Alcoa Selling Thiokol to Alliant Techsystems

Thiokol Propulsion is being sold to Alliant Techsystems (ATK). ATK has agreed to acquire Thiokol Propulsion from Alcoa in a US$685 million cash deal. The acquisition is expected to close by the end of the second quarter, subject to customary regulatory approval. Thiokol employs about 3,800 people.

Alliant Techsystems manufactures solid-propellant rocket motors, munitions and composite structures. Among its major products are the solid rocket boosters for the Titan 4 and strap-on boosters for Delta rockets. Thiokol manufactures the Space Shuttle Solid Rocket Boosters, Castor booster stages, Star kick stages, Minuteman and Peacekeeper missiles propulsion systems and composite materials.

Thiokol Propulsion was acquired by Alcoa Aluminum ten months ago, when Alcoa bought Cordant Technologies for US$2.9 billion. Cordant Technologies was once known as Thiokol Corp. Thiokol Corporation had been formed by the splitting of Morton Thiokol into a propulsion division (Thiokol) and a specialty chemicals company (Morton). Thiokol Corporation then acquired Huck fasteners and Howmet investment castings as business lines changing its name to Cordant Technologies. Those businesses will remain as part of Alcoa. Alliant Techsystems, a maker of munitions, composite materials and solid-chemical propulsion systems was spun-off from Honeywell a decade ago.

Alliant Techsystems became an independent company in 1990 when Honeywell spun off its former Defense and Marine Systems businesses. In 1995 ATK acquired Hercules Aerospace Company. The company has approximately 6,500 employees.

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