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 22, 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 22, 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 22, 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 23, 1996
<PAGE>
EXHIBIT INDEX
______________
Number Subject Matter
_______ _____________
99.1 Press release of the Company, dated January 22, 1996.
Exhibit 99.1
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FOR IMMEDIATE RELEASE
FROM: WILLIAM J. McCARTHY
President and Chief Executive Officer
THE BOARD OF DIRECTORS OF ABS INDUSTRIES, INC. DETERMINES TO
SELL THE COMPANY
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Willoughby, Ohio, January 22, 1996 - ABS Industries, Inc.
(NASDAQ: ABSI) announced today that its Board of Directors has
determined to seek a buyer for the Company and has authorized the
hiring of an investment banking firm to advise the Company in
connection with its pursuit of a sale of ABS. The Board of
Directors of the Company expects to select the investment banking
firm within a week. William J. McCarthy, President and Chief
Executive Officer of ABS, stated that "because of the severe
liquidity problems faced by the Company, the Board of Directors
has determined that a sale of ABS is the best alternative to secure
the long term viability of ABS and to maximize value for its
creditors and shareholders."
Mr. McCarthy also stated that "ABS is endeavoring to
work out a short term financing arrangement with its senior
lenders and major customers in order to give the Company
sufficient time to pursue such sale." Mr. McCarthy further
stated that "the Company is currently operating day-to-day
with advances from its senior lenders."
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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