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): November 14, 1995
GUARDSMAN PRODUCTS, INC.
(Exact name of registrant as specified in charter)
DELAWARE 1-4704 38-0593900
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
3033 Orchard Vista Drive, S.E., Suite 200
P.O. BOX 1521, GRAND RAPIDS, MICHIGAN 49501
(Address of principal executive offices) (Zip Code)
(616) 957-2600
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
Guardsman Products, Inc. announced on November 14, 1995, the
restructuring of its Coatings Group and a major plant closing. Under the
Registrant's restructuring plan, the company will close its Grand Rapids,
Michigan coatings manufacturing plant with its business being relocated to
other company facilities. The Registrant anticipates that a one-time pretax
charge to earnings of approximately $7 million or between $0.40 and $.045 per
share will be recorded in the fourth quarter of 1995.
The decision to close the Grand Rapids plant was based on studies
recently undertaken to improve manufacturing and distribution efficiencies, in
which the Registrant concluded that monies for capital improvements would be
more effectively spent on its newer, more modern facilities. Furthermore, the
closure of the plant and consolidation of the business into other facilities,
which is expected to be completed in early 1996, is also in response to the
current competitive environment in the industrial coatings industry.
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 thereunto duly authorized.
GUARDSMAN PRODUCTS, INC.
Dated: November 17, 1995 By /S/HENRY H. GRAHAM, JR.
Henry H. Graham, Jr.
Vice President - Finance and Chief
Financial Officer
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