paying members, produced a mission statement and hired an executive director. Those entities are AREVA, BWXT, Dominion, GE-Hitachi, Newport News Shipbuilding, University of Virginia, Virginia Commonwealth University and Virginia Tech. On December 10, 2015, the consortium’s executive director Marshall Cohen spoke at the annual joint meeting of the Virginia chapters of the American Nuclear Society and the American Society of Mechanical Engineers. Cohen walked the crowd of 70 interested professionals through VNEC’s history, described its current activities, talked about near term priorities and solicited the involvement of everyone with a vested interest in seeing the organization make progress in achieving its mission. That mission is to sustain and enhance the Commonwealth of Virginia as a national and global leader in nuclear energy and serving as an interdisciplinary business development, research, training, and information resource on nuclear energy issues. I attended the meeting and listened carefully to the presentation. During his talk Cohen spoke to the importance of the Ex-Im Bank reauthorization and VNEC’s active role as one of many supporters of the effort. That involvement was successful and provided VNEC an opportunity to build its brand and prove its worth to members and potential members. It also enabled the organization to begin building a national network and organizational identity. The VNEC executive described an effort in cooperation with NEI that will result in a conference in the first quarter of 2016 for interested individuals and organizations to discuss nuclear technology issues in Virginia. The event is being treated as a prototype for similar events around the country. He then recounted a conversation with Gov. Terry McAuliffe (D) that some of my fellow Virginians (and Americans) might find a little incredible. Cohen: I was with the governor on Monday morning [Dec 7] at a conference. He says, “Oh yeah, nuclear in Virginia. That’s critical. That’s important. I love nuclear. I wish we had 100% nuclear. What can I do to help?” It’s the governor. He’s ebullient. But you know what, he will help. When Cohen finished talking and solicited questions, my hand shot up. Here is a transcript of the resulting conversation. Adams: One of the things that I’ve worked on over the last cou- ple of years is helping people understand that mining uranium is a useful and vital part of our industry and that people who try to make it out as a health issue are harming the prospects for the rest of us. You talk about a nuclear cluster in Virginia. We have at least 119 million pounds of uranium on private property with good roads and good infrastructure. Is the Virginia Nuclear Energy Consortium going to work on that issue and help the Coles access their private property? Cohen: It is not an issue that’s come to us. I would be more than happy to take the issue to the board. Somehow just make a request or give me some background information and we can cer- tainly have a board discussion. I follow the policies that they want to set. I try to help guide them so that they can see what’s going on so they are aware of things. I’m familiar enough with it; I’ve lived in Virginia for a long time so I’m familiar enough with a little of the history. But in all of the nuclear stuff that I’ve done for the last 12-13 years, I’ve not really dealt with mining issues per se. But I did a lot of work in New Mexico on uranium enrichment and am aware of the mine history and legacy and all of the issues that come at us even though we weren’t involved in that. Adams: And it’s very important for us as communicators to help people understand that history is not what we’re doing today. We don’t do mining the same way they were doing it in New Mexico in the 1950s. It’s a completely different animal. Cohen: But we have to be cognizant of experiences. You know there are no boundaries on those things, even more so now with the Internet. So we need to be prepared. Well educated, well in- formed and prepared if we’re going to move forward. And even if we’re going to make presentations to the VNEC board, we’re going to want to give a thorough presentation. I’d be happy to bring it to them. Adams: I’ll recommend to Virginia Uranium that they talk to you and also that they talk to you about becoming a member. If this was not a nuclear thing, it would seem very strange indeed to realize that a state whose government has created a structure like VNECA and VNEC also has rejected efforts to overturn a three decade old “temporary” moratorium on uranium mining. Since we’re talking about nuclear, no one should be at all surprised. Note: A slightly different version of the above first appeared in the Nuclear Buzz column of the December 17, 2015 edition of Fuel Cycle Week. This version includes an expanded description of the VNECA membership and a correction of a typo in the list of corporations from “Hitachi” to “GE-Hitachi.” It is reprinted here with permission. The post Virginia Loves Nuclear But Hates Uranium – Why? appeared first on Atomic Insights.
