Northrop Grumman Corp. said that it will split its naval and aviation engineering venture Amsec LLC along customer and product lines with its partner SAIC Inc.

Northrop, the world’s largest shipbuilder, will retain its Newport News facility, which handles ship engineering, logistics and technical services units under the Amsec. This portion of the business does about $200 million in annual revenues, Northrop said.

San Diego-based SAIC will receive the aviation, combat systems and strike-force integration-services divisions of the Virginia Beach, Va.-based company, Northrop said in a statement. The company also said that it will lose some revenues from the split, saying it will categorize the losses from the restructuring as losses from “discontinued operations.”

Amsec, which recently went public, has seen its revenues grow from $100 million to $500 million between 2000 and 2007.

Northrop said the restructuring effort is not forecast to be material to the Los Angeles-based company’s financial results. The break up is anticipated to be completed by mid-July.

Shares in Northrop were off 22 cents to $75.71 in afternoon trading Tuesday on the New York Stock Exchange.