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): September 22, 1999
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.)
15 W. South Temple, Suite 1600, Salt Lake City, UT 84101-1532
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(Address of principal executive offices) (Zip Code)
(801) 933-4000
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(Registrant's Telephone Number)
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ITEM 5 - OTHER EVENTS
CORDANT TECHNOLOGIES REVISES EARNINGS ESTIMATES FOR 1999
SALT LAKE CITY, UT, SEPTEMBER 22, 1999 - Cordant Technologies Inc.
(CDD-NYSE) announced today that earnings per share from continuing
operations for 1999 will be approximately $4.00, ten percent greater than
1998, but slightly below the Wall Street consensus of $4.15.
James R. Wilson, Chairman and Chief Executive Officer, commented, " Our
industrial businesses continue to perform extremely well. The Industrial
Gas Turbine market, which represents more than 25 percent of Cordant's
sales, continues to grow and Huck is continuing to produce at a record pace
for the industrial markets it serves. However, at Huck and Howmet, the
decline in the commercial aircraft markets, primarily as a result of
significant inventory adjustments at our OEM customers, has exceeded our
internal estimates.
"Earlier this year, we announced the closure of our Huck Lakewood facility
to reduce cost in reaction to this downturn. Disruption to production has
been greater than anticipated, but should be completed by the end of this
year. Savings associated with the consolidation will be realized beginning
next year.
"Production problems at Howmet Aluminum (formerly Cercast) have continued
into the second half of 1999, resulting in lower than expected earnings,"
Mr. Wilson continued. "These problems should be behind us as we enter the
new year.
"We remain convinced the diversification strategy we began several years
ago is solid, reflected by the 10 percent earnings growth in 1999, in spite
of the significant commercial aircraft downturn. Calendar year 2000
forecasts are currently under review and additional guidance will be
available in mid-October."
With 17,000 employees worldwide, Cordant Technologies (CDD-NYSE) is a
strategically balanced global business with consolidated annual sales of
approximately $2.5 billion. Cordant Technologies' Howmet International Inc.
subsidiary is a global manufacturer of aircraft and IGT engine components;
its Huck International subsidiary is a leading designer and manufacturer of
high performance proprietary fasteners and installation systems; and its
Thiokol Propulsion division is the leading producer of solid propulsion
systems.
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: September 22, 1999 By: __________________________
Edwin M. North
Vice President &
Corporate Secretary
