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):
January 26, 1996
ABS INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-9556 34-0074580
(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification No.)
incorporation)
Interstate Square I, Suite 300, Willoughby, Ohio 44094
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (216) 946-2274
None
(Former name or former address, if changed since last report)<PAGE>
Item 5. Other Events
On January 26, 1996, ABS Industries, Inc. (the "Company")
issued a press release which is attached hereto as Exhibit 99.1 and
which is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99.1 Press release of the Company, dated
January 26, 1996.<PAGE>
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.
ABS INDUSTRIES, INC.
By /s/ William J. McCarthy
Name: William J. McCarthy
Title: President and
Chief Executive Officer
Date: January 30, 1996<PAGE>
EXHIBIT INDEX
______________
Number Subject Matter
_______ _____________
99.1 Press release of the Company, dated January 26, 1996.4=dotexpri
FOR IMMEDIATE RELEASE
Contact: William J. McCarthy
President and Chief Executive Officer
ABS INDUSTRIES, INC. ARRANGES FINANCING
AND RETAINS SMITH BARNEY FOR POSSIBLE SALE
Willoughby, Ohio, January 26, 1996 - ABS Industries, Inc.
(NASDAQ: ABSI) announced today that it has reached an agreement in
principal with its senior lenders and certain of its customers for
the funding of the Company for approximately the next ninety days.
It is anticipated that such financing will allow the Company
sufficient time to pursue its previously announced sale.
ABS also announced today that it has retained the
investment banking firm of Smith Barney Inc. to advise the Company
in connection with such sale. William J. McCarthy, President and
Chief Executive Officer of ABS, stated that "the hiring of Smith
Barney is an important step for the Company in achieving the
necessary financing to allow the continuing operation of the
business of ABS."
ABS, through its wholly-owned subsidiaries, Colfor, Inc.
and Colmach, Inc., operates exclusively in the cold and warm
forging industry and the machining of forged components.
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