Cordant Technologies has increased its stake in aero-engine castings manufacturer Howmet International to 84.7% from 62% through the $385 million acquisition of 23 million shares which were formerly held by the Carlyle Group.
After exercising an option to make the purchase, Cordant, of Salt Lake City, Utah, indicated that it has no plans to increase its stake further. The remaining shares in Howmet, which is based in Greenwich, Connecticut, are publicly owned.
Cordant first acquired a major stake in Howmet after teaming with Carlyle, a Washington DC investment group, in 1995.
Howmet made a net profit of $110.4 million in 1998, up from $57.7 million, on turnover of $1.35 billion. Among Cordant's diverse businesses are Thiokol Propulsion, a solid propulsion systems manufacturer, and Huck International, a specialist in aerospace fasteners.
Source: Flight International