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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: SEPTEMBER 2, 1999
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(DATE OF EARLIEST EVENT REPORTED)
WSI INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
MINNESOTA 0-619 41-0691607
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
2605 WEST WAYZATA BOULEVARD
LONG LAKE, MINNESOTA 55356
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(Address of principal executive offices)
Registrant's telephone number, including area code: (612) 473-1271
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Items 1, 2, 3, 4, 6 and 8 are not included.
ITEM 5. OTHER EVENTS.
On September 2, 1999 WSI Industries, Inc. announced that it plans to close
its Long Lake plant by the end of calendar year 1999 and consolidate all
manufacturing at facilities of its recently acquired subsidiaries in Rochester,
MN and Osseo, MN. Further details of this action are contained in the press
release of WSI Industries, Inc., dated September 2, 1999 attached hereto as
Exhibit 99.1 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS.
99.1 Press release.
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.
WSI INDUSTRIES, INC.
By /s/ Michael J. Pudil
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Michael J. Pudil
President
September 15, 1999
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Exhibit 99.1
WSI Industries Announces Plan to Consolidate
Manufacturing Operations in Rochester and Osseo, MN, Facilities
By End of Calendar Year 1999
Planned Sale of Long Lake Facility Expected to Offset Consolidation Expenses
September 2, 1999--Long Lake, MN--WSI Industries, Inc. (Nasdaq NMS: WSCI) today
announced that it plans to close its Long Lake plant by the end of calendar year
1999 and consolidate all manufacturing operations at its two recently acquired
subsidiaries: Bowman Tool and Machining, Inc. in Rochester, MN, and Taurus
Numeric Tool, Inc. in Osseo, MN.
Michael J. Pudil, President and chief executive officer, said consolidating
manufacturing operations is designed to facilitate WSI's long-term strategic
growth plans. He said this initiative will place the Company in closer proximity
to its major customers as well as reduce WSI's overhead structure. The Bowman
unit's largest customers are Deere & Co.'s Construction operation and Power
Systems operation. The Company's largest customer served out of the Long Lake
facility is Deere's agricultural equipment operation in Iowa.
Pudil said consolidation costs are expected to be largely offset by the
anticipated gain from the sale of the Long Lake facility. The majority of these
consolidation expenses will be incurred in the first quarter of fiscal 2000
ending November 30.
In August 1999, the Company acquired the stock of Bowman, a precision machining
company with annual sales of approximately $8 million. Since Bowman was included
in the Company's consolidated operating results for the final three weeks of
fiscal 1999 ended August 29, it was modestly accretive to WSI's full-year
operations. The unit is expected to make a positive contribution to the
Company's profitability during fiscal 2000.
In February, the Company acquired the stock of Taurus, a specialized precision
machining company serving the avionics and aerospace markets. Taurus made a
positive contribution to the Company's profitability during the second half of
fiscal 1999.
WSI Industries, Inc. is a leading contract manufacturer that specializes in the
machining of complex, high-precision parts for a wide range of industries,
including agriculture, construction, aerospace and avionics, recreational
vehicles and computers.
