SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(RULE 13D-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13D-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO 13D-2(A)
(Amendment No. )(1)
CTS CORPORATION
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(Name of Issuer)
COMMON STOCK, NO PAR VALUE PER SHARE
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(Title of Class of Securities)
126501 10 5
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(CUSIP Number)
ILAN K. REICH, ESQUIRE
OLSHAN GRUNDMAN FROME & ROSENZWEIG LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 16, 1997
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(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box
/ /.
Note. six copies of this statement, including all exhibits,
should be filed with the Commission. See Rule 13d-1(a) for other parties to whom
copies are to be sent.
(Continued on following pages)
(Page 1 of 9 Pages)
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(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
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CUSIP No. 126501 10 5 13D Page 2 of 9 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WHX CORPORATION (E.I.N.: 13-3768097)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
EACH
REPORTING
ERSON WITH
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8 SHARED VOTING POWER
-454,467-2
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9 SOLE DISPOSITIVE POWER
-0-
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10 SHARED DISPOSITIVE POWER
-454,467-(2)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
454,467(2)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.6% (See Item 5)
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14 TYPE OF REPORTING PERSON*
HC and CO
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SEE INSTRUCTIONS BEFORE FILLING OUT!
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(2) By virtue of the fact that Wheeling Pittsburgh Capital Corp. is a
wholly-owned subsidiary of WHX Corporation, WHX Corporation is deemed to share
voting and dispositive power with Wheeling Pittsburgh Capital Corp.
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CUSIP No. 126501 10 5 13D Page 3 of 9 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WHEELING PITTSBURGH CAPITAL CORP. (E.I.N.: 13-3723443)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
EACH
REPORTING
ERSON WITH
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8 SHARED VOTING POWER
454,4672
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9 SOLE DISPOSITIVE POWER
-0-
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10 SHARED DISPOSITIVE POWER
454,467(2)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
454,467(2)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.6% (See Item 5)
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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(2) By virtue of the fact that Wheeling Pittsburgh Capital Corp. is a
wholly-owned subsidiary of WHX Corporation, WHX Corporation is deemed to share
voting and dispositive power with Wheeling Pittsburgh Capital Corp.
<PAGE>
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CUSIP No. 126501 10 5 13D Page 4 of 9 Pages
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The following constitutes the Schedule 13D filed by the undersigned
(the "Schedule 13D").
ITEM 1. SECURITY AND ISSUER.
This statement relates to the common stock, no par value per
share ("Common Stock"), of CTS Corporation, an Indiana corporation (the
"Issuer"). The principal executive offices of the Issuer are located at 900 West
Boulevard North, Elkhart, Indiana
46514.
ITEM 2. IDENTITY AND BACKGROUND.
Wheeling Pittsburgh Capital Corp., a Delaware corporation
("WPCC"), is a wholly owned subsidiary of WHX Corporation, a Delaware
corporation ("WHX"). The principal office of WPCC and WHX is located at 110 East
59th Street, New York, New York 10022.
WHX, through its subsidiaries, is the ninth largest domestic
integrated steel manufacturer. WHX manufactures a wide variety of flat-rolled
products for construction, container, converter/processor, steel service center,
automotive and other markets as well as fabricated steel products for the
construction, highway and agricultural markets. Flat-rolled products consist of
a variety of sheet products, including hot-rolled, cold-rolled, galvanized and
pre-painted products, and tin mill products. Fabricated steel products include
roof deck, culvert, highway and other products.
(d)-(e) During the last five years, neither WPCC, WHX nor, to
the best knowledge of WPCC or WHX, any of the persons listed on Schedule I to
this Schedule 13D (i) has been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors) or (ii) has been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The consideration for the 454,467 shares (the "CTS Shares") of
Common Stock acquired by WPCC was 516,440 shares (the "Dynamics Shares") of the
common stock, $.10 par value per share ("DCA Common Stock"), of Dynamics
Corporation of America, a New York corporation ("DCA"). Pursuant to the Amended
and Restated Agreement and Plan of Merger, dated as of July 17, 1997 (the
"Merger Agreement"), among DCA, the Issuer and CTS First Acquisition Corp., a
New York corporation and wholly owned subsidiary of the Issuer ("Sub"), on
October 16, 1997, DCA merged (the "Merger") with and into Sub, and each of the
Dynamics Shares was converted into 0.88 fully paid and non-assessable shares of
the
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CUSIP No. 126501 10 5 13D Page 5 of 9 Pages
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common stock, no par value per share, of the Issuer. WHX had acquired the
Dynamics Shares through open-market purchases and a tender offer in March and
June, 1997, respectively.
