===========================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One):
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the transition period from _________ to _________
Commission file number: 1-8973
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below: Kysor Industrial
Corporation Savings Plan
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office: Kysor
Industrial Corporation, One Madison Avenue, Cadillac, Michigan
49601
===========================================================================
KYSOR INDUSTRIAL CORPORATION SAVINGS PLAN
REPORT ON AUDITS OF FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
KYSOR INDUSTRIAL CORPORATION SAVINGS PLAN
INDEX
PAGES
Report of Independent Accountants. . . . . . . . . . . . . . . . . 2
Financial Statements:
Statements of Net Assets Available for Plan Benefits as of
December 31, 1995 and 1994. . . . . . . . . . . . . . . . . . 3-4
Statements of Changes in Net Assets Available for Plan
Benefits for the years ended December 31, 1995, 1994
and 1993. . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7
Notes to Financial Statements. . . . . . . . . . . . . . . . . . 8-12
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment Purposes
as of December 31, 1995 . . . . . . . . . . . . . . . . . . . 13
Item 27d - Schedule of Reportable Transactions for the
year ended December 31, 1995. . . . . . . . . . . . . . . . . 14
-1-
COOPERS COOPERS & LYBRAND L.L.P.
&LYBRAND
A PROFESSIONAL SERVICES FIRM
REPORT OF INDEPENDENT ACCOUNTANTS
To the Administrative Committee of the
Kysor Industrial Corporation Savings Plan:
We have audited the accompanying statements of net assets available for
plan benefits of Kysor Industrial Corporation Savings Plan (the "Plan") as
of December 31, 1995 and 1994, and the related statements of changes in net
assets available for plan benefits for the years ended December 31, 1995,
1994 and 1993. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Plan
as of December 31, 1995 and 1994, and the changes in net assets available
for plan benefits for years ended December 31, 1995, 1994 and 1993, in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules,
as listed in the accompanying index on page 1, are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. The fund
information in the statement of net assets available for plan benefits and
the statement of changes in net assets available for plan benefits is
presented for purposes of additional analysis rather than to present the
net assets available for plan benefits and changes in net assets available
for plan benefits of each fund. The supplemental schedules and fund
information have been subjected to the auditing procedures applied in the
-2-
audits of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ Coopers & Lybrand L.L.P.
Detroit, Michigan
May 23, 1996
-3-
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International,
a limited liability association incorporated in Switzerland.
<TABLE>
KYSOR INDUSTRIAL CORPORATION SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1995
<CAPTION>
U.S. MONEY BOND AND REAL INTERNATIONAL STOCK GUARANTEED
STOCK MARKET MORTGAGE ESTATE STOCK INDEX INTEREST
ASSETS ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
<S> <C> <C> <C> <C> <C> <C> <C>
Pooled separate account $1,910,551 $856,364 $533,717 $118,307 $948,994 $590,285
Uncollected contracts $4,700,083
Loans to participants
Kysor Industrial Corporation
common stock
Total assets $1,910,551 $856,364 $533,717 $118,307 $948,994 $590,285 $4,700,083
NET ASSETS AVAILABLE
FOR PLAN BENEFITS
Net assets available for
plan benefits $1,910,551 $856,364 $533,717 $118,307 $948,994 $590,285 $4,700,083
</TABLE>
<TABLE>
<CAPTION>
SMALL BOND STOCK CORPORATE
VALUE COMPANY EMPHASIS EMPHASIS LOAN COMMON
STOCK STOCK BALANCED BALANCED PARTICIPATION STOCK
