The election of Salt Lake businessman Jon M. Huntsman and former astronaut Neil A. Armstrong to the board of directors of Ogden-based Thiokol Corp. highlighted the company's annual shareholders' meeting, the first since the split of Morton Thiokol into two separate entities.
Huntsman, president and chief executive officer of Huntsman Chemical Co. and Armstrong, the first man to walk on the moon and now chairman of CTA Inc., a computing systems company, accepted nomination to the board for one-year terms after the proxy statement was published and their names weren't included.During the 21-minute Thursday meeting in Little America, which featured tight security, six directors of the old Morton Thiokol company were elected to the board of the new company, which manufactures aerospace and defense systems. After the split, company officials announced Thiokol would be headquartered in Utah.
Elected to a one-year term was Charles S. Locke, chairman of the board and chief executive officer of Morton Thiokol from 1980 to July 1, 1989, when the split occurred. He now is chairman of the board and chief executive officer of Morton International Inc.
Robert T. Marsh, a retired Air Force general and chairman of the board since July, was elected to a one-year term.
Elected to two-year terms were Joseph A. Rice, retired chairman and chief executive officer of Irving Bank Corp. and its subsidiary, Irving Trust Co., and Harry H. Wetzel, retired chairman of the board and chief executive officer of the Garrett Corp., a manufacturer of aerospace equipment.
U. Edwin Garrison, chief executive officer of the company, and Barry J. Shillito, retired chairman of Teledyne-International, were elected to three-year terms.
Garrison made his annual report and said Thiokol has 40 percent of the solid rocket propulsion market in the United states and concentrates on solid rocket motors and recovery of booster rockets. He said the company was involved in redesign of the solid rocket motors following the Challenger shuttle explosion and since the redesign there have been six successful missions.
"Thiokol is well-positioned for the future with a backlog of $4 billion in work," Garrison said. The company has a diverse mix of products and the company's strengths are concentration on aerospace, upgraded facilities, a good technology base and opportunities to increase the profit margin.
Garrison also reported that Thiokol's net income in the first quarter ending Sept. 30 was $8.9 million, a 7 percent increase over the $8.3 million in the same period a year ago. Earnings per share were 46 cents compared to 44 cents a year ago.