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UNITED STATES
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): February 4, 1999
(January 19, 1999)
AMERICAN PAD & PAPER COMPANY
(Exact name of registrant as specified in its charter)
Commission file number 1-11803
Delaware 04-3164298
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
17304 Preston Road, Suite 700, Dallas, TX 75252-5613 (Address of
principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 733-6200
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Item 5. Other Events.
On January 19, 1999, American Pad & Paper Company (the "Company") issued a
press release announcing that its plant in Dallas, Texas will be closed and
consolidated as part of a previously announced restructuring plan. This press
release is incorporated herein as Exhibit 99.020.
On January 26, 1999, American Pad & Paper Company (the "Company") issued a press
release announcing that it will begin trading on the NASD OTC Bulletin Board
system under the symbol AMPP effective January 26, 1999.
On February 1, 1999, American Pad & Paper Company (the "Company") issued a press
release announcing that the Williamhouse division of the Company will increase
the price of White Wove Commodity Envelopes to its customers by approximately 7%
effective February 15, 1999.
Exhibit
99.20 Press release by the Company dated January 19,1999.
99.21 Press release by the Company dated January 26, 1999.
99.22 Press release by the Company dated February 1, 1999.
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 hereunto duly authorized.
American Pad & Paper Company
February 4, 1999 /s/ David N. Pilotte
Date David N. Pilotte
Vice President and Corporate Controller
Principal Accounting Officer
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NEWS RELEASE
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Exhibit 99.020
For Immediate Release CONTACT: Mark Lipscomb
(972) 733-5415
AMERICAN PAD & PAPER ANNOUNCES PLANT CLOSING
DALLAS, Texas, January 19, 1999, -- American Pad & Paper Company
(NYSE:AGP) (AP&P) announced today that its plant in Dallas, Texas will be closed
and consolidated as part of a previously announced restructuring plan, which is
designed to improve customer service, better balance manufacturing capacity to
market demands and reduce overall manufacturing costs.
The Dallas plant is a Williamhouse division site and will be
transferring its production capability into an existing plant in Corsicana,
Texas. The Dallas plant employs approximately 150 people and will continue
operations at reduced levels through the end of May 1999. Eligible employees
affected will be provided a severance package, and the Company will be working
with the Texas Workforce Commission to provide a career transition program.
Commenting on the plant closure, James W. Swent III, Chief Executive
Officer of American Pad & Paper, said, "Combining the Dallas plant into the
Corsicana plant, which is less than 50 miles away from Dallas, will better
balance our manufacturing capacity and enhance service to our customers in the
Southwest. This action will move us closer to our goal of being the lowest cost
manufacturer in our industry." In addition Mr. Swent said, "Making this type of
decision is extremely difficult, but the future of our Company depends on a
strategy that provides greater efficiency and a return to profitable growth."
American Pad & Paper Company is a leading manufacturer and marketer of
paper-based office products in North America. Product offerings include
envelopes, writing pads, file folders, machine papers, greeting cards and other
office products. The key operating divisions of the Company are Williamhouse,
AMPAD, and Creative Card which market principally under the following Brand
Names: AMPAD(R), Century(TM), Embassy(R), Evidence(R), Globe-Weis(R), Gold
Fibre(TM), Huxley(TM), Karolton(R), Kent(R), Peel & Seel(R), SCM(TM),
Williamhouse(TM) and World Fibre(TM). Company revenues in 1997 were $687
million.
This release contains forward-looking statements relating to future
results. Actual results may differ significantly as a result of factors over
which the Company has no control, including, but not limited to the following:
changing economic conditions, slower than anticipated sales growth, price and
product competition and changes in raw material costs. Additional information,
which could affect the Company's financial results, is included in the Company's
filings with the Securities and Exchange Commission.
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NEWS RELEASE
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Exhibit 99.021
For Immediate Release CONTACT: Mark Lipscomb
(972) 733-5415
American Pad & Paper begins trading on otc bulletin board
DALLAS, Texas, January 26, 1999 -- American Pad & Paper Company (OTCBB:AMPP)
(AP&P) announced that today it will begin trading on the NASD OTC Bulletin Board
system under the symbol AMPP effective January 26, 1999. The stock previously
traded on the NYSE.
As stated in a press release on Monday January 25, 1999, American Pad & Paper
will utilize the OTC Bulletin Board to provide stockholders a forum to trade the
common stock. The Company will continue the ongoing discussions with various
security exchanges as it seeks to provide stockholders with the most efficient
marketplace possible.
American Pad & Paper currently plans to release fourth quarter and full year
1998 financial results during the third week of February.
American Pad & Paper Company is a leading manufacturer and marketer of
paper-based office products in North America. Product offerings include
envelopes, writing pads, file folders, machine papers, greeting cards and other
office products. The key operating divisions of the Company are Williamhouse,
AMPAD, and Creative Card which market principally under the following Brand
Names: AMPAD(R), Century(TM), Embassy(R), Evidence(R), Globe-Weis(R), Gold
Fibre(TM), Huxley(TM), Karolton(R), Kent(R), Peel & Seel(R), SCM(TM),
Williamhouse(TM) and World Fibre(TM). Company revenues in 1997 were $687
million.
This release contains forward-looking statements relating to future results.
Actual results may differ significantly as a result of factors over which the
Company has no control, including, but not limited to the following: changing
economic conditions, slower than anticipated sales growth, price and product
competition and changes in raw material costs. Additional information, which
could affect the Company's financial results, is included in the Company's
filings with the Securities and Exchange Commission.
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NEWS RELEASE
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For Immediate Release CONTACT: Mark Lipscomb
(972) 733-5415
Exhibit 99.022
Williamhouse a division of American Pad & Paper Announces a price increase for
envelopes
DALLAS, Texas, February 1, 1999 - The Williamhouse division of American Pad &
Paper Company (OTCBB:AMPP) (AP&P) announced today that due to price increases by
its key suppliers on white uncoated free sheet paper, Williamhouse will increase
the price of White Wove Commodity Envelopes to its customers by approximately 7%
effective February 15, 1999.
John Grymes, President of the Williamhouse Division of American Pad & Paper
commented "It has been almost 18 months since the Paper Mills have raised prices
and combined with increasing costs of labor, transportation, and other materials
during this time frame we feel it is appropriate to pass this price increase on
to our customers. We remain committed to providing our customers the highest
levels of quality and service evidenced by the more than 20 billion envelopes
Williamhouse produced last year. "
American Pad & Paper Company is a leading manufacturer and marketer of
paper-based office products in North America. Product offerings include
envelopes, writing pads, file folders, machine papers, greeting cards and other
office products. The key operating divisions of the Company are Williamhouse,
AMPAD, and Creative Card which market principally under the following Brand
Names: AMPAD(R), Century(TM), Embassy(R), Evidence(R), Globe-Weis(R), Gold
Fibre(TM), Huxley(TM), Karolton(R), Kent(R), Peel & Seel(R), SCM(TM),
Williamhouse(TM) and World Fibre(TM). Company revenues in 1997 were $687
million.
This release contains forward-looking statements relating to future results.
Actual results may differ significantly as a result of factors over which the
Company has no control, including, but not limited to the following: changing
economic conditions, slower than anticipated sales growth, price and product
competition and changes in raw material costs. Additional information, which
could affect the Company's financial results, is included in the Company's
filings with the Securities and Exchange Commission.
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