News Article | March 3, 2017
NEWPORT NEWS, Va. (AP) — President Donald Trump pledged to boost defense spending as he basked in the nation's military might aboard a next-generation Naval aircraft carrier on Thursday. Wearing an olive green military jacket and blue ball cap, Trump vowed to mount "one of the largest" defense spending increases in history. "Hopefully it's power we don't have to use, but if we do, they're in big, big trouble," Trump said. Trump spoke from the Gerald R. Ford, a $12.9 billion warship that is expected to be commissioned this year after cost overruns and delays. He touted his spending plans, saying he would provide "the finest equipment in the world" and give the military the "tools you need to prevent war." The president also toured the carrier and met with sailors and military leaders. He saluted the sailors as he arrived on the carrier. Before his remarks, Trump was asked about the revelation that Attorney General Jeff Sessions twice talked with Moscow's U.S. envoy during the campaign, contact that seems to contradict Sessions' sworn statements to Congress during his confirmation hearings. While there were mounting calls for Sessions to resign or recuse himself, Trump stood by Sessions on Thursday, saying he had "total" confidence in his attorney general. Asked if Sessions should recuse himself, Trump said: "I don't think so." Trump also said he "wasn't aware" that Sessions had spoken to Russia and said that he "probably did" speak truthfully to the Senate. During his trip to Newport News, Trump was joined aboard Air Force One by Defense Secretary Jim Mattis. A draft budget plan released earlier this week by the White House would add $54 billion to the Pentagon's projected budget, a 10 percent increase. The U.S. currently spends more than half trillion dollars on defense, more than the next seven countries combined. "To keep America safe, we must provide the men and women of the United States military with the tools they need to prevent war," Trump said in his address to Congress on Tuesday night. Trump, in his 2016 campaign, repeatedly pledged to rebuild what he called the nation's "depleted" military and told supporters at Regent University in Virginia Beach in October that the region's naval installations would be "right at the center of the action with the building of new ships." He often argued that the U.S. military is too small to accomplish its missions and pledged to put the Navy on track to increase its active-duty fleet to 350 ships, compared to the current Navy plan of growing from 272 ships to 308 sometime after 2020. The PCU Gerald R. Ford CVN 78, located at Newport News Shipbuilding, will be the first of the Navy's next generation of aircraft carriers and is expected to accommodate some 2,600 sailors. Trump's speech to a joint session of Congress, his first as president, included his past calls for repealing the "defense sequester," or across-the-board budget cuts instituted by Congress. He will need the repeal to achieve the kinds of increased defense spending that he is seeking.
News Article | November 11, 2016
This carrier and those that will follow, including the USS John F. Kennedy and the USS Enterprise, will replace the Nimitz-class carriers, which were first commissioned in 1975. Construction on the Ford started in 2009 and on the Kennedy in 2015. Construction is scheduled to start on the Enterprise in 2018, but that could be pushed back. The Ford—sitting now at Newport News Shipbuilding, the giant Navy contractor in Virginia—will house about 2,600 sailors, 600 fewer than the Nimitz-class carriers. The Navy says that will save more than $4 billion over the ship's 50-year lifespan. The air wing to support the Ford could add more personnel to the ship, which is designed to house more than 4,600 crew members. The Navy had hoped to begin testing the Ford's systems and equipment during sea trials this fall. But those tests and a delivery date have been delayed as work continues on some of the vessel's new technology, such as its power generation system, aircraft landing equipment and advanced weapons elevators. Construction was supposed to be completed by September 2015, with a cost cap of $10.5 billion. The Navy has attributed delays and cost overruns to the ship's state-of-the-art systems and technology. Capt. Richard McCormick took command of the Ford last spring and will be at the helm for sea trials when they are scheduled. The ship's destination once it's delivered to the Navy? "Bottom line is that when the ship is ready for deployment, we will go where the boss tells us to go," McCormick says. The vessel includes electromagnetic launch systems for jets and drones, replacing steam catapults; a smaller island that sits farther back on the ship, making it easier and quicker to refuel, re-arm and relaunch planes; and a nuclear power plant designed to allow cruising speeds of more than 30 knots and operation for 20 years without refueling. The in-port cabin reflects the life and career of the ship's namesake, President Gerald R. Ford. Besides living quarters, the