SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 to 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 31, 1994
MESTEK, INC.
(Exact name of registrant as specified in Charter)
Pennsylvania 1-448 25-0661650
(state of jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
260 North Elm Street, Westfield, Massachusetts 01085
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code (413) 568-9571
Not Applicable
(Former name or former address, if changed since last report)
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Disclosure required under Item 304 of regulation S-K (Item 4 of Form 8-K)
Item 5. Other Events.
On August 31, 1995, Mestek, Inc. ("Mestek"), completed the sale of 30% of the
outstanding common stock of Chester Environmental, Inc. ("Chester"), a
Pennsylvania corporation headquartered in Pittsburgh, Pennsylvania. Chester is
engaged in environmental engineering and consulting.
Prior to August 1993, Chester was a wholly owned subsidiary of Mestek. Mestek
sold 70% of Chester's common stock to Duquesne Enterprises, Inc. ("Duquesne") in
1993, and this redemption of the remaining 30% of Chester's common stock by
Chester, liquidates Mestek's interest in Chester.
In this disposition of its 30% interest in Chester, Mestek received $6,000,000
from Chester. Simultaneously with this disposition Mestek settled in full
certain indemnities and guarantees of Chester accounts receivable that Mestek
undertook in the 1993 transaction. Mestek had reserved for the amount of the
adjustment, and consequently there will be only minimal effects on Mestek's
financial statements.
This disposition completes Mestek's exit from the environmental services
segment. The company's three remaining business segments are: Heating,
Ventilating, and Air Conditioning (HVAC); Computer Systems; and Coil Handling
Equipment.
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 thereunto duly authorized.
Mestek, Inc.
Dated: September 15, 1995 By:___STEPHEN M. SHEA________________
Stephen M. Shea
Senior Vice President - Finance,
Chief Financial Officer
