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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): May 21, 1998
WATERLINK, INC.
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(Exact name of Registrant as Specified in Charter)
<TABLE>
<S> <C> <C>
Delaware 1-13041 34-1788678
(State or other (Commission File Number) (IRS Employer Identification
Jurisdiction No.)
of Incorporation)
</TABLE>
4100 Holiday Street, N.W., Suite 201, Canton, Ohio 44718
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (330) 649-4000.
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Item 5. Other Events
On May 21, 1998, Waterlink, Inc. issued the press release attached to
this Form 8-K as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Item 7(c). Exhibits.
99.1 - Press release issued by Waterlink, Inc. on May 21, 1998.
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.
WATERLINK, INC.
Dated: May 21, 1998 By /s/ Michael J. Vantusko
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Michael J. Vantusko, Chief Financial Officer
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INDEX TO EXHIBITS
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FORM 8-K
EXHIBIT NUMBER DESCRIPTION
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99.1 Press release issued by Waterlink, Inc. on May 21, 1998.
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Exhibit 99.1
FOR IMMEDIATE RELEASE CONTACT:
May 21, 1998 Mike Vantusko
Chief Financial Officer
Marla Jeane Maling
Mgr. Corporate Communications
(330) 649-4000
WATERLINK ANNOUNCES MANAGEMENT CHANGES:
NAMES NEW CHIEF EXECUTIVE OFFICER AND NEW PRESIDENT OF EUROPEAN
WATER AND WASTEWATER OPERATIONS
CANTON, Ohio--May 21, 1998--Waterlink, Inc. (NYSE:WLK) announced today
that it has named T. Scott King as its President and Chief Executive Officer,
effective June 8, 1998, to succeed Chet S. Ross, who is leaving the company
effective June 5, 1998, in order to pursue other business interests.
"We are very grateful to Chet for helping Waterlink approach the $200
million revenue mark," said Ted Savastano, Waterlink's Chairman of the Board.
"Chet's achievements have laid the foundation for Scott King to take Waterlink
to the next level."
Mr. King, 46, was formerly the President and General Manager, Consumer
Brands Division of The Sherwin-Williams Company. Under Mr. King's leadership,
the Consumer Brands Division grew both internally and through acquisitions from
$372 million in revenues in 1992 to $855 million in 1997. Prior to 1992, Mr.
King was Vice-President, Sales & Marketing for the Consumer Division's brands
division and introduced several innovative marketing approaches including the
Dutch Boy "In the Paint" marketing concept with the National Basketball
Association.
"Scott will continue the leadership, innovation and discipline that is
necessary to improve our operating performance by focusing on cross selling and
the Waterlink brand name," said Savastano. "I also look forward to working with
Scott in carrying out the Waterlink vision through continued acquisition
growth."
-more-
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WATERLINK ANNOUNCES MANAGEMENT CHANGE/PAGE 2
Waterlink also announced the appointment of Dr. Hans Larsson, formerly
President of Waterlink Europe, to a new role as Waterlink's Vice-President and
Technical Director, reporting to the CEO. Dr. Larsson holds numerous worldwide
patents, and is inventor of the widely applied continuous sand filter.
Mr. Henrik Kallen has been appointed as the new President of
Waterlink's European water and wastewater operations, with primary
responsibility for the operations of the Nordic Water Group of companies. Mr.
Kallen was previously a consultant to industry working with strategy projects
and change implementation. During the past year, he served as President and
Chief Executive Officer for the Orrefors Kosta Boda Group, a Swedish crystal
maker with approximately $100 million of revenues. While there, he developed and
implemented a strategic plan for sales and profitability growth as well as
organizational change. Savastano commented, "The combined talents of Mr. Kallen
and Dr. Larsson will provide the necessary resources to accelerate Waterlink's
plan to enhance the Nordic Water Group's position as a market leader in Europe
and strengthen the cross selling efforts between Europe and North America."
Due to these changes, the Company is expected to incur a special charge
to operations in the quarter ended June 30, 1998. This charge will primarily
include the costs related to the contractual obligations of the Company to its
former chief executive officer.
This Press Release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995, including
customer base, product offerings and predictability of results. These
forward-looking statements are subject to certain risks, uncertainties and other
factors that could cause actual results to differ materially. Such factors
include, but are not limited to, changes in operating costs, the success of the
Company's operating plan, acquisition strategy and unanticipated liabilities.
Additional information on factors that could potentially affect the Company or
its financial results may be found in the Company's filings with the Securities
and Exchange Commission, including the risk factor section (beginning on page
20) of the Company's annual report on Form 10-K for its fiscal year ended
September 30, 1997.
-more-
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WATERLINK ANNOUNCES MANAGEMENT CHANGES/PAGE 3
Waterlink is an international provider of integrated water purification
and wastewater treatment solutions, treating process water and wastewater for
its industrial customers and drinking water and wastewater for its municipal
customers. Waterlink's twenty-one operating companies offer its solutions,
equipment and services throughout a network of approximately 250 independent
sales organizations. Waterlink's executive offices are located in Canton, Ohio,
USA and its European operations are directed from Nynashamn, Sweden.
More information about Waterlink can be obtained on the internet at
www.waterlink.com, by e-mail inquiry to [email protected], or by
contacting Mike Vantusko, Waterlink, Inc., 4100 Holiday Street NW, Canton, Ohio
44718 USA at 330-649-4000.
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