| NEW ORLEANS, LOUISIANA - Avondale Industries Inc. (NASDAQ/NMS-AVDL) announced today that its shareholders have approved the proposed merger of Avondale with Litton Industries, Inc. by a vote of approximately 71% of the total outstanding shares of Avondale common stock. Avondale and Litton have agreed to close the merger on August 2, 1999. Avondale Industries, Inc. based in metro New Orleans, designs, builds and overhauls ships for the U.S. Navy, the U.S. Coast Guard and commercial customers. Litton is a leader in worldwide technology markets for advanced electronic, defense and information systems, and is a major designer and builder of surface combatant ships for the U.S. Navy and allied nations. |