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): June 20, 1995
Joslyn Corporation
(Exact name of registrant as specified in charter)
Illinois 0-1252 36-3560095
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) No.)
30 South Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 454-2900
Not applicable
(Former name or former address, if changed since last report)
EXHIBIT INDEX ON PAGE 4
PAGE 1 OF 4
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Item 5. Other Events.
(a) Acquisition of Cyberex.
On June 14, 1995, the Registrant issued a press
release that it has executed a definitive agreement to acquire a
majority of the common shares of Cyberex, Inc. a privately held
company in Mentor, Ohio. The Joslyn and Cyberex Board of Directors
have approved a share purchase agreement, and Joslyn expects to
acquire all of the issued and outstanding common shares of Cyberex
for $22 million.
Item 7. Exhibits.
20 Press Release of the Registrant issued June 14,
1995.
2
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SIGNATURE
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.
JOSLYN CORPORATION
/s/ Lawrence G. Wolski
_______________________
Lawrence G. Wolski
Acting Chief Executive Officer
Dated: June 20, 1995
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EXHIBIT INDEX
Exhibit
Number Description of Exhibit
20 Press Release of the Registrant issued June 14, 1995.
4
Exhibit 20
JOSLYN ANNOUNCES ACQUISITION OF CYBEREX, A LEADING MANUFACTURER
PF UNINTERRUPTIBLE POWER SYSTEMS AND STATIC TRANSFER SWITCHES
CHICAGO, ILLINOIS, JUNE 14, 1995 -- Joslyn Corporation (NASDAQ: JOSL)
announced today that it has executed a definitive agreement to acquire
a majority of the common shares of Cyberex, Inc., a privately held company
in Mentor, Ohio. The Joslyn and Cyberex Boards of Directors have approved
a share purchase agreement, and Joslyn expects to acquire all of the issued
and outstanding common shares of Cyberex for $22 million.
Joslyn is awaiting clearance from the U.S. Federal Trade Commission to
consummate the transaction. Joslyn expects the transaction to close by
June 30, 1995.
Founded in 1968, Cyberex is a recognized leader in the innovation and
production of customized power solutions. They provide custom, value-
added power conditioning solutions to customers with complex power-related
needs. Cyberex designs, engineers, manufactures, markets and supports a
broad line of products. They include high-reliability uninterruptible power
systems (UPS), static transfer switches (STS), line voltage regulators,
inverter/static switches, regulated rectifiers, and related power
conditioning products. These technologically advanced systems and solutions
protect customers' critical electric loads and sensitive electronic equipment
against electrical power distortions and interruptions. Cyberex customers
are in the power utility, general industrial, petroleum, chemical and data
processing industries.
Lawrence G. Wolski, Acting Chief Executive Officer of Joslyn said, Cyberex
is the leading producer of solid-state switches, and it can provide
significant support to our growth strategy. Specifically, Cyberex supports
Joslyn's targeted growth opportunities in power quality and power switching.
Cyberex should continue to enjoy above average growth in its current product
niches. In addition, this combination positions us to provide innovative
equipment which meets the increasing quality standards of both Joslyn and
Cyberex customers for reliable electricity supplies.
Gus Stevens, President and Chief Operating Officer of Cyberex said,"We are
excited about Joslyn's abilities to support our growth aspirations. Joslyn's
decentralized management style and its ability to foster joint projects across
subsidiaries will enable Cyberex to more easily expand into the electric
utility and industrial markets.
Headquartered in Chicago, Joslyn Corporation is a leading designer and
manufacturer of electrical equipment, components and controls that provide
for the economical, safe and reliable delivery of high-quality electric power.
Joslyn focuses on niches in three core business areas: 1) power quality,
protection and controls, 2) power switches and related controls, and 3) power
and communications line protection and support products. Founded in 1902,
Joslyn serves a broad base of customers in electric utility, industrial and
telecommunications markets worldwide. Joslyn's 1994 net sales were $216.2
million.
CONTACT: William J. Rotenberry, Director, Corporate Development, Joslyn
Corporation, 312/454-2921.