ITEM 4. PURPOSE OF TRANSACTION.
The CTS Shares are being held for investment purposes. WHX
fully supports the management and policies of CTS, and intends to vote the CTS
Shares in accordance with the recommendations of the Board of Directors of CTS.
WHX has orally agreed to provide CTS with advance notice of its intention to
sell the CTS shares and to offer CTS an opportunity to purchase those shares.
Other than as set forth herein, neither WPCC nor WHX has any present plan or
proposal which would relate to or result in any of the matters set forth in
subparagraphs (a)-(j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of October 16, 1997, WPCC beneficially owned an
aggregate of 454,467 shares of Common Stock, constituting approximately 8.6% of
the shares of Common Stock outstanding. Such percentage is based upon a maximum
of 5,260,514 shares of Common Stock outstanding (5,249,589 shares of Common
Stock outstanding as of September 5, 1997 less 2,303,100 shares of Common Stock
owned by DCA cancelled in the Merger plus a maximum of 2,314,025 shares of
Common Stock issued in the Merger) as disclosed in the Registration Statement on
Form S-4 of the Issuer as filed with the Securities and Exchange Commission on
September 2, 1997. In the Merger, each share of DCA Common Stock not owned by
the Issuer was, at the election of DCA shareholders, converted into either
$58.00 in cash or 0.88 shares of Common Stock.
The Issuer has announced a 3:1 stock split, effective for
shareholders of record as of October 24, 1997. As a result of that action, WHX
and WPCC will own 1,363,401 shares of the Issuer; however, its percentage
ownership position will remain unchanged.
(b) WPCC has the power to direct the vote and disposition of
the CTS Shares. By virtue of the fact that WPCC is a wholly owned subsidiary of
WHX, WHX is deemed to share voting and dispositive power of the CTS Shares with
WPCC.
(c) See Item 3 above. The Dynamics Shares were purchased prior
to 60 days prior to the date hereof.
(d) Not applicable.
(e) Not applicable.
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CUSIP No. 126501 10 5 13D Page 6 of 9 Pages
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ITEM 6. CONTRACTS, AGREEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
Other than as described herein, there are no contracts,
arrangements, understandings or relationships (legal or otherwise) between WHX
and WPCC or among WHX, WPCC and any other person, with respect to any securities
of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
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CUSIP No. 126501 10 5 13D Page 7 of 9 Pages
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SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: October 23, 1997 WHX CORPORATION
By: /S/STEWART E. TABIN
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Stewart E. Tabin,
Assistant Treasurer
WHEELING PITTSBURGH CAPITAL CORP.
By: /S/STEWART E. TABIN
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Stewart E. Tabin
Vice President
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CUSIP No. 126501 10 5 13D Page 8 of 9 Pages
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SCHEDULE I
INFORMATION CONCERNING DIRECTORS AND EXECUTIVE
OFFICERS OF WHX AND WPCC
Directors and Executive Officers of WHX. The following table sets forth
the name, business address, present principal occupation, and employment and
material occupations, positions, offices, or employments for the past five years
of certain directors, officers and employees of WHX. Unless otherwise indicated,
the principal business address of each executive officer of WHX is 110 East 59th
Street, New York, NY 10022 and each occupation set forth opposite and
individual's name refers to employment with WHX. Where no date is given for
commencement of the indicated office or position, such office or position was
assumed prior to October 17, 1992. Each person listed below is a citizen of the
United States.