cabin serves as a ceremonial receiving location for distinguished guests and as an area for the captain to welcome new sailors aboard. Morning meetings are held in the suite's boardroom. The Ford weighs close to 100,000 tons and getting it to rest dead in the water requires some serious stopping power. Hours of planning go into dropping anchor, but when the brake is released and the anchor starts to drop, it happens fast: 90 feet of chain can pay out in 5 seconds. Below deck on the ship is a maze of steel hatches and heavily plated hallways that descend 11 levels, revealing the workings of a small city - a medical ward, barber shops, fitness centers, living quarters, fire stations and more. Routine tasks are punctuated aboard the Ford with "general quarter" drills: Sirens blare and sailors scramble to defensive positions, sealing hatches and assembling near repair lockers. In this April 14, 2016 photo, firefighting equipment hangs ready during a tour of the nuclear powered aircraft carrier USS Gerald R. Ford at Newport News Shipbuilding in Newport News, Va. The Navy refers to its newest aircraft carrier, the USS Gerald R. Ford, as "4.5 acres of sovereign U.S. territory." (AP Photo/Steve Helber) In this April 14, 2016, Navy doctor Kim Toone, front, gestures in an operating room during a tour of the nuclear powered aircraft carrier USS Gerald Ford at Newport News Shipbuilding in Newport News, Va. The $12.9 billion warship, the first of the Navy's next generation of aircraft carriers, is in the final stages of construction after cost overruns and a delay of more than one year. This carrier and those that will follow are being built to replace the Nimitz-class carriers, which were first commissioned in 1975. (AP Photo/Steve Helber) This April 14, 2016 photo, the island rises above the deck of the nuclear powered aircraft carrier USS Gerald R. Ford at Newport News Shipbuilding in Newport News, Va. The island is smaller and sits further aft on the ship. The $12.9 billion warship, the first of the Navy's next generation of aircraft carriers, is in the final stages of construction after cost overruns and a delay of more than one year. This carrier and those that will follow are being built to replace the Nimitz-class carriers, which were first commissioned in 1975. (AP Photo/Steve Helber) In this April 14, 2016 photo, shipyard worker Anthony Diggs, of Newport News, Va., works on a flight deck light during a tour of the USS Gerald R. Ford at Newport News Shipbuilding in Newport News, Va. The Navy refers to its newest aircraft carrier, the USS Gerald R. Ford, as "4.5 acres of sovereign U.S. territory." (AP Photo/Steve Helber) In this April 14, 2016 photo, a crew member looks over maintenance records in the shower area during a tour of the nuclear powered aircraft carrier USS Gerald R.Ford at Newport News Shipbuilding in Newport News, Va. Below deck on the ship is a maze of steel hatches and heavily plated hallways that descend 11 levels, revealing the workings of a small city – a medical ward, barber shops, fitness centers, living quarters, fire stations and more. (AP Photo/Steve Helber) In this April 27, 2016 photo, USS Gerald R. Ford is stationed at Newport News Shipbuilding in Newport News, Va. The $12.9 billion warship, the first of the Navy's next generation of aircraft carriers, is in the final stages of construction after cost overruns and a delay of more than one year. This carrier and those that will follow are being built to replace the Nimitz-class carriers, which were first commissioned in 1975. ( Photo/Steve Helber) This April 14, 2016 photo, shows the interior of the captains in-port cabin, adorned with memorabilia provided by the family of the late President Gerald R. Ford, during a tour of the USS Gerald R. Ford at the Newport News Shipbuilding in Newport News, Va. The $12.9 billion warship, the first of the Navy's next generation of aircraft carriers, is in the final stages of construction after cost overruns and a delay of more than one year. This carrier and those that will follow are being built to replace the Nimitz-class carriers, which were first commissioned in 1975. (AP Photo/Steve Helber) Explore further: US Navy poised to take ownership of its largest warship
News Article | March 2, 2017
NEWPORT NEWS, Va., March 02, 2017 (GLOBE NEWSWIRE) -- President Donald J. Trump spoke today aboard the aircraft carrier Gerald R. Ford (CVN 78), currently preparing for sea trials and delivery at Huntington Ingalls Industries’ (NYSE:HII) Newport News Shipbuilding division. “Our carriers are the centerpiece of American military might overseas,” Trump said. “We are standing today on 4.5 acres of combat power and sovereign U.S. territory, the likes of which there is nothing to compete. There is no competition to this ship. It is a monument to American might that will provide the strength necessary to ensure peace. This ship will carry 4,500 personnel and 70 aircraft and will be a vital component of our defense. This carrier and the new ships in the Ford class will expand the ability of our nation to carry out vital missions on the oceans to project American power in distant lands.” A photo accompanying this release is available at: http://newsroom.huntingtoningalls.com/file?fid=58b8a36fa138355a13974a1f. Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, visit:
