Alcoa Makes Bid To Buy Cordant

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Alcoa Makes Bid To Buy Cordant

Aluminum maker Alcoa Inc. bid US$2.9 billion for aerospace supplier Cordant Technologies Inc. The deal, expected to close May 1, is valued at $2.9 billion, which includes the assumption of Cordant’s US$685-million worth of debt. The merger still needs regulatory approval before it can be completed. Salt Lake City-based Cordant employs 17,000 people and is split into three business groups: Howmet Castings, a manufacturer of cast aluminum components; Huck Fasteners, which manufactures fasteners and fastening systems; and Thiokol Propulsion, which supplies solid-fuel propulsion systems for space launch vehicles. Howmet, with revenues expected to reach US$1.5 billion this year, is the world’s largest producer of precision castings (pictured) made from aluminum and titanium, primarily for jet aircraft and industrial gas turbine engines. Cordant’s Thiokol Propulsion unit may be too far outside of Alcoa’s expertise, which might result in the sale of that unit. Alcoa had 1999 revenues of about US$16 billion and has about 107,000 employees. Alcoa is in the midst of merging with the world’s No. 3 aluminum maker, Reynolds, to compete with the pending merger of Zurich-based Alusuisse-Lonza, Pechiney of France and Alcan Aluminum of Canada. An Alco-Reynolds-Cordant combination would employ about 143,000 people and have US$23.5 billion in revenue.

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March 20, 2000

Andrews Space & Technology