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Sun, Aug 26, 2007

Northrop Grumman Completes Scaled Composites Purchase

Increases Stake In Aerospace Company To 100 Percent Ownership

Northrop Grumman Corporation reported last week it has completed a transaction that increases its ownership in Scaled Composites, LLC from approximately 40 percent to 100 percent.

As ANN reported, Northrop Grumman announced in July it intended to increase its stake in Burt Rutan's maverick private aerospace company, best known for the Ansari X-Prize award-winning SpaceShipOne, the world's first private manned spacecraft.

The company is currently working on a vehicle currently dubbed SpaceShipTwo with Sir Richard Branson's Virgin Galactic.

Six days after Northrop made its July 21 announcement, Scaled was hit with its first fatal accident -- the loss of three workers during a "cold fire" test of the propellant system to be used on SpaceShipTwo.

Scaled is reportedly looking at the flow of nitrous oxide (more commonly known as laughing gas) through an opening in the system during the test, as a possible cause of the blast.

FMI: www.scaled.com, www.northropgrumman.com

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