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
July 6, 1994
(Date of Report, date of earliest event reported)
VALHI, INC.
(Exact name of Registrant as specified in its charter)
Delaware 1-5467 87-0110150
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
5430 LBJ Freeway, Suite 1700, Dallas, TX 75240-2697
(Address of principal executive offices) (Zip Code)
(214) 233-1700
(Registrant's telephone number, including area code)
Not applicable
(Former name or address, if changed since last report)
Item 5: Other Events
On July 6, 1994, the Registrant issued the press release attached
hereto as Exhibit 99.1 which is incorporated herein by reference. The press
release relates to the announcement by the Registrant that it entered into a
Memorandum of Understanding concerning the sale of its wholly-owned subsidiary,
The Amalgamated Sugar Company.
Item 7: Financial Statements, Pro Forma Financial Information
and Exhibits
(c) Exhibit
Item No. Exhibit Index
99.1 Press release dated July 6, 1994
issued by the Registrant
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.
VALHI, INC.
(Registrant)
By: /s/ Steven L. Watson
Steven L. Watson
Vice President & Secretary
Date: July 7, 1994
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION, CONTACT:
VALHI, INC. SNAKE RIVER SUGAR COMPANY
William C. Timm (214) 450-4212 Lou Wettstein (503) 889-6939
Rocky Trail (208) 336-7762
THE AMALGAMATED SUGAR COMPANY Myron Huettig (208) 829-5774
Quentin R. Smelzer Rich Turner (503) 372-2904
Larry L. Corry Mark Duffin (208) 343-0167
Allan M. Lipman, Jr. George Grant (208) 532-4365
(801) 399-3431
DALLAS, TEXAS . . . . . July 6, 1994 . . . . Valhi, Inc. announced that
it has entered into a Memorandum of Understanding concerning the sale of its
wholly-owned subsidiary, The Amalgamated Sugar Company, to the Snake River Sugar
Company, an agricultural cooperative comprised of sugarbeet growers in Idaho,
Oregon and Washington. The sales price is $325 million in cash. The transaction
is contingent upon, among other things, the Snake River Sugar Company obtaining
adequate bank financing and grower commitments, and execution of a definitive
purchase agreement.
George Grant, Chairman of the Growers' Cooperative stated that all
representatives on the 25 member growers "Steering Committee" enthusiastically
support the concept of grower ownership from production through the processing
and selling of sugar and by-products. "We in agriculture should consider this
an appropriate time and a unique opportunity to ensure a profitable future for
the sugar industry in Idaho, Oregon and Washington, and hope that the terms of
the transaction can be finalized before the end of the year ", said Grant.
Lou Wettstein, Rocky Trail, and Myron Huettig, who are members of the grower
Executive Committee stated that there is broad support for this concept of
ownership.
Allan M. Lipman, Jr., Amalgamated's President predicted that the
culmination of this transaction will further strengthen and enhance the economic
impact of sugar in Idaho , Oregon and Washington. He praised the grower
leadership for their initiative which corresponds to similar farmer movements
throughout the United States.
Snake River was formed by members of the Idaho Sugarbeet Growers
Association, Nyssa-Nampa Beet Growers Association, and Elwyhee Beet Growers
Association for the express purpose of acquiring Amalgamated and converting
the corporation into an agricultural cooperative. Roy Ruff, one of the
leaders instrumental in forming the group, said that Amalgamated was the
nation's premier sugar company and that Snake River would build upon its rich
history in Idaho, Oregon and Washington.
Valhi, Inc., headquartered in Dallas, Texas, is a diversified industrial
management company engaged in the refined sugar, forest products, fast food and
hardware products industries. Valhi is also engaged in the chemicals and
titanium metals industries through its equity interests in two publicly-held
affiliates, NL Industries, Inc. and Tremont Corporation. Valhi's common stock is
traded on the New York and Pacific Stock Exchanges under the symbol "VHI".
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