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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) July 7, 1998
KOLLMORGEN CORPORATION
(Exact name of registrant as specified in its charter)
New York 1-5562 04-2151861
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1601 Trapelo Road, Waltham, Massachusetts 02451
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (781) 890-5655
Waltham, Massachusetts 02154
(Former name or former address, if changed since last report.)
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Item 5. Other Events
On July 7, 1998, the Registrant issued a press release announcing
that it had purchased the Magnedyne Division of Sierracin Corporation.
Magnedyne is a manufacturer of torque motors and drives located in Vista,
California.
Item 7. Financial Statements and Exhibits
(c) Exhibits -
99 Press Release dated July 7, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Corporation has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
KOLLMORGEN CORPORATION
By: /s/ Robert J. Cobuzzi
Robert J. Cobuzzi, Senior Vice President,
Treasurer and Chief Financial Officer
Date: July 17, 1998
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Exhibit 99
Contacts:
Investor Relations Corporate Communications
James A. Eder Dorothy Amaral
KOLLMORGEN CORPORATION KOLLMORGEN CORPORATION
(860) 232-3121 (781) 890-5655
KOLLMORGEN ACQUIRES MAGNEDYNE FROM SIERRACIN CORP.
WALTHAM, MASS., July 7, 1998 . . . Kollmorgen Corporation (NYSE:KOL)
announced today that it has purchased the Magnedyne division of Sierracin
Corp. Magnedyne has a 30-year history in the design and production of
high-performance DC motors and drives. Kollmorgen expects the impact of
the purchase to be accretive to earnings this year. Terms were not
disclosed.
Magnedyne designs and builds brushless and brush-type DC torque motors and
drives. The acquisition will strengthen Kollmorgen's motion control
product offerings for a variety of customer applications including
semiconductor manufacturing, medical equipment, and aerospace and defense.
Magnedyne has approximately 100 employees at its manufacturing facility in
Vista, Calif., and recorded sales of approximately $16 million in 1997.
"This is an excellent strategic fit for us," said Gideon Argov,
Kollmorgen's chairman and chief executive. "Magnedyne has a strong
product line with a blue chip customer base that dovetails well with our
own. More than 80 percent of their sales are in commercial applications.
"This acquisition is part of our ongoing strategy," Argov said, "to become
the worldwide leader in high performance electronic motion control."
Kollmorgen is a leading producer of high-performance electronic motion
control components and systems. Additional information can be found on
the World Wide Web at http://www.kollmorgen.com.
Safe Harbor Statement
The anticipated benefits associated with this acquisition are forward-
looking as defined in the federal securities laws. Expected performance
may not be achieved due to a variety of factors including, but not limited
to, competition and continued demand for its products, and other risks
detailed in Kollmorgen's filings with the Securities and Exchange
Commission. Management believes, nonetheless, that the acquisition of
Magnedyne offers the best strategy commensurate with Kollmorgen's
financial objectives.
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July 7, 1998
