<PAGE>
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) June 30, 1994
ALCO STANDARD CORPORATION
-------------------------------
(Exact name of registrant as specified in its charter)
OHIO File No. 1-5964 23-0334400
- ------------------ ---------------- ---------------
(State or other (Commission File (IRS Employer
jurisdiction of Number) (Identification
incorporation) Number)
P.O. Box 834, Valley Forge, Pennsylvania 19482
-------------------------------------------- -----------
Registrant's telephone number, including area code: (610-296-8000)
--------------
Not Applicable
----------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
------------
On June 30, 1994, the Registrant announced that it had reached a
preliminary agreement with its equity partners in IMM Office Systems (IMMOS) for
the dissolution of the German-based joint venture. Under the terms of the
agreement, the Registrant will divest its 49% equity interest for cash and a
passive interest in any subsequent sale of IMMOS. The Registrant will retain no
liability in the joint venture, but will acquire Eskofot and STR, companies in
Denmark and France, from IMMOS as part of the transaction. Along with its U.S.-
based Erskine House, the Registrant's European office products operations will
now total more than $100 million in annual revenues.
The Registrant has reported losses on IMMOS over the past three quarters
and had expected to report a loss on the investment for its fiscal year ended
September 30, 1994. The divestiture of the investment, which is expected to be
consummated before the end of the fiscal year, will result in an after-tax
charge of approximately $95 millon in the Registrant's third quarter.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
------------------------------------------------------------------
(c) Exhibits.
--------
Press Release dated June 30, 1994
<PAGE>
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.
ALCO STANDARD CORPORATION
By: /s/ Michael J. Dillon
-------------------------------
Michael J. Dillon
Controller
Dated: July 11, 1994
<PAGE>
Index to Exhibit
----------------
Page
----
(28) Press Release Dated June 30, 1994
<PAGE>
Exhibit 28
NEWS RELEASE
Release Date: June 30, 1994
ALCO STANDARD ANNOUNCES SALE OF JOINT VENTURE INTEREST
______________
Alco Standard Corporation (NYSE:ASN) announced today a preliminary agreement
with its equity partners in IMM Office Systems (IMMOS) for the dissolution of
the joint venture. As a result, Alco will recognize an after-tax charge of
approximately $95 million in its third fiscal quarter.
Under the terms of the agreement, Alco will divest its 49% equity interest for
cash and a passive interest in any subsequent sale of IMMOS. Alco will retain
no liability in the joint venture, but will acquire Eskofot and STR, companies
in Denmark and France, from IMMOS as part of the transaction. Along with its
U.K.-based Erskine House, which continues to perform above expectations,
Alco's European office products operations will now total more than $100
million in annual revenues.
The joint venture marked the entry of Alco Standard's office products group
into the European market, and was to serve as a base for further expansion in
Europe. The venture agreement provided Alco with the option of acquiring the
remaining shares of IMMOS over a three-year period beginning in 1996 if IMMOS
achieved certain operating goals. However, the capital structure and
organizational complexities of IMMOS, exacerbated by the distressed European
economy and operational differences among the venture partners, have prevented
IMMOS from
<PAGE>
progressing toward those goals. Alco has reported losses on IMMOS over the
past three quarters and had expected to report a loss on the investment for
its fiscal year ended September 30.
Commenting on the preliminary agreement, John E. Stuart, President and Chief
Executive Officer of Alco Standard, said, "We're pleased that the IMMOS
situation has been resolved. We regret that we were unable to achieve our
objectives with IMMOS; however, the agreement eliminates our loss exposure
going forward, provides us with a profitable base for our European office
products business, and allows us to recover a portion of our original
investment."
Stuart continued, "Alco remains on track to achieve our operating goals for
fiscal 1994. Alco Office Products is on pace for another outstanding year,
and Unisource is proceeding well with its restructuring program. With IMMOS
behind us, we'll be able to concentrate our financial and management resources
on the continued growth of our core operations."
Alco Standard Corporation, headquartered in Valley Forge, Pennsylvania, is a
publicly owned office products and paper distribution company with annualized
revenues of $8 billion.
###
