Las Vegas Sun

November 10, 2009

Currently: 52° | Complete forecast | Log in

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.

archive

  • Most Read
  • Discussed
  • Most E-mailed

Complete Listing

Calendar »

  • 10 Tue
  • 11 Wed
  • 12 Thu
  • 13 Fri
  • 14 Sat

All events on Tuesday »