ATK (Alliant Techsystems) announced today that it will
undertake a number of steps to ensure that the right business structure and
the strongest leadership team are in place to ensure that the company
continues to grow and deliver on its earnings growth commitment.
Paul David Miller (PDM), chairman and chief executive officer, said, “The
pace of change in the aerospace and defense industry continues to accelerate,
providing us with opportunities that didn’t exist a year ago.
The only way to
stay ahead of this change is to continually adjust our organization to better
address and capture new opportunities.
If you stand still, you lose ground —
it’s that simple.
Two major acquisitions over the past year have doubled the
size of the company and made our legacy propulsion and ammunition businesses
world leaders — we will stay focused on these areas and at the same time
better position ATK to pursue precision capabilities — where significant
opportunities exist.
Accordingly, the board of directors has concurred in a
new business structure that includes a third operating group, which will
pursue new precision systems business.
The board has approved also a number
of leadership changes to ensure that we have the strongest and most balanced
corporate and operations executive team to help us continue to grow.”
The business structure and leadership team changes, which are effective at
the start of Fiscal Year 2003 on April 1, are as follows:
- Paul Ross, senior group vice president, Aerospace, will become
president.
Nick Vlahakis, group vice president, Defense, will become
senior vice president and chief operating officer.
Ross and Vlahakis,
along with the new group executives, will work closely together to
chart ATK’s internal growth. - Jeff Foote will take over leadership of the Aerospace Group from Ross.
Foote is a long-time propulsion engineer with 20 years of ATK/Hercules
Aerospace experience who is currently executive vice president, ATK
Thiokol Propulsion.
The Aerospace Group will have two operating
units — ATK Thiokol Propulsion, Promontory, Utah, and ATK Aerospace
Composite Structures, Clearfield, Utah — and annual sales of
approximately $850 million. - Dan Murphy will lead the newly created Precision Systems Group, which
will have annual sales of approximately $575 million.
Murphy joined
ATK in January 2001 after retiring from the U.S. Navy with the rank of
Vice Admiral.
The group will contain the majority of ATK’s precision
and tactical propulsion capabilities, and will comprise four operating
units:
ATK Tactical Systems, Rocket Center, W. Va. and Elkton, Md.,
previously led by Murphy; ATK Integrated Defense, Plymouth, Minn; ATK
Ammunition Systems; Arden Hills, Minn.; and ATK Precision Fuze,
Janesville, Wis.
This group will be located at ATK corporate
headquarters in Edina, Minn. - Mark DeYoung, an ATK/Hercules Aerospace veteran with nearly 20 years of
operations and finance experience, will lead the Ammunition Group, a
$575 million business with three operating units, including ATK
Ammunition and Powder, which operates the Radford Army Ammunition Plant
in Radford, Va., and ATK Lake City Small Caliber Ammunition, which
operates the Lake City Army Ammunition Plant in Independence, Mo.
DeYoung is currently president, ATK Lake City Small Caliber Ammunition.
The third operating unit — civil ammunition and ammunition related
products — includes the former Blount businesses acquired by ATK in
December 2001. - Eric Rangen, vice president and chief financial officer, will add
acquisition responsibilities to his current duties, and will work
closely with PDM to continue ATK’s focus on strategic growth
opportunities.
“I am very comfortable that this team working closely together will take
full measure of acquisition opportunities,” said PDM.
“We are all poised to
continue the ATK hallmark of building on our strengths and delivering on our
commitment to achieve average annual earnings per share growth of 15 percent.
The team’s combination of experience and bright new group leadership gives me
a great deal of confidence that we are well positioned for Fiscal Year 2003
and beyond.”
ATK is a $2 billion aerospace and defense company with leading positions
in propulsion, composite structures, munitions, and precision capabilities.
The company, which is headquartered in Edina, Minn., employs approximately
11,200 people.
ATK news and information can be found on the Internet at
http://www.atk.com
The forecasts, projections, expectations, and opportunities for
anticipated earnings per share growth, new business opportunities, and
acquisitions included in this news release are “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995.
Such
forward-looking statements involve risks and uncertainties that could cause
actual results to differ materially from anticipated results, including
changes in governmental spending and budgetary policies, economic conditions,
the company’s competitive environment, the timing of awards and contracts, the
outcome of contingencies, including litigation and environmental remediation,
program performance, and sales projections, in addition to other factors
identified in ATK’s filings with the Securities and Exchange Commission.