SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 5, 1998
Cordant Technologies Inc.
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(Exact name of registrant a specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-6179 36-2678716
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Commission File Number (IRS Employer Identification No.)
2475 Washington Boulevard, Ogden, Utah 84401-2398
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(Address of principal executive offices) (Zip Code)
(801) 629-2000
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(Registrant's Telephone Number)
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ITEM 5 - OTHER EVENTS
THIOKOL CORPORATION CHANGES NAME TO CORDANT TECHNOLOGIES
New Identity Reflects Broad Market-Leading Businesses
Ogden, Utah, May 5, 1998 -- Thiokol Corporation (NYSE:TKC) today announced
that its Board of Directors has approved a change of its corporate name to
Cordant Technologies Inc. Effective May 7th, the company's new stock symbol
on the New York Stock Exchange will be CDD.
The new identity reflects the company's broadened business portfolio
consisting of three market-leading businesses:
* Thiokol Propulsion - the world's leader in solid rocket
propulsion systems.
* Howmet International - a world leader in investment cast parts
for aerospace and commercial applications. Cordant Technologies
owns 62 percent of Howmet.
* Huck International - a leader in aerospace and transportation
fastening systems.
"We operate three dynamic businesses, each with a strong brand identity and
a respected management team," Cordant Technologies Chairman and Chief
Executive Officer James R. Wilson said in making the announcement. "Each of
these businesses will continue its separate operations and identity and be
linked together with the Cordant Technologies name. Our vision remains
unchanged; we will continue to be a world class supplier of value-added,
high-technology aerospace and industrial products with similar
characteristics and multiple synergies."
"Cordant Technologies successfully projects the image of a forward-looking,
broad-based company involved in multiple businesses on a global scale. It
emphasizes technology, the common theme of our existing businesses and of
those we may acquire," said Mr. Wilson.
The decision to broaden the company's corporate identity is part of an
overall business strategy and vision that has been evolving since the early
1990s.
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"We recognized that it was difficult to grow a company that was dependent
on one basic product line - solid rocket propulsion systems; and one market
- - the government, even though this business has performed well," said Mr.
Wilson. "So, in 1991 we acquired Huck and in 1997 completed the acquisition
of additional shares of Howmet to give us majority ownership."
"Under the Cordant Technologies banner, Thiokol, Huck and Howmet employees
become unified members of a global company renowned for superior
technological expertise; strategic diversification and relentless
improvements in product, service and operational performance," continued
Mr. Wilson. "Our new name is a declaration of the strength of the existing
company, linking us with our heritage but projecting the company toward a
dynamic future."
The company recently reported a third quarter net income of $32.8 million,
or $.87 per share for the quarter ending March 31, 1998, compared to $20.8
million, or $.56 per share (adjusted for the recent two-for-one stock
split) for the prior year's quarter. This represents an increase of 58
percent.
Sales for the nine-month period were $1.15 billion, an 81 percent increase
from the previous year.
With more than 16,000 employees in North America, Europe and Asia, Cordant
Technologies is a strategically balanced global business with consolidated
annual sales of approximately $2.2 billion. Cordant Technologies' Thiokol
Propulsion business is the leading producer of solid propulsion systems
with space and defense applications, and its Huck International subsidiary
delivers high performance industrial and aerospace fastener and
installation systems. Cordant Technologies also holds a majority interest
in Howmet International Inc., a global manufacturer of aircraft and
industrial gas turbine engine components.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
CORDANT TECHNOLOGIES INC.
(Registrant)
/S/ Edwin M. North
Date: May 5, 1998 By: __________________________
Edwin M. North
Vice President &
Corporate Secretary
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