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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
September 10, 1999
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Date of Report (Date of earliest event reported)
Harvard Industries, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-21362 21-0715310
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
3 Werner Way, Lebanon, New Jersey 08833
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (908) 437-4100
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Item 5. Other Events.
On September 10, 1999, Harvard Industries, Inc. agreed to sell the
assets of its Kingston-Warren subsidiary to Hutchinson, S.A., a French
corporation, for $115 million in cash. The announcement was released on
September 13, 1999 prior to 9 a.m. EST.
The transaction is subject to certain adjustments and the assumption
of certain liabilities. In addition, Hutchinson will agree to purchase certain
transition services from Harvard for a period of up to 2 years from the date
of the sale, which is expected to close by Sept. 30, 1999.
The Company plans to use the proceeds to retire its long-term debt
and revolving credit facility. In addition, residual proceeds from the sale
and a new credit facility will fund the Company's ongoing operations and
short-term strategic growth.
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Item 7. Financial Statements and Exhibits.
Exhibit 99.1 Press Release, dated September 13, 1999.
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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.
Date: September 15, 1999 HARVARD INDUSTRIES, INC.
By: /s/ Roger G. Pollazzi
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Name: Roger G. Pollazzi
Title: Chairman and Chief
Executive Officer
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press Release, dated September 13, 1999.
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EXHIBIT 99.1
Harvard Industries Announces Kingston-Warren Sale
Hutchinson, S.A., a French Corporation,
Agrees to Purchase Subsidiary for $115 Million
LEBANON, N.J., Sept. 13 /PRNewswire/ -- Harvard Industries, Inc.
(Nasdaq: HAVA) announced today it has agreed to sell the assets of its
Kingston-Warren subsidiary to Hutchinson, S.A., a French corporation, for $115
million in cash.
The transaction is subject to certain adjustments and the assumption
of certain liabilities. In addition, Hutchinson will agree to purchase certain
transition services from Harvard for a period of up to 2 years from the date
of the sale, which is expected to close by Sept. 30, 1999.
The Company plans to use the proceeds to retire its long-term debt
and revolving credit facility. In addition, residual proceeds from the sale
and a new credit facility will fund the Company's ongoing operations and
short-term strategic growth.
Based in Farmington Hills, Mich., Kingston-Warren also operates
manufacturing facilities in Wytheville, Va., Newfields, N.H., and Church Hill,
Tenn., producing single- and multi-durometer sealing products and systems.
Sales for fiscal 1999 are projected to be approximately $119 million.
Lehman Brothers Inc. acted as financial advisors to Harvard
Industries, Inc. in this transaction.
Harvard Industries, Inc. designs, develops and manufactures a broad
range of components for original equipment manufacturers, the automotive
aftermarket, aerospace and industrial and construction equipment applications
worldwide. Harvard's 4,200 employees at 15 plants in the United States and
Canada produce total vehicle sealing systems, a variety of polymer products,
electronics, high-strength steel assemblies and a wide array of high-strength
aluminum, magnesium and iron products.
Caution On Forward-Looking Statements
Statements herein regarding the Company's expected future
performance, including the Company's ability to consummate transactions,
constitute forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934. Such statements are subject
to certain risks and uncertainties that could cause actual results to differ
materially from those projected. With respect to the Company's long-term
business strategies, management has made certain assumptions regarding the
Company's performance which may change or be affected by, among other things,
customer demands for the Company's products, and adverse changes in general,
market and industry conditions. In addition, there can be no assurance that
the Company will be able to successfully identify, negotiate or complete any
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acquisitions or divestiture transaction, which the Company may currently be
contemplating. Management believes that forward-looking statements are
reasonable, however, undue reliance should not be placed on such
forward-looking statements, which are based on current expectations.
SOURCE Harvard Industries, Inc.
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