Feb 27 1989
From The Space Library
Morton Thiokol announced that it would divide its operations into two companies: Morton International, Inc. and Thiokol Corporation. Morton International would include the company's salt, specialty chemicals, and automotive airbag operations, whereas Thiokol would include aerospace operations. According to Chief Executive Officer Charles Locke, the decision to split the operating units was made "so that each can adopt strategies and pursue objectives appropriate to its specific businesses. " The restructuring was expected to be completed by July 1, pending stockholder approval and Internal Revenue Service (IRS) certification of the spinoff as tax-free. (WSJ, Feb 28/89; W Post, Feb 28/89; USA Today, Feb 28/89)
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