Northrop Grumman Corporation announced it has closed the acquisition of Orbital ATK Inc., a global leader in aerospace and defense technologies. Orbital ATK is now Northrop Grumman Innovation Systems, a new, fourth business sector.

Northrop Grumman's board of directors has elected Blake Larson as corporate vice president and president of Northrop Grumman Innovation Systems, reporting to Kathy Warden, Northrop Grumman's president and chief operating officer. Larson previously served as the chief operating officer of Orbital ATK.

"We welcome Orbital ATK's talented employees," said Wes Bush, chairman and chief executive officer, Northrop Grumman. "We are delighted to have them join the Northrop Grumman team, and we are very excited about the value creation our combination represents for our customers, shareholders and employees. Together, through our leading technologies and innovation-focused culture, we look forward to developing enhanced mission capabilities and more competitive offerings in critical global security domains," said Bush.

"I am also excited to welcome Blake to our leadership team," Bush added. "He is a proven leader and I know that he will continue to focus on performance and innovation as the president of our new Innovation Systems sector."