ATK Snaps Up Thiokol For $685 Million

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Thiokol motors power the Shuttle's solid fuel boosters.

Pittsburgh - Jan. 31, 2001
Alcoa Inc. and Alliant Techsystems Inc (ATK) have reached agreement under for ATK to acquire Alcoa's Thiokol Propulsion business for $685 million in cash.

Thiokol, a leading supplier of rocket propulsion systems for space launch vehicles with sales of approximately $570 million, became part of Alcoa with the acquisition of Cordant Technologies in May 2000. ATK is a supplier of aerospace and defense products, including conventional munitions and propulsion rocket motors.

The transaction, which has received all necessary corporate approvals of both companies, is subject to customary regulatory approvals. It is expected to close by the end of the second quarter of 2001.

Commenting on the announcement, Alcoa Chairman and CEO Alain Belda said, "This transaction is beneficial to all parties involved. It delivers value to Alcoa shareholders, and Thiokol becomes a strategic part of ATK, a company in the propulsion business and positioned to help Thiokol realize the full value of its products and technologies."

"This is a sound strategic acquisition that will deliver significant value to customers, employees and ATK shareholders," said Paul David Miller, chairman and chief executive officer of ATK. "When approved, we will have a blend of propulsion expertise, leadership spirit, and personal commitment to integrate effectively these businesses." ATK said it expects the acquisition to be accretive to earnings by 5 to 10 cents per share in fiscal year 2002, which begins April 1, 2001.

ATK is a $1.1 billion aerospace and defense company with leading market positions in munitions, smart weapons/precision capabilities, propulsion, and composite structures. The company, which is headquartered in Hopkins, Minn., has three business segments: Conventional Munitions, Aerospace, and Defense Systems.

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SPACEMART

Japan Plans To Launch Solar Power Station In Space By 2040

Tokyo (AFP) Jan. 31, 2001
Undaunted by its less than glorious track record in space, Japan's ministry of economy, trade and industry (METI) has ambitious plans to launch a giant solar power station by 2040.

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