<TABLE>
<CAPTION>
NAME AND PRINCIPAL PRINCIPAL OCCUPATION OR EMPLOYMENT; MATERIAL
BUSINESS ADDRESS POSITIONS HELD DURING THE PAST FIVE YEARS
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<S> <C>
Neil D. Arnold.............................. Director, Executive Vice President, Corporate
Varity Corporation Development since April 1996 and Chief Financial
672 Delaware Avenue Officer of Varity Corporation, a manufacturer of
Buffalo, NY 14209 automotive components and diesel engines
Paul W. Bucha............................... Director. President, Paul W. Bucha & Company,
Paul W. Bucha and Inc., an international marketing consulting
Company, Inc. firm; President, BLHJ, Inc., an international
Foot of Chapel Avenue consulting firm; President, Congressional Medal
Jersey City, NJ 07305 of Honor Society of U.S. since September 1995
Frederick G. Chbosky........................ Chief Financial Officer, Executive Vice
President - Finance of Wheeling-Pittsburgh Steel
Corporation ("WPSC") since December 1992 and
Chief Financial Officer of WPSC
Robert A. Davidow........................... Director. Private Investor; Director, Arden
11601 Wilshire Boulevard Group, Inc.
Suite 1940
Los Angeles, CA 90025
William Goldsmith........................... Director. Management and Marketing Consultant;
Fiber Fuel International, Chairman and Chief Executive Officer of Overspin
Inc. Golf, since January 1994; Chairman of the Board
221 Executive Circle and Chief Executive Officer of Fiber Fuel
Suite II International, Inc., since 1994
Savannah, GA 31406
Ronald LaBow................................ Director. Chairman of the Board; President,
Stonehill Investment Corp.; Director of Regency
Equities Corp., a real estate company
Howard Mileaf............................... Vice President, Special Counsel since April
1993; Trustee/Director of Neuberger & Berman
Equity Mutual Funds
Marvin L. Olshan............................ Director. Secretary; Partner, Olshan Grundman
Olshan Grundman Frome & Frome & Rosenzweig LLP
Rosenzweig LLP
505 Park Avenue
New York, NY 10022
John R. Scheessele.......................... Director. President and Chief Executive Officer;
President, Chief Executive Officer and Chairman
of the Board of WPSC
</TABLE>
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CUSIP No. 126501 10 5 13D Page 9 of 9 Pages
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<TABLE>
<CAPTION>
NAME AND PRINCIPAL PRINCIPAL OCCUPATION OR EMPLOYMENT; MATERIAL
BUSINESS ADDRESS POSITIONS HELD DURING THE PAST FIVE YEARS
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<S> <C>
Garen Smith................................. Vice President since October 1995; President and
Chief Executive Officer of Unimast Incorporated,
a wholly-owned subsidiary of WHX
Raymond S. Troubh........................... Director. Financial Consultant; Director of ADT
10 Rockefeller Plaza Limited, a provider of electronic security alarm
Suite 712 protection, America West Airlines, Inc., Applied
New York, NY 10021 Power Inc., a manufacturer and distributor of
hydraulic power equipment, ARIAD
Pharmaceuticals, Inc., Becton,
Dickinson and Company, a medical
instrumentation and equipment
company, Diamond Offshore
Drilling, Inc., Foundation Health
Corporation, General American
Investors Company. Olsten
Corporation, a temporary help
company, Petrie Stores
Corporation, a retail chain,
Sunbean Corporation, a
manufacturer of consumer
appliances, Time Warner Inc. and
Triarc Companies, Inc.
Lynn Williams............................... Director. Retired President of United
1829 Duffield Lane Steelworkers of America
Alexandria, VA 22307
Stewart E. Tabin............................ Assistant Treasurer; Vice President, Stonehill
Investment Corp.
Neale X. Trangucci.......................... Assistant Treasurer; Vice President, Stonehill
Investment Corp.
</TABLE>
Directors and Executive Officers of WPCC. Set forth below are the name
and position with WPCC of each director and executive officer of WPCC. The
principal address of WPCC and the current business address of each individual
listed below is 110 East 59th Street, New York, NY 10022. Each such person is a
citizen of the United States. The present principal occupation or employment (in
addition to the position with WPCC indicated below), and material occupations,
positions, offices or employments for the past five years of each person is set
forth below.
PRESENT POSITION
NAME WITH WPCC
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Ronald LaBow........................ Director; President
Howard Mileaf....................... Director; Vice-President
Stewart E. Tabin.................... Director; Vice-President;
Treasurer
Neale X. Trangucci.................. Director; Secretary
