Cordant Technologies Acquires Carlyle Stake in Howmet International
SALT LAKE CITY -- Cordant Technologies Inc. today announced the acquisition of the 22,650,000 shares of Howmet International Inc. owned by the Carlyle Group for $17.00 per share or $385 million. The acquisition of these shares increases Cordant Technologies' ownership in Howmet International to 84.7 percent of outstanding common stock. The remaining Howmet International common stock is publicly owned and traded on the NYSE. James R. Wilson, Chairman and Chief Executive Officer of Cordant Technologies, commented, "This purchase is consistent with Cordant Technologies' stated objective of acquiring the balance of the Carlyle Group's holdings in Howmet International.'' He added that the transaction is immediately accretive to Cordant Technologies' earnings per share. Cordant Technologies held an option to acquire the Carlyle Group's shares of Howmet International that was exercisable beginning in December 1999 at a market-based price. Mr. Wilson stated that the purchase of the Carlyle Group's shares at this time eliminated the uncertainty regarding the price and timing of the option exercise and that Cordant Technologies has no present plans to acquire additional Howmet International shares. The purchase of the Howmet International shares owned by the Carlyle Group was financed with borrowings under bank lines of credit. Cordant Technologies Inc. is a strategically balanced global business. Cordant Technologies' Thiokol Propulsion business is the leading producer of solid propulsion systems, its Huck International subsidiary delivers high performance industrial and aerospace fastener systems, and its Howmet International subsidiary is a global manufacturer of aircraft and industrial gas turbine engine components.
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Cordant Technologies Acquires Carlyle Stake in Howmet International
