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): March 6, 1995
CLARK EQUIPMENT COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-5646 38-0425350
(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification Number)
100 North Michigan Street
P. O. Box 7008
South Bend, Indiana
(Address of principal 46634
executive offices) (Zip Code)
Registrant's telephone number (219) 239-0100
including area code
Total Number of Pages: 4
Exhibit Index at Page: 3
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ITEM 5. OTHER EVENTS
On March 6, 1995, Registrant issued a press release announcing that it has
signed a definitive agreement to sell its 50 percent interest in VME Group
N.V. to AB Volvo of Sweden for $573 million. A copy of this press release
is attached as Exhibit (99) and incorporated in this Item by reference.
The press release contains certain forward-looking statements about
Registrant as defined in paragraph (c) of Rule 3B-6, "Liability for Certain
Statements by Issuers" issued pursuant to the Securities Exchange Act of
1934. The forward-looking statements of Registrant published in the press
release are reaffirmed hereby.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit (99) - Registrant's press release announcing that it has signed a
definitive agreement to sell its 50 percent interest in VME Group N.V. to
AB Volvo of Sweden issued on March 6, 1995.
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.
CLARK EQUIPMENT COMPANY
/s/ John J. Moran, Jr.
John J. Moran, Jr.
Assistant Secretary
Date: March 6, 1995
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EXHIBIT LIST AND INDEX
Filed Herewith Unless
Exhibit Description Otherwise Indicated
(99) Registrant's Press Release Page 4
dated March 6, 1995.
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EXHIBIT (99)
Clark Equipment Company
100 North Michigan St.
P.O. Box 7008
South Bend, Indiana 46634
NEWS RELEASE
Contact: Joe Fimbianti Release Date: Immediate
219-239-0176
CLARK TO SELL CONSTRUCTION MACHINERY INVESTMENT TO VOLVO
SOUTH BEND, INDIANA, March 6, 1995 -- Clark Equipment Company (NYSE: CKL) today
announced that it has signed a definitive agreement to sell its 50 percent
interest in VME Group N.V. to AB Volvo of Sweden for $573 million. The
announcement was made by Leo J. McKernan, Clark chairman, president and chief
executive officer.
Clark expects to record a gain on the sale of approximately $270 million, or
$15.50 per share in 1995, and have net after-tax cash proceeds of $430 million.
The sale is expected to be completed during the first quarter of 1995.
In announcing the sale, Mr. McKernan said, "Clark and Volvo created VME in 1985
by combining their regional construction machinery businesses into a worldwide
company. Since that time, sales and earnings have grown substantially, and VME
is now a large and successful company, with full-year 1994 sales of $1,566
million. We announced on January 26, 1995, that we intended to sell all our
shares of VME and use the proceeds to buy back stock and make value-added
acquisitions. We believe that selling our interest in VME to Volvo at this time
will accomplish our strategic objectives and unlock value for Clark
shareholders."
Clark Equipment Company designs, manufactures and markets compact construction
machinery, asphalt paving equipment, and axles and transmissions for off-highway
equipment.
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