News Article | February 24, 2017
NEWPORT NEWS, Va., Feb. 24, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) hosted Rep. Kay Granger, R-Texas, on Thursday for a tour of the company’s Newport News Shipbuilding division. Newport News Shipbuilding President Matt Mulherin accompanied the congresswoman on the shipyard tour, which included progress updates on the aircraft carriers Gerald R. Ford (CVN 78) and John F. Kennedy (CVN 79), as well as the USS Abraham Lincoln (CVN 72) refueling complex overhaul and the Enterprise (CVN 65) inactivation. Granger also learned about Newport News’ role in the Virginia- and Columbia-class submarine programs. “The exceptional shipbuilders at Newport News are vital to building our Navy’s future fleet,” Granger said. “It is their skill and expertise that ensures our nation’s nuclear shipbuilding enterprise delivers what is needed to support our national defense. In addition, I am pleased by the shipyard’s efforts to control costs on these complex warships because we must increase the size of our Navy in these dangerous times. This shipyard and other advanced American manufacturers across the country are absolutely critical to keeping us safe.” A photo accompanying this release is available at: http://newsroom.huntingtoningalls.com/file?fid=58b05493a1383536ba5162ec. Granger serves as chairwoman of the House Appropriations Committee’s Defense Subcommittee, which provides funding for all of the Navy’s shipbuilding, ship maintenance, and research and development programs each year. On appropriations, she is also a member of the State & Foreign Operations and Energy & Water subcommittees. Granger has received numerous awards for her support of national defense issues and is the first and only Republican woman to represent Texas in the U.S. House of Representatives. “Congressional visits are invaluable,” Mulherin said. “They provide our nation’s decision-makers with the opportunity to see and experience the complexities of our ships, our business and more importantly, they provide us an opportunity to recognize the many shipbuilders and suppliers from across the country who contribute toward their construction. Congresswoman Granger’s commitment to the readiness of our military is clear, and we appreciate her support and her hard work toward stabilizing the defense budget.” Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, visit:
News Article | December 13, 2016
WAKEFIELD, Mass.--(BUSINESS WIRE)--The Augmented Reality for Enterprise Alliance (AREA) announced today that Lockheed Martin has joined AREA at the Sponsor level and accepted a seat on its Board of Directors. According to AREA Executive Director Mark Sage, Lockheed Martin, along with other AREA Enterprise members Bosch, Boeing, Huawei, and Newport News Shipbuilding and many others, have pledged support to drive ecosystem development and best practices for Augmented Reality (AR). With over 30 members, the AREA is the only global membership funded alliance, helping to accelerate the adoption of Enterprise AR by creating a comprehensive ecosystem for enterprises, providers, and non-commercial institutes. It supports innovative companies, aspiring to invest in AR who need a better understanding of the tools available, application possibilities, methods of implementation and return on investment. The AREA provides a free and open exchange of best practices, lessons learned, and technological insights which can help enterprises effectively implement AR technology, boost operational efficiency and create long term benefit. “Lockheed Martin is another strong and significant addition to the AREA Board of Directors,” said Sage. “They bring long experience with and a keen understanding of the tools, applications, and implementations of AR in the enterprise. Their collaboration with AREA members in defining this emerging industry through research, networking, education and best practice is a welcome addition.” The AREA's membership benefits include access to high-quality, vendor-neutral content and participation in various programs, a research framework to address key challenges shared by all members, discounts for fee-based events, and more. Sponsor members have a direct role in shaping the rapidly expanding AR industry and demonstrate their companies' leadership and commitment to improving workplace performance. About the AREA The Augmented Reality for Enterprise Alliance (AREA) the AREA is the only global membership funded alliance, helping to accelerate the adoption of Enterprise AR by creating a comprehensive ecosystem. The organization provides high-quality, vendor-neutral content and programs. Discover the benefits of joining the AREA by visiting our membership information page. More information about the AREA is available at http://www.thearea.org or email@example.com.