ACCOUNT ACCOUNT ACCOUNT ACCOUNT FUND FUND TOTAL
<S> <C> <C> <C> <C> <C> <C>
$379,871 $796,483 $70,037 $92,242 $ 6,296,851
4,700,083
$557,231 557,231
$3,366,484 3,366,484
$379,871 $796,483 $70,037 $92,242 $557,231 $3,366,484 $14,920,649
$379,871 $796,483 $70,037 $92,242 $557,231 $3,366,484 $14,920,649
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-4-
<TABLE>
KYSOR INDUSTRIAL CORPORATION SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1994
<CAPTION>
U.S. MONEY BOND AND REAL INTERNATIONAL STOCK GUARANTEED
STOCK MARKET MORTGAGE ESTATE STOCK INDEX INTEREST
ASSETS ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
<S> <C> <C> <C> <C> <C> <C> <C>
Pooled separate account $1,266,450 $830,448 $484,654 $ 86,969 $747,772 $326,791
Uncollected contracts $4,037,953
Loans to participants
Kysor Industrial Corporation
common stock
Total assets $1,266,450 $830,448 $484,654 $ 86,969 $747,772 $326,791 $4,037,953
NET ASSETS AVAILABLE
FOR PLAN BENEFITS
Net assets available for
plan benefits $1,266,450 $830,448 $484,654 $ 86,969 $747,772 $326,791 $4,037,953
</TABLE>
<TABLE>
<CAPTION>
SMALL BOND STOCK CORPORATE
VALUE COMPANY EMPHASIS EMPHASIS LOAN COMMON
STOCK STOCK BALANCED BALANCED PARTICIPATION STOCK
ACCOUNT ACCOUNT ACCOUNT ACCOUNT FUND FUND TOTAL
<S> <C> <C> <C> <C> <C> <C>
$ 88,332 $325,351 $30,908 $51,965 $ 4,239,640
4,037,953
$555,164 555,164
$2,875,361 2,875,361
$ 88,332 $325,351 $30,908 $51,965 $555,164 $2,875,361 $11,708,118
$ 88,332 $325,351 $30,908 $51,965 $555,164 $2,875,361 $11,708,118
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-5-
<TABLE>
KYSOR INDUSTRIAL CORPORATION SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1995
<CAPTION>
U.S. MONEY BOND AND REAL INTERNATIONAL STOCK GUARANTEED
STOCK MARKET MORTGAGE ESTATE STOCK INDEX INTEREST
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
<S> <C> <C> <C> <C> <C> <C> <C>
Employee contributions $ 254,292 $ 87,068 $ 79,467 $ 21,493 $162,174 $ 86,428 $ 645,390
Interest 297,624
Dividends
Net appreciation in fair
value of investments 446,886 47,070 78,895 8,096 111,405 139,202
Total additions 701,178 134,138 158,362 29,589 273,579 225,630 943,014
Benefit payments 31,927 43,719 30,191 1,695 17,051 8,754 180,674
Other expenses 1,000 1,165
Total deductions 31,927 44,719 30,191 1,695 17,051 8,754 181,839
Net increase in plan
assets 669,251 89,419 128,171 27,894 256,528 216,876 761,175
Net assets available for
plan benefits, beginning
of year 1,266,450 830,448 484,654 86,969 747,772 326,791 4,037,953
Transfers (to) from other
accounts (25,150) (63,503) (79,108) 3,444 (55,306) 46,618 (99,045)
Net assets available
plan benefits, end
of year $1,910,551 $856,364 $533,717 $118,307 $948,994 $590,285 $4,700,083
</TABLE>
-6-
<TABLE>
<CAPTION>
SMALL BOND STOCK CORPORATE
VALUE COMPANY EMPHASIS EMPHASIS LOAN COMMON
STOCK STOCK BALANCED BALANCED PARTICIPATION STOCK
ACCOUNT ACCOUNT ACCOUNT ACCOUNT FUND FUND TOTAL
<S> <C> <C> <C> <C> <C> <C>
$ 61,137 $140,954 $15,070 $27,529 $ 290,214 $ 1,871,216
$ 38,319 335,943
77,609 77,609
75,234 140,483 11,233 15,234 300,825 1,374,563
136,371 281,437 26,303 42,763 38,319 668,648 3,659,331
14,045 9,996 2,219 1,481 102,883 444,635
2,165
14,045 9,996 2,219 1,481 - 102,883 446,800
122,326 271,441 24,084 41,282 38,319 565,765 3,212,531
88,332 325,351 30,908 51,965 555,164 2,875,361 11,708,118
169,213 199,691 15,045 (1,005) (36,252) (74,642) -
$379,871 $796,483 $70,037 $92,242 $557,231 $3,366,484 $14,920,649
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-7-
<TABLE>
KYSOR INDUSTRIAL CORPORATION SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
U.S. MONEY BOND AND REAL INTERNATIONAL STOCK GUARANTEED
STOCK MARKET MORTGAGE ESTATE STOCK INDEX INTEREST
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
<S> <C> <C> <C> <C> <C> <C> <C>
Employee contributions $ 220,158 $ 80,317 $110,251 $ 21,841 $151,758 $ 65,707 $ 516,835
