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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) August 15, 1997
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UNISOURCE WORLDWIDE, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE File No. 1-14482 13-5369500
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
P.O. Box 3000-0935, Berwyn, Pennsylvania 19312
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (610) 296-4470
...........................
Not Applicable
................................................................................
(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On August 15, 1997, the Registrant issued the attached press release.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
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(99) Press Release dated August 15, 1997.
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SIGNATURE
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.
UNISOURCE WORLDWIDE, INC.
(Registrant)
By: /s/ Thomas A. Decker
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Thomas A. Decker
Senior Vice President,
General Counsel and Secretary
Dated: August 15, 1997
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Exhibit Index
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(99) Press Release dated August 15, 1997.
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News Release
Contact
Martha A. Buckley JoAnn P. Huston
Director, Corporate Communications Manager, Investor Relations
610-722-3511 610-722-3513
UNISOURCE TO SELL U.S. GROCERY SUPPLY SYSTEMS BUSINESS
Berwyn, Pennsylvania- August 15, 1997 -- Unisource Worldwide, Inc.
(NYSE:UWW) announced today that it had reached an agreement in principle with
Bunzl plc for Unisource to sell its Grocery Supply Systems division (GSS) and
other related U.S. grocery supply business to Bunzl. Based on June 30, 1997
financial statements, Bunzl will pay approximately $88 million in cash for the
business, subject to changes based on valuations at the time of closing. The
sale is expected to be consummated by September 30, 1997.
Unisource instituted its U.S. grocery supply systems business in 1993 and
has grown it to more than $300 million in annual revenues. For the most part,
GSS has operated independently from the company's overall supply systems
business. "Although we have been pleased with the top-line growth of our U.S.
grocery supply business, those operations have not been profitable," commented
Ray B. Mundt, chairman and chief executive officer of Unisource. "The step we
are taking is in keeping with our mission of building value for shareholders
over the long term. We expect to reinvest the proceeds in our successful supply
systems businesses."
-more-
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Unisource also has a large and successful grocery supply distribution
business in Canada which is integrated with its supply systems operations there.
"Grocery supply represents nearly a quarter of Unisource Canada's supply systems
revenues, "Mundt noted. "We are fully committed to that business and intend to
grow it aggressively."
Unisource is the largest marketer and distributor of paper products and
supply systems in North America, with annual revenues in excess of $7 billion.
The company's supply systems business, which represents about thirty-five
percent of total revenues, provides plastic films and containers, corrugated
containers, packaging equipment and supplies and sanitary maintenance products
to customers in the manufacturing, food processing, health care, hospitality and
other industries.
Bunzl plc is an international company involved in distribution, conversion
and light manufacture, primarily of paper and plastic based products. Revenues
in 1996 were Pounds 1.8 billion. Bunzl Distribution USA, which distributes paper
and plastic supplies to supermarkets, contract caterers, fast food suppliers and
independent local distributors, represents more than forty percent of total
corporate revenues.
Paul Lorenzini, chairman and chief executive officer of Bunzl Distribution
USA, said, "I am delighted that we have been able to reach agreement in
principle to acquire Unisource's grocery supply business, which complements and
expands our existing network. We are confident that, with our extensive
industry knowledge and expertise, we will increase efficiencies and be able to
serve all of our U.S. customers more effectively."
Unisource Worldwide, Inc. (http://www.unisourcelink.com), is headquartered
in Berwyn, Pennsylvania. Bunzl plc is headquartered in the United Kingdom.
Bunzl Distribution USA headquarters are located in St. Louis, Missouri.
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