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): December 31, 1997
_____________________
Exact Name of Registrant as
Specified in Its Charter: DDL ELECTRONICS, INC.
______________________________
DELAWARE 1-8101 33-0213512
_____________________________ ____________ _____________
State or Other Jurisdiction of Commission I.R.S. Employer
Incorporation or Organization File Number Identification No.
Address of Principal Executive Offices: 2151 Anchor Court
Newbury Park, CA 91320
_________________________
Registrant's Telephone Number, Including
Area Code: (805) 376-9415
_________________________
Former Name or Former Address,
if Changed Since Last Report: Not applicable
_________________________
Item 5. Other Events.
In a press release dated January 15, 1998, a copy of which is
attached as Exhibit 99.1, DDL Electronics, Inc. ("DDL") announced that DDL
has entered into a definitive agreement to acquire Jolt Technology, Inc.,
an electronic manufacturing services provider in Fort Lauderdale, Florida,
for nine million shares of DDL's common stock.
Item 7. Exhibits.
Exhibit Description
_______ ____________
99.1 Press release dated January 15, 1998.
SIGNATURE
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 thereunto duly authorized.
DDL ELECTRONICS, INC.
January 15, 1998 /s/ Richard K. Vitelle
_________________________________ ___________________________________
Date Richard K. Vitelle
Vice President - Finance
(Principal Financial Officer)
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
From: DDL Electronics, Inc. Contact: Rick Vitelle
2151 Anchor Court Chief Financial Officer
Newbury Park, California 91320 (805) 376-9415, ext. 142
DDL ELECTRONICS, INC. SIGNS DEFINITIVE AGREEMENT
TO ACQUIRE JOLT TECHNOLOGY, INC.
NEWBURY PARK, CA, January 15, 1998 -- DDL Electronics, Inc. (NYSE:DDL)
announced today that it has entered into a definitive agreement to acquire
Jolt Technology, Inc., an electronic manufacturing services (EMS) provider in
Fort Lauderdale, Florida, for nine million shares of DDL's common stock.
"Jolt has earned an excellent reputation in the EMS industry and has a
very talented management team that is extremely customer oriented", said
Gregory L. Horton, President and Chief Executive Officer of DDL. "The
potential to integrate Jolt's operations with those of DDL's other EMS
companies should enhance the overall return from this transaction", he added.
"The acquisition of Jolt is consistent with DDL's strategy of acquiring small
to medium sized contract manufacturers specializing in high mix, high
complexity electronic assemblies in geographic areas of OEM concentration."
The acquisition is subject to approval by DDL's stockholders at its
upcoming annual meeting, which will be held in March. Preliminary proxy
materials for this transaction have been filed with the Securities and
Exchange Commission on a non-public basis, and will be distributed to DDL's
stockholders in several weeks once clearance is received from the SEC.
"The transaction will be accounted for as a pooling of interests",
commented Richard K. Vitelle, DDL's Chief Financial Officer, "and is expected
to be accretive to DDL's earnings per share. The acquisition of Jolt will
also improve DDL's balance sheet and will bring the Company a key strategic
presence in Florida."
Jolt Technology, Inc., founded in 1989, specializes in quick-turn
production of high-end commercial electronic assemblies for OEMs in the
medical devices, instrumentation, computer and telecommunications industries
using principally surface mount technology. For the past five years, Jolt has
received the Service Excellence Award for Contract Electronic Manufacturers at
the Surface Mount International trade show in San Jose. The Service
Excellence Award competition, which is sponsored by Circuits Assembly magazine
and Technology Forecasters, Inc., ranks contract manufacturers based on
customers' evaluations in five service categories: technology; manufacturing
quality; timely delivery; responsiveness; and value for price.
DDL Electronics, Inc., headquartered in Newbury Park, California,
provides integrated design and electronic manufacturing services to OEMs in
the instrumentation, communications, computer, medical and aerospace
industries. The Company's EMS operations are located in Southern California
and Northern Ireland. The Company also fabricates multilayer printed circuit
boards at its subsidiary Irlandus Circuits Ltd. located in Northern Ireland.
Certain statements made above are forward-looking in nature and reflect
DDL's current expectations and anticipated future plans. Such statements
involve various risks and uncertainties that could cause actual results to
differ materially from those forecast in the statements. Factors that might
cause such differences would include, without limitation, the factors
described as "Risk Factors" in the Company's Registration Statement on Form S-
3 (No. 333-31349) on file with the Securities and Exchange Commission.
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