Cordant Technologies Inc., formerly Thiokol, said Thursday that its Huck International subsidiary will acquire Jacobson Mfg. Co. Inc. in a deal valued at $270 million.
Founded in 1950, Jacobson makes metal parts and fasteners and precision-engineered plastic products used in automotive, construction, consumer products and heavy-equipment applications.Jacobson is owned by Harvey Jacobson, its founder and chairman, who lives in New Braunfels, Texas, and has plants in New Jersey, Pennsylvania, Ohio, Arizona and Texas. Its 1998 revenues are projected at $145 million.
Cordant said it will finance the buyout with existing bank lines of credit. The acquisition is expected to close by the end of the second quarter.
"Jacobson is a perfect fit with our Huck operation," said James R. Wilson, Cordant chairman and CEO. "Jacobson broadens our offering in the industrial fastener sector and puts us into the rapidly growing market for precision plastic components. Jacobson is a highly profitable, well-run company."
Morgan Stanley & Co. is acting as financial adviser to Cordant. Chase Securities Inc. is acting as financial adviser to Jacobson.