UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
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): June 25, 1999
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Cordant Technologies Inc.
(Exact name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction of incorporation)
1-6179 36-2678716
______________________ __________________________
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
______________________
Registrant's Telephone Number
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ITEM 5 OTHER EVENTS
The following news release was issued on June 25, 1999.
Huck Fasteners to Merge Lakewood and Carson, California Plants
Tucson, Arizona, June 25, 1999 -- Huck Fasteners, a subsidiary of Cordant
Technologies Inc., announced today that it plans to close its Lakewood,
California, manufacturing plant and move its operations to the company's
nearby Carson, California, plant. The move is expected to save the company
approximately $6 million in pre-tax expenses annually.
Huck cited the current downturn in the commercial aerospace sector in its
decision. "After evaluating our options, we have determined that there is
only one solution that allows us to manage the downturn while strengthening
our business for our remaining employees, customers and shareholders," said
Bruce M. Zorich, President, Huck International. "Effective September 1, we
will close our Lakewood plant and merge it with our Carson, California,
facility."
The consolidation will result in the elimination of approximately 115 jobs.
The Lakewood facility currently produces aerospace fasteners. Zorich said
there will be no disruption in production, delivery or quality for
customers. The consolidated plant will be able to support customers at the
peak production rates experienced during 1998.
The $5 million pre-tax charge to close the plant will be recorded by
Cordant Technologies Inc. in the second quarter of 1999. Offsetting this
charge will be approximately $1.5 million in pre-tax savings during the
fourth quarter of 1999. The effect to Cordant's 1999 earnings will be a
reduction of approximately $.06 per share.
(more)
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Huck Fasteners to Merge Lakewood and Carson, California Plants
Pg.2
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' Huck International
subsidiary delivers high performance industrial and aerospace fasteners
systems; its Howmet International subsidiary is a global manufacturer of
aircraft and industrial gas turbine engine components; and its Thiokol
Propulsion division is the leading producer of solid propulsion systems for
space and defense.
This release includes forward-looking statements that are made pursuant to
the safe harbor provisions of the Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from
those projected in them. These risks and uncertainties include, but are not
limited to, unanticipated slowdowns in the Company's major markets, the
impact of competition, the effectiveness of operational changes expected to
increase efficiency and productivity, worldwide economic and political
conditions and the effect of foreign currency fluctuations.
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99.040
Contact:
Lauren Sides Shannon Polk
Public Relations Investor Relations
(801) 933-4193 (801) 933-4029
[email protected] [email protected]
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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)
By: /s/ Richard L. Corbin
_________________________
Richard L. Corbin
Executive Vice President and
Chief Financial Officer
Date: June 25, 1999
