Alcoa
Acquires Cordant Technology; Includes Thiokol Propulsion
 Alcoa Inc. has completed its acquisition of
Cordant Technologies Inc., which includes Thiokol Propulsion.
Thiokol Propulsion is a supplier of solid rocket propulsion
systems for space launch vehicles, employing approximately 3,800.
Revenues for the Thiokol Propulsion unit in 1999 were reported to
have been US$588 million. The Thiokol Propulsion unit may be too
far outside of Alcoa’s core business, which may result in the
sale of that unit.
As a result of the merger, each outstanding share of Cordant
common stock was converted into the right to receive US$57 in
cash, without interest. Cordant stock ceased trading on the New
York Stock Exchange at the close of business on Wednesday, May 24,
2000. The transaction is valued at approximately US$2.9 billion
based on 40 million fully diluted shares of Cordant common stock
on March 13, 2000 and the assumption of US$685 million in debt.
Earlier in May, Alcoa Inc. and Reynolds Metals Company completed
their merger.
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