Interest 221,602
Dividends
Net appreciation in fair
value of investments 5,353 30,883 3,149 3,740
Total additions 225,511 111,200 110,251 24,990 151,758 69,447 738,437
Net depreciation in fair
value of investments 10,120 18,204
Benefit payments 22,813 70,128 21,619 787 11,362 8,517 173,269
Other expenses 39,068 3,557
Total deductions 22,813 109,196 31,739 787 29,566 8,517 176,826
Net increase in plan
assets 202,698 2,004 78,512 24,203 122,192 60,930 561,611
Net assets available for
plan benefits, beginning
of year 1,102,696 803,658 429,914 29,184 373,942 258,281 3,779,249
Transfers (to) from other
accounts and/or Kysor
Industrial Corporation
401(k) Plan (38,944) 24,786 (23,772) 33,582 251,582 7,580 (302,907)
Net assets available
plan benefits, end
of year $1,266,450 $830,448 $484,654 $ 86,969 $747,772 $326,791 $4,037,953
</TABLE>
-8-
<TABLE>
<CAPTION>
SMALL BOND STOCK CORPORATE
VALUE COMPANY EMPHASIS EMPHASIS LOAN COMMON
STOCK STOCK BALANCED BALANCED PARTICIPATION STOCK
ACCOUNT ACCOUNT ACCOUNT ACCOUNT FUND FUND TOTAL
<S> <C> <C> <C> <C> <C> <C>
$ 26,525 $ 89,075 $10,925 $12,103 $ 224,739 $ 1,530,234
$ 11,443 233,045
66,737 66,737
475 8,932 71 622,116 674,719
27,000 98,007 10,925 12,174 11,433 913,592 2,504,735
421 28,745
695 7,526 4,973 52,747 374,436
42,625
695 7,526 421 4,973 - 52,747 445,806
26,305 90,481 10,504 7,201 11,443 860,845 2,058,929
486,305 2,364,821 9,628,050
62,027 234,870 20,404 44,764 57,416 (350,305) 21,139
$ 88,332 $325,351 $30,908 $51,965 $555,164 $2,875,361 $11,708,118
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-9-
<TABLE>
KYSOR INDUSTRIAL CORPORATION SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
U.S. MONEY BOND AND REAL INTERNATIONAL
STOCK MARKET MORTGAGE ESTATE STOCK
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
<S> <C> <C> <C> <C> <C>
Employee contributions $ 224,165 $111,883 $ 96,332 $14,825 $ 40,924
Interest
Dividends 874 588 83 4 24
Net appreciation in fair
value of investments 89,194 24,033 29,615 890 75,154
Total additions 309,233 136,504 126,030 15,719 116,102
Net depreciation in fair
value of investments
Benefit payments 15,702 141,458 13,212 418 1,437
Other expenses
Total deductions 15,702 141,458 13,212 418 1,437
Net increase (decrease)
in plan assets 293,531 (4,954) 112,818 15,301 114,665
Net assets available
for plan benefits,
beginning year 507,208 866,630 224,195 13,484 65,535
Transfers (to) from
other accounts 301,957 (58,018) 92,901 399 193,742
Net assets avail-
able for plan
benefits, end
of year $1,102,696 $803,658 $429,914 $29,184 $373,942
</TABLE>
-10-
<TABLE>
<CAPTION>
CORPORATE
STOCK GUARANTEED LOAN COMMON
INDEX INTEREST PARTICIPATION STOCK
ACCOUNT ACCOUNT FUND FUND TOTAL
<S> <C> <C> <C> <C>
$ 72,138 $ 572,893 $ 266,674 $1,359,834
279,315 $ 26,143 305,458
54 3,951 53,654 59,232
19,585 233,471
91,777 856,159 26,143 280,328 1,957,995
118,137 118,137
17,654 587,947 122,503 900,331
82 82
17,654 588,029 240,640 1,018,550
74,123 268,130 26,143 39,688 939,445
153,918 3,658,104 321,822 2,877,709 8,688,605
30,240 (146,985) 138,340 (552,576) -
$258,281 $3,779,249 $486,305 $2,364,821 $9,628,050
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-11-
KYSOR INDUSTRIAL CORPORATION SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. PLAN DESCRIPTION:
a. GENERAL: The following brief description of the Kysor Industrial
Corporation Savings Plan (the "Plan"), is provided for general
information purposes only. Participants should refer to the Plan
document for more complete information. The Plan is a cash or
deferred profit-sharing plan which was established as of
January 1, 1985. Eligible for participation are all salaried and
nonunion hourly employees of Kysor Industrial Corporation (the
"Employer"). The Plan's investments are managed by the Plan's
custodians and disbursed to specific investments in proportions
selected by each participant.
