Alliant Techsystems (ATK) is the largest public company in the gun business with an annual revenue of $4.8 billion. (Cerberus, which is privately owned, may be bigger than ATK.)

While ATK’s name stands for Alliant Techsystems (I have no idea where the K comes from), it probably should mean “Acquisitions & Take-Overs.” ATK has been on a 10-year tear of buying companies. The latest is BlackHawk!, itself a highly acquisitive company.

ATK bought BlackHawk! last week for an undisclosed price. The Insider will find out the price when the company reports earnings on May 6. If I were to hazard a guess, I would say a combination of stock and cash with the cash part being in the $200 million range.

This is a fascinating acquisition because just last year ATK bought Eagle Industries, a competitor of BlackHawk! in the “tactical nylon” market. ATK now owns the two biggest web-gear manufacturers in America.

ATK was launched as an independent company in 1990, when Honeywell spun off its defense businesses. The former Honeywell businesses had supplied defense products and systems to the U.S. and its allies for 50 years, including the first electronic autopilot that enabled B-17 aircraft to accomplish pinpoint bombing missions during World War II.

ATK expanded into the aerospace market with the acquisitions of Hercules Aerospace Company in 1995 and Thiokol Propulsion in 2001, which transformed the company into the world's largest supplier of solid propellant rocket motors and a leading provider of high-performance composite structures.

Hercules was also a producer of smokeless propellant for reloaders. The Insider went through many a can of Hercules Bullseye and 2400 powders.

A series of other acquisitions and key contract wins have continued to increase the company's presence in the aerospace, defense, and commercial ammunition markets:

• 2000: Selected to operate Lake City Army Ammunition Plant, the U.S. government's only small-caliber ammunition manufacturing facility.

• 2001: Acquired the commercial ammunition businesses of Blount International, which made ATK the nation's largest manufacturer of ammunition.

• 2002: Acquired the ordnance business of Boeing, which brought together ATK's munitions portfolio with the products and capabilities of a leading military gun manufacturer.

• 2002: Acquired the assets of Science and Applied Technology, Inc., which added critical precision seeker, guidance, and system-level expertise.

• 2003: Acquired Composite Optics, Inc., which made ATK the world leader in composite space structures.

• 2003: Acquired GASL and Micro Craft, which added leading-edge propulsion and airframe technologies for highly demanding aerospace and defense applications.

• 2004: Acquired Mission Research Corporation, which enabled an advanced aerospace and defense technology pipeline from concept development to full-scale production.

• 2004: Acquired the PSI Group, which strengthened ATK's space systems portfolio and positioned the company to capture emerging opportunities in spacecraft integration and satellite technology.

• 2007: Acquired Swales Aerospace, adding enhanced systems engineering and engineering services to ATKs existing space launch, space exploration, small satellite, and spacecraft markets.

• 2009: Acquired Eagle Industries as a wholly-owned subsidiary, expanding position in the domestic and international accessories markets serving military and law enforcement customers.

• 2010: Acquired Blackhawk! Industries, which added tactical, military and law enforcement equipment expanding ATK's product base and market penetration in the growing security markets.

Stay tuned for that May 6 earnings report and we’ll see how close I came with my guess on the BlackHawk! price.