SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) July 19, 1997
OMNIQUIP INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-21461 43-1721419
(State or Other Jurisdiction (Commission File (IRS Employer
of Incorporation) Number) Identification No.)
222 East Main Street 53074
Port Washington, Wisconsin (Zip Code)
(Address of Principal Executive Offices)
Registrant's telephone number, including area code (414) 268-8965
369 West Western Avenue
Port Washington, Wisconsin 53074
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
On July 19, 1997, Omniquip International, Inc. (the "Company") executed
an Asset Purchase Agreement with Figgie International Inc. and certain of its
affiliates (collectively, "Figgie") pursuant to which the Company has agreed to
acquire the Snorkel Division of Figgie for the sum of $150 million plus the
assumption of certain liabilities. The transaction is subject to certain closing
conditions.
The Snorkel Division is a leading manufacturer and marketer of aerial
work platforms and aerial fire apparatus with facilities in Missouri, Kansas,
Australia and New Zealand. For the fiscal year ended December 31, 1996, Snorkel
reported sales of approximately $158 million.
A copy of the Company's press release dated July 21, 1997 is attached
hereto as Exhibit 99 and is incorporated herein by reference.
Item 7. Exhibits
(a) Press Release of the Company dated July 21, 1997.
Page 2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
OMNIQUIP INTERNATIONAL, INC.
Date: July 28, 1997 By: /s/ Philip G. Franklin
--------------------------------
Philip G. Franklin
Vice President - Finance, Chief
Financial Officer, Treasurer
and Secretary
Page 3
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INDEX TO EXHIBITS
Exhibit No. Description
99 Press Release of the Company dated July 21, 1997.
Page 4
[Omniquip Logo] 222 East Main Street Port Washington, Wisconsin USA 53074
phone: (414) 268-8965 fax: (414) 268-3100
NEWS RELEASE
FOR IMMEDIATE RELEASE For additional information:
Phil Franklin
(414) 268-3101
Omniquip to Acquire Snorkel Unit of Figgie International
Port Washington, Wis., July 21, 1997 . . . Omniquip International, Inc.
(NASDAQ/NMS:OMQP), North America's largest manufacturer of telescopic material
handlers, today announced that it has signed a definitive agreement with Figgie
International Inc. (NASDAQ/NMS:FIGIA and FIGI) to acquire the assets of Figgie's
Snorkel division, a leading producer of aerial work platforms and aerial fire
apparatus. The transaction is subject to certain conditions. The agreement
specifies a purchase price of $150 million plus assumption of certain
liabilities.
In making the announcement, Enoch Stiff, president and chief executive officer
of Omniquip, commented: "Snorkel is a premier brand in the aerial work platform
industry, and is a natural fit for Omniquip. Snorkel's superior products will
contribute to Omniquip's presence with important customers, accelerate market
expansion among our complementary distribution systems, and contribute to our
growing penetration of global markets."
Snorkel, which employs approximately 900 people at sites in St. Joseph,
Missouri; Elwood, Kansas; Melbourne, Australia; and Levin, New Zealand, reported
sales of $158 million for the year ended December 31, 1996. Figgie
International, based in Willoughby, Ohio, acquired Snorkel in 1971.
"We see Snorkel as an exceptional opportunity to add another well recognized and
respected product line to Omniquip's growing family of products," commented
Stiff. Stiff said that Snorkel's experienced management team will continue to
operate the business. He said
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Snorkel will be managed as a separate business within Omniquip and will continue
to be based in St. Joseph, Missouri.
Headquartered in Port Washington, Wisconsin, Omniquip International is the
largest North American producer of telescopic material handlers, which are
marketed under the SKY TRAK and LULL brand names. The company also manufacturers
a line of skid steer loaders and other compact material handling equipment
marketed under the SCAT TRAK and WORKPRO brands. Omniquip's products are used in
a variety of applications by commercial and residential building contractors, as
well as by customers in other construction, military, industrial and
agricultural markets.
Omniquip completed its initial public stock offering on March 20, 1997.
Omniquip's strategy is to grow internally and through acquisition in selected
types of material handling and construction equipment of 130 h.p. and less, sold
and rented through independently owned dealers.
Certain matters discussed in this press release are "forward-looking statements"
intended to qualify for the safe harbors from liability established by the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to certain risks and uncertainties which could cause
actual results to differ materially from those currently anticipated.
Shareholders, potential investors and other readers are urged to consider these
factors carefully in evaluating the forward-looking statements. The
forward-looking statements made herein are only made as of the date of this
press release and the company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances.
Omniquip International news releases are available on-line 24 hours a day at:
http://www.businesswire.com/cnn/omqp.htm.
