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): May 16, 1996
INNOVEX INC.
(Exact name of registrant as specified in its charter)
Minnesota 0-13143 41-1223933
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
1313 South Fifth Street, Hopkins, Minnesota 55343-9904
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (612) 938-4155
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On May 16, 1996, Innovex, Inc. ("Innovex") acquired substantially all
of the assets of Litchfield Precision Components, Inc.("LPC"), an unrelated
privately held Subchapter S corporation. The purchase price of approximately
$8,500,000, was in the form of $3,500,000 in immediately available funds and the
assumption of specified liabilities amounting to approximately $5,000,000.
Approximately $4,000,000 of the assumed debt was paid off at the time of close.
The purchase price was determined pursuant to arm's length negotiations between
Innovex and LPC. The purchase was financed using internally available funds.
LPC designs and manufactures highly complex flexible circuitry and
chemically machined components. The purchased assets include several buildings
and all of the manufacturing equipment required to continue to operate the
business of LPC at its present headquarters and manufacturing location in
Litchfield, Minnesota.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Business Acquired.
It is currently impracticable to provide the required financial statements
of the acquired business. Pursuant to paragraph (a)(4) of Item 7 of Form
8-K, such financial information will be filed by amendment not later than 60
days after the due date of this report on Form 8-K.
(b) Pro Forma Financial Information.
It is currently impracticable to provide the required pro forma financial
information. Pursuant to paragraph (b)(4) of Item 7 of Form 8-K, such
financial information will be filed by amendment not later than 60 days
after the due date of this report on Form 8-K.
(c) Exhibits.
2 Asset Purchase Agreement by and Incorporated by reference
between Innovex, Inc. and Litchfield to Exhibit 10.1 of the
Precision Components, Inc. April 5, 1996 Innovex Quarterly Report of
Form 10-Q for the quarter
ended March 31, 1996
(File No. 0-13143)
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.
INNOVEX INC.
Registrant
Date: May 30, 1996
By \s\ Thomas W. Haley
Thomas W. Haley
Chairman and Chief Executive Officer
By \s\ Douglas W. Keller
Douglas W. Keller
Corporate Controller
