Thiokol Corp. has awarded a $5 million advertising account to Grey Advertising, a New York ad firm.

A Grey spokeswoman said the company will build a "new corporate identity" for Thiokol that reflects its evolution from a purely defense and space contractor to a more diversified mix of businesses. Thiokol is best known for building the boosters for the space shuttle.The spokeswoman said Thiokol brand advertising will be directed to the company's "key audiences," including investors, government and industry customers, and the overall business community.

"As Thiokol embarks on a program to reposition the company as one with a rapidly changing product mix, strong balance sheet and excellent earnings potential, we believe it is imperative to support and build that new identity through advertising," said James E. Wilson, chairman and CEO.

"Grey impressed us with its wealth of business-to-business corporate advertising experience and its ability to understand our complex, technology-based business, and to translate that understanding into a proprietary advertising strategy."

Grey has developed advertising for a number of large corporations, including 3M, Dow Corning, GlobalStar and Sprint.