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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 25, 2000
GENTEK INC.
(Exact name of registrant as specified in charter)
Delaware
(State or other jurisdiction of incorporation)
001-14789 02-0505547
(Commission File No.) (IRS employer identification no.)
Liberty Lane, Hampton, New Hampshire 03842
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (603) 929-2606
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ITEM 2: ACQUISITION OR DISPOSITION OF ASSETS
On August 25, 2000, GenTek Inc. ("GenTek") acquired the Digital
Telecommunications Group (the "Digital Group") of Prestolite Wire Corporation, a
privately held company ("Prestolite"), for $90 million (the "Acquisition"). The
Digital Group designs, produces, markets, sells and distributes copper and
fiber-optic wire and cable and related products for use in the
telecommunications market. GenTek acquired the Digital Group through Krone
Digital Communications Inc., an indirect wholly-owned subsidiary. The assets of
the Digital Group, including a manufacturing plant located in Sidney, Nebraska,
will be integrated with GenTek's telecommunications equipment segment. GenTek
funded the Acquisition with cash on hand and through borrowings under the
revolving portion of its credit facility.
Paul M. Montrone, the Chairman of GenTek's Board of Directors, is the
controlling shareholder of Prestolite. Accordingly, the Acquisition was reviewed
and approved by a special committee of GenTek's Board of Directors composed of
three independent directors (the "Special Committee"). In connection with its
review of the Acquisition, the Special Committee received an opinion from Morgan
Stanley & Co. Incorporated that the terms of the Acquisition were fair to GenTek
from a financial point of view.
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ITEM 7: EXHIBITS
The following document is filed as an exhibit hereto:
20.01 Press Release, dated July 6, 2000, announcing GenTek's
agreement to acquire the Digital Group for $90 million.
Pursuant to the requirements of the Securities Exchange Act of 1934,
GenTek has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
GENTEK INC.
By: /s/ Michael R. Herman
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Name: Michael R. Herman
Title: Vice President and General Counsel
Dated: September 8, 2000
STATEMENT OF DIFFERENCES
The trademark symbol shall be expressed as................................. 'TM'
The registered trademark symbol shall be expressed as...................... 'r'
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