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THIOKOL ANNOUNCES SHARE REPURCHASE PROGRAM AND INCREASES DIVIDEND

 OGDEN, Utah, April 14 /PRNewswire/ -- Thiokol Corp. (NYSE: TKC) announced today that its board of directors has authorized the repurchase of up to 2.5 million shares of its common stock, 12.4 percent of shares currently outstanding.
 In addition, Thiokol directors declared a quarterly dividend of 17 cents/share, a 70 percent increase over the present dividend rate. The dividend will be payable June 11, 1993 to shareholders of record May 31, 1993.
 The 2.5 million share repurchase authorization replaces a previous smaller authorization. The company intends to begin its share repurchase program during the current fiscal quarter, with a goal of repurchasing most of the shares authorized by June 30, 1994.
 U. Edwin Garrison, chairman and chief executive officer said, "Thiokol has achieved a very solid financial position through strong earnings performance and aggressive cash flow management over the past 3 1/2 years. It is therefore appropriate that we begin to allocate a portion of our cash resources to return value to the company's shareholders.
 "Although our Department of Defense business is declining in response to reduced federal spending, we expect our Space business to remain stable, with good profit margins, through the end of this decade. Our new Castor 120 motor is one of several growth opportunities in the space launch market. Industrial fastener sales are strong and we remain optimistic about sales and profit growth opportunities at Huck. Recovery of the commercial aircraft market and the European economies also add to Huck's potential. Overall, we project continued strong cash flows for the company.
 "Thiokol intends to pursue a balanced strategy of returning value to shareholders, maintaining its leadership position in the propulsion industry and growing its fastener business. Acquisition efforts in the near term will be primarily focused on smaller fastener and aerospace businesses which could help to grow and strengthen its existing operations."
 Thiokol is a major producer of solid propulsion systems, ordnance and composite products for the space and defense industries, and high technology, proprietary fastening systems.
 -0- 4/14/93
 /CONTACT: Steve Lawson of Thiokol, 801-629-2257/
 (TKC)


CO: Thiokol Corp. ST: Utah IN: ARO SU: DIV

BB -- DV003 -- 5509 04/14/93 08:03 EDT
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Publication:PR Newswire
Date:Apr 14, 1993
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