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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: November 24, 1998
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(Date of earliest event reported)
HELLER FINANCIAL, INC.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-6157 36-1208070
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(Commission File Number) (IRS Employer Identification Number)
500 West Monroe Street, Chicago, Illinois 60661
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(Address of principal executive offices) (Zip Code)
(312) 441-7000
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(Registrant's telephone number, including area code)
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Item 5. Other Events
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On November 23, 1998, Heller Financial, Inc. (the "Registrant") issued a press
release announcing a new business structure and senior leadership changes
designed to increase operating revenues, optimize operational efficiencies and
improve return on shareholders' equity. A copy of the press release is
attached.
Item 7. Financial Statements and Exhibits
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(c) Exhibits
99 Heller Financial, Inc. - Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: November 24, 1998
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HELLER FINANCIAL, INC.
By: /s/ Lauralee E. Martin
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Lauralee E. Martin
Title: Executive Vice President and
Chief Financial Officer
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EXHIBIT INDEX
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Exhibit Sequentially
Number Numbered Pages
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99 Heller Financial, Inc. - Press Release 4
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Heller Financial Announces New Business Structure and Senior Leadership Changes
New structure to enhance revenues and optimize efficiencies
(Chicago, IL, November 23, 1998) -- Heller Financial, Inc. (NYSE: HF) today
announced a number of organizational and senior leadership changes as part of a
previously discussed company-wide business integration plan designed to increase
operating revenues, optimize operational efficiencies and improve return on
shareholders' equity. Effective immediately, Heller will consolidate its U.S.
businesses into five core groups: Corporate Finance, Commercial Services, Small
Business Finance, Leasing Services and Commercial Real Estate Finance.
"The goal of the consolidation is to improve market access and cross-
selling opportunities, share operating platforms and eliminate redundancies,"
said Richard J. Almeida, Chairman and Chief Executive Officer. "Given our
consistent annual earnings growth and strong balance sheet and market presence,
Heller is well positioned to increase industry leadership in the mid-sized and
small business lending sectors. As a public company focused on increasing
shareholder value, we believe this new structure will enable us to more
effectively achieve our goals."
Mark A. Abbott will lead Heller Corporate Finance, which incorporates the
company's existing Corporate Finance unit, Heller Business Credit and Heller
Commercial Funding. Scott E. Miller, formerly head of Heller Business Credit,
will lead Commercial Services, comprised of Heller's accounts receivable
management and factoring business. This business was formerly known as Current
Asset Management. Michael J. Roche, who formerly headed Current Asset
Management, will lead Small Business Finance. In addition, Michael P. Goldsmith
will continue to lead Commercial Real Estate Finance and Frederick E. Wolfert,
Heller's President and Chief Operating Officer, will continue to serve as
interim head of Leasing Services.
As a result of the business integration plan, Heller will reduce its
domestic workforce by more than 200 employees. The plan, representing a nearly
15% reduction in the workforce and touching virtually all parts of the company,
is a significant first step toward improving the company's operating efficiency.
While the company will take a still to be determined charge against earnings in
the fourth quarter, Heller remains comfortable with the current range of analyst
estimates for the quarter.
"Today's competitive environment demands an even higher-performing
organization," Almeida explained. "This is another necessary step in helping us
achieve our best in class objectives."
Heller Financial, Inc. is a worldwide commercial finance company providing
a broad range of financing solutions to middle-market and small business
clients. With more than $13 billion in owned and managed assets, Heller offers
equipment financing and leasing, sales finance programs, factoring and working
capital loans, collateral- and cash flow-based financing, and financing for
commercial real estate. The company also offers trade finance, factoring, asset-
based lending, leasing and vendor finance products to clients in Europe, Asia,
Australia and Latin America.
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