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Alcoa buying shuttle contractor

Tuesday, March 14, 2000 | 11:10 a.m.

THE ASSOCIATED PRESS

PITTSBURGH -- Aluminum maker Alcoa Inc. is acquiring Cordant Technologies Inc., a major supplier of aluminum airplane parts, fasteners and solid-fuel rockets, for $2.3 billion in cash.

Shares in Salt Lake City-based Cordant soared on news of the merger, which values the company at $57 a share, nearly double the stock's closing price Monday of $29.57.

Cordant employs about 17,000 people worldwide in three business groups totaling about $2.5 billion in sales. The best-known is Thiokol Propulsion, maker of solid rocket propulsion systems including the space shuttle booster motors.

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