HUNTINGTON INGALLS INDUSTRIES ANNOUNCES DETAILS OF THE COMPANY’S SCHOLARSHIP FUND

NEWPORT NEWS, Va., June 20, 2016 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today details about the scholarship program it has established for dependent children of company employees.

In March, HII first announced that it had begun the process to establish a scholarship fund. Working with Scholarship Management Services, a division of Scholarship America, HII intends to award 100 scholarships a year to dependent children of HII employees.

“I’m excited to see this scholarship program come together to help our employees’ children,” HII President and CEO Mike Petters said. “Whether in pre-school or college, these children will one day be our nation’s leaders, and I believe it’s our responsibility to give them the tools they need to succeed—and education is at the top of the list.”

Details on how to apply for a scholarship can be found: /homeport/hii-scholarship-fund.

The Huntington Ingalls Industries Scholarship Fund provides financial assistance to qualified and selected dependent children of HII employees who are pursuing a post-secondary college or technical/vocation degree and dependent children that are enrolled in quality pre-kindergarten school readiness programs. Children of all HII employees are eligible to apply, with the exception of children of senior executives and those employees who have been with the company for less than two years.

Individual award amounts range from $1,500 annually for selected students enrolled in a two-year college program to $3,000 per year for selected students enrolled in a four-year program. The fund also awards scholarships of up to $3,000 toward pre-school education costs.

As announced in March, the opportunity to establish the program is the result of Petters declining his annual salary, but for $1, to fund the program. The scholarship will also be funded through the establishment of an endowment that will sustain the scholarship fund for the benefit of students in future years. The scholarship fund is also being made available to other contributors who want to assist in the efforts to provide assistance to the children of HII employees.

“I was awarded two scholarships in my life that totally changed my trajectory,” Petters said. “It’s my hope that this scholarship program will do the same for many of our extended HII family.”

Scholarship America, the nation’s largest designer and manager of scholarship and tuition reimbursement programs for corporations and foundations, has extensive experience in managing these programs for companies across the globe.

The selection process for awards is independent of HII and based on both scholarship and financial need. No employee or officer of HII will play a part in the selection process.