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ALLIANT TECHSYSTEMS AND OLIN CORPORATION ANNOUNCE DEFINITIVE AGREEMENT

ALLIANT TECHSYSTEMS AND OLIN CORPORATION ANNOUNCE DEFINITIVE AGREEMENT
 MINNEAPOLIS and STAMFORD, Conn., Aug. 5 /PRNewswire/ -- Alliant Techsystems (NYSE: ATK) and Olin Corporation (NYSE: OLN) today announced they have signed a definitive agreement for the exchange of Olin's Ordnance Division and Physics International Company, including approximately $65 million of debt, for 2.82 million shares of Alliant Techsystems common stock.
 The definitive agreement follows approval of an agreement in principle by each company's board of directors which was announced April 29.
 The transaction is subject to certain conditions, including third- party consents, the expiration or termination of all waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act, and approval by Alliant Techsystems shareholders at their annual meeting on Nov. 24.
 Toby G. Warson, Alliant Techsystems president and chief executive officer, said the signing of the definitive agreement represents a significant step forward in a transaction that is a sound strategic response to the need for consolidation in the U.S. defense industry.
 "As the due diligence process has proceeded, we have become more convinced than ever that the Olin defense businesses are a good fit with Alliant Techsystems' operations, and that the transaction will be good for all involved," Warson said. "By combining the best of both companies, we will strengthen our ability to provide greater efficiency, leverage our investments, and compete more effectively in the international marketplace. The transaction will benefit our customers and our nation by contributing to a strong defense industrial base that preserves our national security capabilities. It will benefit our shareholders by creating a stronger Alliant Techsystems."
 John W. Johnstone, chairman and chief executive officer of Olin Corporation, said, "We are extremely pleased that we have achieved the next milestone in the transaction. In the months since our original announcement it has become even more obvious that the combination of these businesses makes good, long-term sense for the defense industrial base of the United States. It is also in the best long-term interest of Olin, allowing us to strengthen our traditional defense industry involvement through a sizable share ownership in Alliant Techsystems."
 Following issuance of the 2.82 million shares, Olin Corporation will hold approximately 22 percent of Alliant Techsystems' outstanding common stock. Olin will be entitled to proportionate representation on Alliant Techsystems' board of directors.
 In view of Olin's interest in being a long-term investor in Alliant Techsystems, it has agreed to a standstill arrangement.
 Alliant Techsystems supplies defense and marine systems to the U.S. government and its allies. The company is headquartered in Edina, Minn., and employs 6,400 people throughout the United States. Sales from continuing operations for the fiscal year ended March 31, 1992, were $1.2 billion.
 Olin Corporation is concentrated primarily in chemicals, materials and metals, defense, sporting ammunition, and aerospace. The company is headquartered in Stamford, Conn., and employs 14,400 people in the United States and abroad. Olin reported 1991 revenues of $2.3 billion.
 -0- 8/5/92
 /CONTACT: Rod Bitz or Coleen Southwell, 612-939-2646 or 612-939-2709, or Richard N. Jowett, 612-939-2777, all of Alliant Techsystems, William Werfelman, 203-356-2018, Richard Koch, 203-356-3254, both of Olin Corporation/
 (OLN ATK) CO: Olin Corporation, Alliant Techsystems ST: Minnesota, Connecticut IN: ARO SU: FNC


TM-LD -- NY007 -- 6916 08/05/92 08:01 EDT
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Date:Aug 5, 1992
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