The Navy has endorsed Northrop Grumman's decision to spin off two of its shipyards into a new entity called Huntington Ingalls Industries Inc. The company announced earlier today that its board had approved the spinoff, which will consist of its Huntington yard in Newport News, VA and the Ingalls yard in Pascagoula, MS. Northrop has said it plans to close its third yard, Avondale, near New Orleans, LA, though there have been media reports that a buyer has expressed interest...