The custodians of the Plan are Bankers Trust and Principal Mutual
Life Insurance Company. Plan assets are held and invested by the
custodians.
b. ESTIMATES: The preparation of financial statements in conformity
with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements
and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those
estimates.
c. CONTRIBUTIONS: Employee contributions represent a percentage of
the eligible participant's earnings as defined in the Plan
agreement.
Employee contributions to the Plan occur through salary deferrals
authorized by the participant. Amounts so contributed to the
Plan are not subject to federal income tax until the participant
withdraws the money from the Plan. Any withdrawal that occurs
prior to an employee reaching age 59-1/2 will, under current
rules, result in a 10 percent penalty tax being assessed over and
above the regular tax.
d. PLAN BENEFITS: A participant's pre-tax account is fully vested at
all times with the exception of the Medallion (a division of
Kysor Industrial Corporation) participant's profit-sharing
account, which has a seven-year vesting schedule determined by a
participant's years of service. Upon reaching age 59-1/2, the
participant is eligible to receive his/her fully vested benefits
in one lump sum or in installment payments. The mandatory
-12-
NOTES TO FINANCIAL STATEMENTS, CONTINUED
1. PLAN DESCRIPTION, CONTINUED:
benefit commencement date is the last day of the participant's
taxable year in which the age of 70-1/2 has been attained.
e. DEATH BENEFITS: The Plan provides for preretirement and
postretirement death benefits. Upon death, the amount credited
to the participant's account shall be paid to the previously
designated beneficiary.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies followed
in the preparation of these financial statements.
a. INVESTMENT VALUATION: Investments include an interest in pooled
separate accounts maintained by the investment manager of the
Plan. The pooled separate accounts represent a pooled fund for
the Kysor Industrial Corporation's savings plans and other
unrelated plans.
The fair value of the pooled investments represents the Plan's
pro rata interest in the aggregate fair value of the pooled
separate account.
Investments also include assets held and invested by the limited
trustee of the Plan under a limited trust agreement.
Investments in common stocks traded on a national securities
exchange are valued at the last reported sales price on the last
business day of the year; investments in common stocks traded on
a national securities exchange for which no sale was reported on
that date and investments in common stocks traded in an
over-the-counter market are valued at the last reported bid
prices.
Investments in bonds are valued at the last reported sales price
on the last business day of the year; investments in bonds for
which no sale was reported on that date are valued at the most
recently published transaction price. If there have been no
recent transactions, quotations are obtained from security
dealers. Loans to participants are considered assets of the Plan
and valued at fair value.
-13-
NOTES TO FINANCIAL STATEMENTS, CONTINUED
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
Investments in the Guaranteed Interest Account are valued at fair
value. The fair value of the account is based on discounted cash
flows to expected maturity. At December 31, 1995, the fair value
of the account approximated the contract value.
b. NET APPRECIATION OR DEPRECIATION IN FAIR VALUE OF INVESTMENTS:
The Plan presents in the statement of changes in net assets the
net appreciation (depreciation) in the fair value of its
investments which consists of the realized gains or losses and
the unrealized appreciation (depreciation) on those investments.
c. OTHER: Purchases and sales of securities are reflected on a trade
date basis. Gain or loss on sales of securities is based on
average cost.
Dividend income is recorded on the ex-dividend date. Interest
income is recorded as earned on an accrual basis.
3. INVESTMENTS:
Each participant has the option of investing all or a portion of
his/her account in any of thirteen investment vehicles (i.e. funds or
accounts). For the 1995 and 1994 plan years, these investment options
included pooled separate accounts, which were managed by the
investment manager, and common stock of Kysor Industrial Corporation,
as follows:
a. U. S. STOCK ACCOUNT: The common stock account is a pooled
investment account that invests in U. S. securities, primarily
common stocks.
b. MONEY MARKET ACCOUNT: The money market account is a pooled
investment account which invests in money market instruments.
c. BOND AND MORTGAGE ACCOUNT: The bond and mortgage account
(Primart Separate Account) is a pooled investment account
invested in intermediate-term fixed income loans.
d. REAL ESTATE ACCOUNT: The real estate separate account is a
pooled investment account invested in owned commercial property.
