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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): OCTOBER 2, 1997
CENTRUM INDUSTRIES, INC.
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(Exact Name of Registrant as specified in its Charter)
Delaware 0-9607 34-1654011
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(State or other juris- (Commission File Number) (IRS Employer
diction of incorporation) Identification No.)
6135 Trust Drive, Suite 104A, Holland, Ohio 43528
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(Address of principal executive offices)
Registrant's telephone number, including area code:
(419) 868-3441
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ITEM 5. - OTHER EVENTS
On October 2, 1997, the Registrant issued a press release announcing
its pending acquisition of substantially all the assets of Northern Steel,
Inc., a private company located in Seattle, Washington. The press release is
set forth as Exhibit 99 hereto.
ITEM 7. - FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit 99 - Press release dated October 2, 1997.
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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.
CENTRUM INDUSTRIES, INC.
(Registrant)
October 6, 1997 By: /s/ Timothy M. Hunter
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Timothy M. Hunter
Chief Financial Officer and
Treasurer
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EXHIBIT INDEX
Exhibit Number Exhibit Page
99 Press release dated October 2, 1997 5
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EXHIBIT 99
PRESS RELEASE
OCTOBER 2, 1997
Centrum Industries, Inc., seeking to strengthen its position in the $55 billion
material handling industry, today announced its pending acquisition of
substantially all of the assets of Northern Steel, Inc., a private company
located in Seattle, Washington. Northern Steel's 1996 sales totaled $20.8
million. Total assets at year-end 1996 totaled $5.8 million.
The acquisition agreement was negotiated by officers and directors of both
Centrum and Northern and is subject to satisfaction of certain terms and
conditions described in the definitive agreement between the parties. Terms of
the agreement were not disclosed.
STRONG GROWTH OPPORTUNITIES
"The acquisition presents an opportunity to enhance Centrum's position in the
material handling systems market because Northern Steel has strong
complementary operations to our American Handling subsidiary," said George H.
Wells, Centrum Chairman, President and CEO. "In addition to creating an
integrated material handling business, Northern Steel's branch offices in
Oregon, California and Arizona present opportunities to expand both businesses
geographically and into important new markets. This continues Centrum's
commitment to strategic acquisitions that leverage its existing businesses by
expanding their operational capabilities and presence in the marketplace."
American Handling focuses primarily on the systems integration segment of the
market, which accounts for 80 percent of its total sales base, and the primary
industry it services is the automotive aftermarket. "The long-term continued
success of the material handling systems segment depends on its continued
penetration and development of new markets and technologies," Wells emphasized.
Northern Steel primarily participates in the supply of the components necessary
to "complete the system" after the design and integration have been determined.
COMPLEMENTARY OPPORTUNITIES
"American is strong in engineering and systems integration, while Northern's
strengths are in componentry, industry and geographic presence, and sales
coverage," Wells said. "The combination of the two will create a fully
integrated material handling systems company with a national presence."
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Centrum Industries is a Toledo-based holding company employing (before the
acquisition of Northern Steel) approximately 515 in three primary segments.
The metal-forming operations segment includes four metal-forming facilities:
McInnes Steel Company, a leading supplier of open-die forgings for power
generation, compressor and other commercial markets; McInnes Rolled Rings, a
leading supplier of precision rolled rings; Taylor Forge Company, a producer in
the larger end of the rolled-ring market; and Erie Bronze & Aluminum Company, a
major supplier of bronze glass bottle molds and aluminum tubing. The material
handling systems segment includes American Handling, Inc., which designs,
manufactures and installs material handling systems for warehouse and
distribution facilities. Micafil, Inc., part of the motor production systems
segment, produces equipment to manufacture high-volume fractional-horsepower
electric motors. Micafil also produces equipment through a joint venture with
Axis, S.p.A., a manufacturer of similar equipment, located in Florence, Italy.
