Utah rocket making operation sold

Wednesday, Jan. 31, 2001 | 11:02 a.m.

SUN NEWS SERVICES

Alliant Techsystems Inc., a Minnesota-based maker of ammunition, missile systems and other products for the military, today said it will buy Alcoa Inc.'s Thiokol rocket propulsion business for $685 million in cash.

The acquisition will add 5 cents to 10 cents a share to earnings in fiscal 2002, which begins April 1, Hopkins, Minn.-based Alliant said in a statement. The purchase is expected to close during the second quarter.

Thiokol, which makes propulsion systems for space vehicles, including the space shuttle, has annual sales of $570 million. Alcoa, the biggest aluminum maker, acquired Thiokol when it purchased Cordant Technologies Inc. in May.

Both Alliant and Thiokol have big rocket-making operations in Northern Utah.

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