Not long after, however, the company sold the division.
Leading ultimately in 2011 to concrete plans to sell the Israeli division.
Philip Morris sold the division to an investor group in 1977.
As a result, the firm sold its retail division in mid-2004 following bankruptcy litigation.
It said the decision to sell the division reflected the strategy of the company to focus on its worldwide consumer media business.
Thiokol executives said there was no plan to sell the division.
In 1997, Disney even announced a decision to sell the division, then retracted it a week later.
Drexel has been trying since Saturday to strike a deal to sell the retail division.
Under the original letter of intent, Beazer would have sold the division to the management group for about $660 million.
Motorola did not sell the division but they did change the management and organization.