ALLIANT TECHSYSTEMS ENTERS INTO DISCUSSIONS WITH FERRULMATIC, INC.
MINNEAPOLIS, Oct. 25 /PRNewswire/ -- Alliant Techsystems (NYSE: ATK) today said it has entered into discussions with Ferrulmatic, Inc., a Totawa, N.J.-based manufacturer of mechanical components and assemblies, regarding possible acquisition of Ferrulmatic by Alliant Techsystems. The company said a transaction could be finalized within the next 60 days. Toby G. Warson, president and chief executive officer of Alliant Techsystems, said the proposed transaction is consistent with the company's strategy to respond proactively to the consolidation of the U.S. defense industry. "The cost improvement opportunities resulting from the acquisition of Ferrulmatic, Inc. would significantly enhance our competitive position in a number of product areas," said Warson. Anthony R. Fabiano, president of Ferrulmatic, Inc., said the proposed transaction is responsive to the Department of Defense's desire for a consolidated defense industrial base that will generate efficiencies for the U.S. taxpayer. Ferrulmatic is a supplier to Alliant Techsystems and other defense contractors, and is a longstanding member of the munitions industrial base. The company employs 130 people and had revenues of $18 million in 1992. 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 4,900 people throughout the United States. -0- 10/25/93 /CONTACT: media, Rod Bitz, 612-931-5413; or investor, Richard N. Jowett, 612-939-2777, both of Alliant Techsystems/ (ATK)
CO: Alliant Techsystems, Ferrulmatic, Inc. ST: Minnesota, New Jersey IN: ARO SU: CON
DB-DS -- MN001 -- 6103 10/25/93 07:55 EDT
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|Date:||Oct 25, 1993|
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