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Show Utah employer trys merger A proposed merger was announced this week between bet-ween Morton-Norwich Products, Inc., a leading salt producer, and Thiokol Corp., producer of rocket propulsion systems and specialty chemicals employing 4,100 in Utah. The merger received unanimous approval from the boards of directors direc-tors of both companies. The deal involves a tender offer by Morton-Norwich Morton-Norwich of $50 per share of 4.7 million shares of Thiokol stock, about 49.5 percent. The offer expires Aug. 13, according to officials of-ficials of the companies. The companies agreed to buy 18 percent of each other's shares at a price of $47 per share for Thiokol and $36.62 for Morton-Norwich. The new company is expected ex-pected to enjoy sales of nearly $2 billion and strong market positions in special chemicals, high technology propulsion systems, salt and household products. The company will be the world's largest manufacturer of solid fuel rockets for such programs pro-grams as the space shuttle shut-tle and the Trident and MX missiles. |