SUNNYVALE, Calif.-California Microwave Inc. announced it entered into an agreement with
Northrop Grumman Corp. to sell its government business for an anticipated $98 million in cash.
“On Oct. 6,
1998, the company announced that it would sell its government business, focusing its resources on implementing its
broadband strategy and maintaining and expanding its market positions in satellite, terrestrial data radio and other
wireless product businesses,” said Frederick D. Lawrence, California Microwave’s chairman and chief executive
officer.
The company said it intends to use proceeds from the sale to retire short-term debt and to repurchase its own
shares. The transaction is expected to close in April.
