ALLIANT TECHSYSTEMS COMPLETES ACQUISITION OF FERRULMATIC, INC.
MINNEAPOLIS, Nov. 29 /PRNewswire/ -- Alliant Techsystems (NYSE: ATK) today said it has completed the acquisition of Ferrulmatic, Inc., a Totowa, N.J.-based manufacturer of mechanical components and assemblies for the defense industry. Terms if the transaction were not disclosed. Alliant Techsystems previously announced that it had entered into discussion with Ferrulmatic regarding a possible acquisition of the company. Toby G. Warson, president and chief executive officer of Alliant Techsystems, said the acquisition of Ferrulmatic is consistent with the company's operating strategy to improve its competitive position by strengthening its manufacturing capabilities. "Ferrulmatic is one of the premier metal parts manufacturers serving the defense industry today," said Warson. "The addition of the company's capabilities to Alliant Techsystems brings significant cost improvement opportunities that will enhance our competitive position in a number of product areas." Warson noted that the transaction also is consistent with the company's long-term strategic plan to grow its core business base through mergers and acquisitions. "We intend to continue to play an active role in the consolidation of the U.S. defense industry by pursuing opportunities that benefit both Alliant Techsystems' shareholders and the U.S. government through the preservation of critical defense-related capabilities and skills," said Warson. The Ferrrulmatic transaction follows the acquisition of Astra UPC Corporation and its operating subsidiaries, Accudyne Corporation and Kilgore Corporation, in October. Ferrulmatic is a supplier to Alliant Techsystems' tank ammunition program. The company also supplies other defense contractors, and is a long-standing member of the U.S. munitions industrial base. Ferrulmatic employs 130 people and had revenues of $18 million in 1992. Ferrulmatic will continue to be operated as an independent business entity. Operations will remain under the supervision of local management. Alliant Techsystems supplies defense and marine systems products to the U.S government and its allies. Sales in the fiscal year ended March 31, 1993, were $1.0 billion. The company is headquartered in Hopkins, Minn., and employs 5,000 people throughout the United States. -0- 11/29/93 /CONTACT: Rod Bitz, media, 612-931-5413; or Richard N. Jowett, investor, 612-931-6080/ (ATK)
CO: Alliant Techsystems ST: Minnesota IN: ARO SU: TNM
DB -- MN001 -- 8104 11/29/93 07:58 EST
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|Date:||Nov 29, 1993|
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