-14-
NOTES TO FINANCIAL STATEMENTS, CONTINUED
3. INVESTMENTS, CONTINUED:
e. INTERNATIONAL STOCK ACCOUNT: The international stock separate
account is a pooled investment account invested primarily in
common stocks of corporations located outside the United States.
The account may also occasionally invest in preferred stocks or
convertible bonds of these corporations. At the account
manager's discretion, account assets may also be invested in
U. S. or non-U. S. securities other than stocks or retained in
cash.
f. STOCK INDEX ACCOUNT: The stock index account is a pooled
investment account primarily invested in the common stock of
those firms included in the Standard & Poor's 500 Stock Index.
g. GUARANTEED INTEREST ACCOUNT: The guaranteed interest account is
invested through the Principal Financial Group Pooled General
Account. General Account investments emphasize privately-placed
loans such as bonds and commercial mortgages.
h. VALUE STOCK ACCOUNT: The Value stock separate account is a
pooled investment account invested primarily in income-producing
common stocks that are undervalued in the marketplace according
to traditional measures of value.
i. SMALL COMPANY STOCK ACCOUNT: The small company stock separate
account is a pooled investment account invested primarily in
common stocks of smaller companies whose earnings are expected to
grow at above average rates.
j. BOND EMPHASIS BALANCED ACCOUNT: The bond emphasis balanced
separate account is a pooled investment account invested in other
separate accounts of Principal Mutual Life Insurance Company,
weighted toward fixed income accounts.
k. STOCK EMPHASIS BALANCED ACCOUNT: The stock emphasis balanced
separate account is a pooled investment account invested in other
separate accounts of Principal Mutual Life Insurance Company,
weighted toward equity accounts.
l. LOAN PARTICIPATION FUND: The Plan allows participants to borrow
from their benefit accounts by securing a promissory note with
the trustee. Principal and interest repayment terms shall not
exceed a five-year period. Loan transactions are treated as a
transfer to (from) the investment accounts from (to) the Loan
Participation Fund.
-15-
NOTES TO FINANCIAL STATEMENTS, CONTINUED
3. INVESTMENTS, CONTINUED:
m. CORPORATE COMMON STOCK FUND: This investment option allows
participants to purchase Kysor Industrial Corporation common
stock.
4. TAX STATUS:
The Plan obtained its latest determination letter on August 2, 1993,
in which the Internal Revenue Service advised that the Plan, as
designed to conform with ERISA, constituted a qualified plan under
Section 401(a) of the Internal Revenue Code. The Plan has been amended
since receiving the determination letter. However, the Plan
administrator believes that the Plan is currently designed and being
operated in compliance with the applicable requirements of the
Internal Revenue Code. Therefore, no provision for income taxes has
been included in the Plan's financial statements.
5. PRIORITIES ON PLAN TERMINATION:
While the Employer has not expressed any intent to discontinue the
Plan, it has the right at any time to declare the Plan terminated
solely as to it or as to any of the Employer's divisions, facilities
or operational units. In the event the Employer discontinues the
Plan, the net assets of the Plan will be allocated among the
participants and beneficiaries of the Plan in accordance with the
terms set forth in the Plan agreement.
6. ADMINISTRATIVE EXPENSE:
Administrative expenses of the Plan are paid by Kysor Industrial
Corporation.
-16-
<TABLE>
KYSOR INDUSTRIAL CORPORATION SAVINGS PLAN
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
<CAPTION>
(C)
(B) DESCRIPTION OF INVESTMENT,
IDENTITY OF ISSUER, INCLUDING MATURITY DATE, (E)
BORROWER, LESSOR RATE OF INTEREST, COLLATERAL, (D) CURRENT
(A) OR SIMILAR PARTY PAR OR MATURITY VALUE COST VALUE
<S> <C> <C> <C> <C>
Pooled separate account:
Principal Mutual Life Insurance Company Common Stock account $ 1,384,973 $ 1,910,551
Principal Mutual Life Insurance Company Money market account 772,583 856,364
Principal Mutual Life Insurance Company Bond and mortgage account 443,078 533,717
Principal Mutual Life Insurance Company Real estate account 106,694 118,307
Principal Mutual Life Insurance Company International stock account 808,350 948,994
Principal Mutual Life Insurance Company Stock index account 442,799 590,285
Principal Mutual Life Insurance Company Value stock account 309,784 379,871
Principal Mutual Life Insurance Company Small company stock account 651,818 796,483
Principal Mutual Life Insurance Company Bond emphasis balanced account 62,851 70,037
Principal Mutual Life Insurance Company Stock emphasis balanced account 78,490 92,242
Principal Mutual Life Insurance Company Guaranteed interest account with
contract maturity dates ranging
from one to seven years and
guaranteed interest rates
ranging from 4.5 to 8.7
percent 4,700,533 4,700,083
<F*> Loans to participate Maturity date ranges from one to
five years from the inception
of the loan, interest for all
loans is prime plus two percent
(the prime rate through the
year ended December 31, 1995
was 8.5 percent) - 557,231
<F*> Kysor Industrial Corporation Common stock 1,717,210 3,366,484
$11,479,163 $14,920,649
<FN>
<F*>IDENTIFIES A TRANSACTION WITH A PARTY-IN-INTEREST
</FN>
</TABLE>
-17-
<TABLE>
KYSOR INDUSTRIAL CORPORATION SAVINGS PLAN
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<CAPTION>
(F)
EXPENSE
(A) (C) (D) (E) INCURRED
IDENTITY OF (B) PURCHASE SELLING LEASE WITH
PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE RENTAL TRANSACTION*
<S> <C> <C> <C> <C> <C>
REPORTING CRITERION I: Any transaction within the plan year,
with respect to any plan asset, involv-
ing an amount in excess of five
percent of the current value of plan
assets.
None.
REPORTING CRITERION II: Any series of transactions within the
plan year with respect to securities
of the same issue that, when
aggregated, involves more than five
percent of the current value of plan
assets.
None.
Principal Mutual Life
Insurance Company:
Pooled separate account Guaranteed Interest Account:
234 Purchases $1,0655,339
134 Sales $687,517
REPORTING CRITERION III: Any transaction within the plan year
involving securities of the same issue
if within the plan year any series of
transactions with respect to such
securities, when aggregated, involves
an amount in excess of five percent of
the current value of plan assets.
None.
-18-
REPORTING CRITERION IV: Any transaction within the plan year
with respect to securities with or in
conjunction with a person if any
prior or subsequent single transaction
within the plan year with such person
with respect to securities exceeds five
percent of the current value of plan
assets.
None.
</TABLE>
-19-
<TABLE>
<CAPTION>
(H)
CURRENT VALUE
(G) OF ASSET ON (I)
COST TRANSACTION NET GAIN
OF ASSET DATE OR (LOSS)
<S> <C> <C> <C>
$1,0655,339
$687,517
</TABLE>
-20-
Exhibits:
23 Consent of Coopers & Lybrand L.L.P. dated June 21, 1996.
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated: June 28, 1996 KYSOR INDUSTRIAL CORPORATION
SAVINGS PLAN
By: /S/ KENT J. ROSENAU
Kent J. Rosenau
Member, Kysor 401(k) Savings Plan
for Non-Bargaining Employees
Administrative Committee
-21-
EXHIBIT INDEX
EXHIBIT DOCUMENT
23 Consent of Coopers & Lybrand L.L.P. dated June 21,
1996
EXHIBIT 23
COOPERS COOPERS & LYBRAND L.L.P.
&LYBRAND
A PROFESSIONAL SERVICES FIRM
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statements
of Kysor Industrial Corporation on Form S-8 (as listed below) of our
reports dated May 23, 1996 on our audits of the Kysor Industrial
Corporation 401(k) Plan and Kysor Industrial Corporation Savings Plan as of
December 31, 1995 and 1994, and for the years ended December 31, 1995, 1994
and 1993, which reports are included in this Annual Report on Form 11-K.
<TABLE>
<CAPTION>
PLAN SEC FILE
<S> <C> <C>
401(k) Plan 33-59420
Savings Plan 33-59412
</TABLE>
/s/ Coopers & Lybrand L.L.P.
Detroit, Michigan
June 21, 1996
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
