April 15, 2010
ARLINGTON, Va. - April 15, 2010 - The National Veteran-Owned Business Association (NaVOBA) has honored Northrop Grumman Corporation (NYSE:NOC) in its April issue Vetrepreneur magazine of as one of its 10 Best Corporations for Veteran-Owned Businesses for 2010.
"Northrop Grumman is honored to be named one of the Best 10 Corporations for Veteran-Owned Businesses. This recognition is an acknowledgement that our focus on creating a competitive advantage by partnering with diverse, technologically superior and agile suppliers is a winning proposition for Northrop Grumman and veteran-owned businesses," said Susan Cote, vice president, corporate contracts, pricing and supply chain. "More importantly, it proves our assertion that a diverse supplier base is more than good business – it is a business imperative."
Many of Northrop Grumman's long term suppliers are veteran-owned businesses. The corporation believes that as a result of military service, veterans understand the importance of producing technologically advanced high-quality products and are uniquely attuned to our requirements.
In fiscal year 2009, Northrop Grumman subcontracted over $636 million with veteran-owned businesses, which equates to 6.6% of the value of the company's total subcontracts. Of this total, $148 million, or 1.5% of the value of the company's total subcontracts, were let to service-disabled veteran owned businesses.
"The military teaches leadership, teamwork, integrity, resolve and ingenuity," said NaVOBA President Chris Hale. "These intangibles are also the most important ingredients for success in running a business – which is why corporate America is so eager to partner with veteran-owned suppliers. The ten corporations we honored today just happen to be the best."
There are currently three million veteran-owned businesses in the United States. NaVOBA encourages business partnerships between corporate America, the government and veteran-owned businesses. NaVOBA serves to unite veteran-owned businesses by acting as the national voice for the veteran business movement.
Northrop Grumman has been recognized for its veteran business relationships including a Corporate Achievement award from the Department of Veterans Affairs' Center for Veterans Enterprise in 2008 and the Veteran Business Journal's List of the Best Companies for Veteran Owned Businesses in 2006.
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