Thiokol Spins Off Businesses: Stockholders approved a...

Thiokol Spins Off Businesses: Stockholders approved a plan by Morton-Thiokol Inc. to spin off its commercial businesses as a new company under the name Morton International Inc. The split of the company’s commercial and aerospace business will take place July 1, Chairman Charles S. Locke said Friday. Morton International will consist of specialty chemicals, salt and inflatable restraint systems for the automotive industry. Thiokol will be involved exclusively in the manufacture and marketing of high-technology solid propulsion systems for space, strategic and tactical applications.