SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 8, 1997
(October 7, 1997)
HON INDUSTRIES Inc.
(Exact name of registrant as specified in its charter)
Iowa 0-2648 42-0617510
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification Number)
incorporation)
414 East Third Street 52761-7109
P.O. Box 1109 (Zip Code)
Muscatine, IA
(Address of principal executive office)
(319)264-7400
(Registrant's telephone number, including area code)
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Item 5. Other Events.
_____________________
On October 7, 1997, HON INDUSTRIES Inc. issued a press release
relating to signing a purchase agreement to acquire substantially
all of the assets and operations of BEVIS Custom Furniture, Inc.,
a wholly owned subsidiary of Hunt Manufacturing Co., the
text of which is filed as Exhibit 99.1 to this Current Report on
Form 8-K and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information
______________________________________________________________
and Exhibits.
____________
(c) Exhibits.
99.1 Text of press release dated October 7, 1997.
Signature.
__________
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this Current Report on Form
8-K to be signed on its behalf by the undersigned hereunto duly
authorized.
HON INDUSTRIES Inc.
Date: October 8, 1997 By: /s/ Melvin L. McMains
_____________________
Controller and
Principal Accounting Officer
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EXHIBIT 99.1
HON INDUSTRIES P.O. Box 1109 Muscatine, Iowa 52761-7109
News Release
FOR INFORMATION CONTACT: David C. Stuebe, Vice President and
Chief Financial Officer 319/264-7400
HON INDUSTRIES TO ACQUIRE BEVIS CUSTOM FURNITURE, INC.
Muscatine, IA (October 7, 1997) -- HON INDUSTRIES Inc.
(NASDAQ: HONI) today announced that it has signed a purchase
agreement to acquire substantially all of the assets and
operations of BEVIS Custom Furniture, Inc., a wholly owned
subsidiary of Hunt Manufacturing Co. BEVIS is a manufacturer of
affordably priced office furniture, with 1996 sales of $62
million.
BEVIS has its operations in Florence, Alabama. Its primary
product lines include conference tables, folding tables, computer
support furniture, and economical office seating. BEVIS has
significant distribution through office products wholesalers,
office superstores, and independent office products dealerships.
BEVIS will operate as part of The HON Company, HON
INDUSTRIES' value-priced office furniture operating company.
Terms of the transaction were not disclosed.
According to Jack Michaels, Chairman, President and CEO of
HON INDUSTRIES, "The acquisition of BEVIS further strengthens our
presence in the value segment of the office furniture industry.
BEVIS manufactures many products that are in high demand, and
which complement our current product offering. BEVIS is a
well-established brand and enhances our already-strong presence
within our primary channels of distribution. This acquisition
will simplify operations for our distribution partners, allowing
them to purchase an even wider variety of products from a single
source."
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"BEVIS has enjoyed strong financial results through
cost-effective operations," added Michaels. "With the added
benefit of our expertise in rapid continuous improvement, we look
forward to solid growth in sales and earnings. This acquisition
is not dilutive to our earnings, and is consistent with our
expressed intention to increase market share through strategic
acquisition."
The transaction is expected to close in early November,
contingent upon regulatory clearance. HON INDUSTRIES plans to
finance the acquisition with cash and an existing bank facility.
HON INDUSTRIES Inc. is the nation's largest producer of
value-priced office furniture, and the fourth largest
manufacturer and marketer of office furniture in the U.S. It is
also the nation's largest manufacturer and marketer of fireplaces
under its HEATILATOR and HEAT-N-GLO brand names.
For further information on HON INDUSTRIES free of charge via FAX,
dial 1-800-PRO-INFO and enter the ticker symbol HONI.
You may visit The HON Company on the world wide web at
http://www.honcompany.com
and HON INDUSTRIES at
http://www.honi.com
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Statements in this news release that are not strictly historical,
including statements as to plans, objectives and future
performance are "forward looking" statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
known and unknown risks, which may cause the Company's actual
results in the future to differ materially from expected results.
These risks include, among other things, issues associated with
the acquisition and integration of recently acquired operations
as well as the risks, uncertainties and other factors described
from time to time in the Company's filings with the Securities
and Exchange Commission.
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