NEWPORT NEWS, Va., March 21, 2016 (GLOBE NEWSWIRE) — Huntington Ingalls Industries (NYSE:HII) announced today that it has begun the process of establishing a fund to provide educational assistance for children of HII employees.

“It will be some time before all the details are ironed out, but it’s my hope that this program, when it begins operations, will provide the children of HII employees opportunities for college scholarships and financial assistance for early childhood education,” said HII President and CEO Mike Petters.

Workforce development is a top priority for the company, and the establishment of this fund dovetails with those efforts to invest in future generations of workers through education, from pre-K through college. Some of HII’s other workforce development efforts include investment in STEM (science, technology, engineering and math) education programs; partnerships with community colleges and technical schools to develop trade-based curriculum; summer internships for both students and teachers, and industry-leading apprentice schools at the company’s two shipyards.

“I often speak about the importance of education,” Petters said. “As a business leader and as a member of my community, I am personally and professionally committed to every segment of the education pipeline. I also believe it’s my responsibility to demonstrate that commitment by investing in it. It’s a long-game investment, but to keep our national economy strong and to remain competitive on the world stage, we must invest in educating our future leaders.”

While details of the educational fund are still being developed, it will be funded annually with Petters’ salary. HII’s Board of Directors recently approved a motion to enable Petters to reduce his annual salary to $1 per year. The balance of his salary, nearly $1 million, will annually fund this educational assistance program that will be operated by an independent third party yet to be identified.

“We hope to be able to communicate details later this year, but I’m very honored and excited to be a part of this effort to help the children of our employees,” Petters said.

About Huntington Ingalls Industries

Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of engineering, manufacturing and management services to the nuclear energy, oil and gas markets. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. Headquartered in Newport News, Virginia, HII employs nearly 36,000 people operating both domestically and internationally. For more information, visit: