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): May 1, 2000
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COACHMEN INDUSTRIES, INC.
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(Exact Name of Registrant as Specified in its Charter)
Indiana
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(State or Other Jurisdiction of Incorporation)
1-7160 35-1101097
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(Commission File Number) (I.R.S. Employer Identification Number)
2831 Dexter Drive, Elkhart, Indiana 46514
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(Address of Principal Executive Offices) (Zip Code)
(219) 262-0123
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(Registrant's Telephone Number, Including Area Code)
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ITEM 5. OTHER EVENTS.
On May 1, 2000 the Company filed a press release announcing
the signing of a contract to acquire Mod-U-Kraf Homes, Inc. A copy of the press
release is attached as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) EXHIBITS
Exhibit
Number Description
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99.1 May l, 2000 Press Release announcing the signing
of a contract to acquire Mod-U-Kraf Homes, Inc.
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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.
COACHMEN INDUSTRIES, INC.
By: /s/ Richard M. Lavers
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Richard M. Lavers
General Counsel & Secretary
Dated: May 1, 2000
EXHIBIT 99.1
COACHMEN SIGNS CONTRACT TO ACQUIRE MOD-U-KRAF
ELKHART, Ind., May 1 /PRNewswire/ -- Coachmen Industries, Inc. (NYSE: COA -
news) of Elkhart, Indiana announced today that they have entered into a
definitive agreement to acquire Mod-U-Kraf Homes, Inc. (OTC: MODU - news) for
$11.75 per share, or a total consideration of nearly $10 million. This
culminates months of negotiations and due diligence that began in earnest in
January and resulted in a letter of intent to acquire all outstanding shares on
March 13, 2000. Closing of the transaction is expected in mid-June, subject to
approval of the shareholders of Mod-U-Kraf and other normal closing conditions.
The definitive agreement provides for a significant break-up fee payable to
Coachmen in certain circumstances.
This transaction adds to Coachmen's expanding modular home sector. Mod-U-Kraf,
who will retain both management and employees, will operate as a separate entity
under the Coachmen Housing Group. "We are very pleased to have Mod-U-Kraf as
part of the Coachmen family. They complement our existing modular business
perfectly, and is another step forward in our strategic plan to expand that
segment of our business," said Claire C. Skinner, Chairman and CEO of Coachmen
Industries, Inc. "As a result of this acquisition, we will solidify our position
as the leading manufacturer of modular housing in the United States.
"We are very excited about joining forces with Coachmen in a market that has
been experiencing double digit growth and continues to see strong consumer
demand," noted Dale H. Powell, Mod-U-Kraf's President and Board Chairman. "We
share the same philosophies about our customers, employees and the communities
in which we work." Coachmen Industries, Inc. is one of the nation's leading
producers of recreation vehicles. The Company's All American Homes division is
America's leading producer of modular homes. Unlike the manufactured housing
industry, Coachmen's modular homes are built to local codes versus HUD codes.
Recreation vehicles comprised eighty three percent of Coachmen's 1999 sales and
modular homes represented seventeen percent.
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Investors are cautioned not to
place undue reliance on forward-looking statements, which are inherently
uncertain. Actual results may differ materially from that projected or suggested
due to certain risks and uncertainties including, but not limited to the
potential fluctuations in the Company's operating results, the implementation of
the new enterprise-wide software, the availability of gasoline, the Company's
dependence on chassis suppliers, interest rates, competition, government
regulations, and other risks identified in the Company's SEC filings.
