Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense technology company formed by the 1994 purchase of Grumman by Northrop. The company is the fourth largest defense contractor in the world, and the largest builder of naval vessels. Northrop Grumman employs over 122,000 people worldwide. Its 2007 annual revenue is reported at US$32 billion. Northrop Grumman ranks #76 on the 2008 Fortune 500 list of U.S. industrial companies.