March 9, 1995
Securities and Exchange Commission
Division of Corporation Finance
450 Fifth Street, NW
Stop 1-4
Washington, D.C. 20549-1004
Attention: Filing Desk
RE: Thiokol Corporation
Commission File No. 1-6179
Current Report on Form 8-K dated March 9, 1995
Ladies/Gentlemen:
This Form 8-K is being filed electronically on EDGAR pursuant to
Item 5, Other Events.
Sincerely,
s/Edwin M. North
EMN/dch
Enclosures
cc: New York Stock Exchange (w/manually signed copy of report)
Chicago Stock Exchange (w/manually signed copy of report)
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported): March 9, 1995
Thiokol Corporation
___________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 1-6179 36-2678716
___________________________________________________________________
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
2475 Washington Boulevard, Ogden, Utah 84401
___________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 801-629-2000
___________________________________________________________________
(Former name or former address, if changed since last report.)
<PAGE>
ITEM 5 - OTHER EVENTS
News Release: March 9, 1995
OGDEN, UTAH -- "In order to strengthen Thiokol's competitive
position in its defense and launch vehicle rocket motor business,
the Company will close and consolidate selected manufacturing
facilities," James R. Wilson, President and Chief Executive Officer
announced today.
Thiokol's plant in Huntsville, Alabama, will be phased out and
closed over the next 15 months, eliminating 320 jobs. This
facility manufactures rocket motors for tactical defense systems
and CASTOR IV space motor boosters. Unaffected by this
consolidation is the Company's Space Operations and Science &
Engineering activities located in Huntsville.
Thiokol's Omneco, Inc. subsidiary, located in Carson City, Nevada,
currently employing 50 will be sold as an entity, or divested in
whole or part over a period of time depending on the most favorable
financial return consistent with program needs. During the
transition process, emphasis will be placed on not adversely
affecting current production contracts. Omneco manufactures rocket
motor cases for various defense programs.
"In connection with this consolidation, Thiokol intends to record
a restructuring charge of approximately $61 million pretax in its
fiscal third quarter. After tax, the charge amounts to
approximately $45 million or $2.41 per share. The charge includes
approximately $49 million pretax of non-cash charges associated
with the disposition of fixed assets and the write down of
goodwill. In addition to the third-quarter charge, and consistent
with current accounting guidance, approximately $10 million of
pretax costs to relocate equipment and requalify programs will be
expensed as incurred over the next fifteen months," Wilson said.
As previously announced in January, the Defense and Launch Vehicle
(DLV) Division was created with a single staff supporting multiple
manufacturing facilities. Following the consolidation, the
division's principal operation will be located in northern Utah.
The DLV northern Utah facility will be responsible for the full
line of Castor boosters for expendable launch vehicles, strategic
missiles, air and ground-launched tactical missiles, high
technology flare and decoy devices, and rocket motor neutralization
activity both in the U.S. and overseas.
The division's other facility in Elkton, Maryland, will continue to
be responsible for STAR(TM) motor upper stage and satellite
placement motors, specialty gas generators, various advanced hot
gas control devices, surface and subsurface launched naval tactical
missiles and high technology electronic safe/arm, destruct, and
initiation devices.
"This consolidation and reorganization of Thiokol's Defense and
Launch Vehicle resources will support our objective of continuing
to be the market and technical leader in solid propulsion,
providing our customers with high quality, reliable products at
competitive prices. The effort being made to improve performance
in our defense and launch vehicle business, complements similar
efforts in Thiokol's support of the nation's space endeavors
through NASA and in our fastening systems business," stated
Wilson.
Thiokol Corporation (TKC-NYSE) is a major producer of solid
propulsion systems, ordnance and composite products for the space
and defense industries, and high-technology, proprietary fastening
systems.
(END NEWS RELEASE)
Explanatory Note:
The excess of the book value of assets and the related goodwill
will over the projected discounted future cash flows related to the
affected organizations was used to determine the amount of the
write-down described in this News Release.<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
THIOKOL CORPORATION
March 9, 1995 s/Richard L. Corbin
_______________________________
Senior Vice President and
Chief Financial Officer
