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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 23, 1996
ALLIANT TECHSYSTEMS INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-10582 41-16726904
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number Identification No.)
600 SECOND STREET N.E.
HOPKINS, MINNESOTA 55343-8384
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (612) 931-6000
NOT APPLICABLE
(Former name, former address and former fiscal year if changed from last report)
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Item 5. Other Events.
On December 23, 1996, the registrant announced that it had signed an
agreement to sell its Marine Systems Group to Hughes Aircraft Company, as
described in a news release, the text of which is attached hereto as Exhibit 99
and incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(a) None.
(b) None.
(c) Exhibits.
Exhibit No. Description of Exhibit
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99 Text of news release dated December 23, 1996
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 thereunto duly authorized.
ALLIANT TECHSYSTEMS INC.
Date: December 30, 1996
By: /s/ Charles H. Gauck
Name: Charles H. Gauck
Title: Secretary
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ALLIANT TECHSYSTEMS INC.
FORM 8-K
EXHIBIT INDEX
The following exhibits are filed herewith electronically or incorporated herein
by reference. The applicable Securities and Exchange Commission File Number is
1-10582.
<TABLE>
<CAPTION>
Exhibit
Number Description of Exhibit Method of Filing
- ------- ---------------------- ----------------
<S> <C> <C>
99 Text of news release dated December 23, 1996 Filed herewith electronically
</TABLE>
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Exhibit 99
FOR IMMEDIATE RELEASE
ALLIANT TECHSYSTEMS CONTACTS: HUGHES CONTACT:
ROD BITZ (MEDIA) RICHARD DORE
PHONE: 612-931-5413 310-568-6324
RICHARD N. JOWETT (INVESTORS)
PHONE: 612-931-6080
ALLIANT TECHSYSTEMS TO SELL MARINE SYSTEMS GROUP TO
HUGHES ELECTRONICS CORPORATION FOR $141 MILLION
MINNEAPOLIS, DEC. 23, 1996 -- Alliant Techsystems (NYSE: ATK) said it has
signed an agreement to sell its Marine Systems Group to Hughes Electronics
Corporation for $141 million in cash at closing. The proposed transaction,
which is subject to regulatory approval, is expected to be completed during the
first quarter of calendar year 1997.
Richard Schwartz, president and chief executive officer, said the
transaction will yield benefits to Alliant shareholders, customers, and
employees. "It is a win-win situation for all," said Schwartz.
"Our shareholders will benefit from the significant amount of cash that
will be generated from the sale of the business, which will enable us to reduce
debt and strengthen our balance sheet," said Schwartz. "The transaction also
will give us the financial flexibility to pursue other corporate initiatives and
to make additional strategic investments."
Schwartz said the transaction also will give Alliant the flexibility to
consider further opportunities to realign its business portfolio. He said the
company intends to take advantage of the defense industry's consolidation by
continuing to be an active buyer and seller in situations where it makes good
business sense.
-more-
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ALLIANT TECHSYSTEMS - PAGE 2
"The purchase of Hercules Aerospace Company in 1995, which strengthened our
core businesses and added new businesses, clearly illustrates our approach to
acquisitions," said Schwartz. "The sale of Marine Systems is a model for the
divestiture side of the equation. It will enable us to exit a business that is
strong and healthy, but which is relatively small and in a sector of the defense
industry that is long overdue for consolidation. At the same time, it will
allow us to focus our financial and management resources to expand our presence
in aerospace and defense systems."
Schwartz said customers will be better served by the transaction because of
the combined strengths of two compatible and healthy businesses.
"Marine Systems has excellent technical and manufacturing capabilities that
only can get better when combined with the capabilities of Hughes," said
Schwartz. "The transaction also will result in greater efficiencies and the
elimination of redundant costs at a time when federal budgets are under
pressure. From a national security standpoint, it will preserve critical
technology and manufacturing and test resources, and provide increased
international sales synergy to help sustain the country's defense industrial
base."
Employees of the Marine Systems Group will gain from the transaction by
being part of a larger organization dedicated to Navy defense electronics
programs, Schwartz said.
"Our Marine Systems team has done an outstanding job of building businesses
with excellent performance and leading market positions - an effort that is
reflected in the value received from this transaction," said Schwartz. "Recent
key program wins include the Lightweight Hybrid Torpedo, a program on which we
are teamed with Hughes, and the Advanced Deployable Underwater Surveillance
System."
According to John Weaver, president and chief operating officer of Hughes
Aircraft Company, "The union with Alliant Techsystems' Marine Systems Group
forms a strong alliance of lightweight and heavyweight torpedo expertise, wet
end and dry end sonar expertise, and a robust mine neutralization portfolio.
This combination will enhance our mutual ability to serve both domestic and
international customers."
Hughes said no changes in the Marine Systems workforce are anticipated.
The group employs approximately 650 people at facilities in California,
Maryland, Minnesota, Rhode Island, Texas, and Washington. The acquisition
includes the group's headquarters facility in Mukilteo, Wash.
-more-
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ALLIANT TECHSYSTEMS - PAGE 3
Alliant's Marine Systems Group is involved in a number of key U.S. Navy
programs, including the Lightweight Hybrid Torpedo, the Mk 46 and MK 50
lightweight torpedoes, the NT 37 heavyweight torpedo, the Advanced Deployable
Underwater Surveillance System, and the SLQ-48 Mine Neutralization System.
Hughes Electronics is a world leader in the design, manufacture and
marketing of advanced electronic systems. With more than 84,000 employees
worldwide and 1995 revenues of $14.8 billion, Hughes is comprised of Delco
Electronics Corporation, Hughes Aircraft Company, Hughes Telecommunications
Company, Hughes Network Systems, Inc., and DIRECTV, Inc.
The earnings of Hughes Electronics are used to calculate the earnings
attributable to GMH (NYSE symbol) common stock. The Hughes Electronics Internet
address is http://www.hughes.com.
Alliant Techsystems is a $1.2 billion aerospace and defense company with
approximately 7,600 employees and operations in 24 states. The company,
headquartered in Hopkins, Minn., comprises four business groups: Aerospace
Systems, Defense Systems, Marine Systems, and Emerging Business. Company news
and information can be found on the Internet at www.ATK.com.
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