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): August 16,
1995
APPLIED POWER INC.
(Exact name of Registrant as specified in its charter)
Wisconsin 1-11288 39-0168610
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
13000 West Silver Spring Drive
Butler, Wisconsin 53007
Mailing address: P.O. Box 325, Milwaukee, Wisconsin 53201
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:(414) 781-6600
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On August 16, 1995, Applied Power Inc. issued a press
release announcing that its GB Electrical unit had signed a
letter of intent to acquire the business of Vision Plastics
Manufacturing Company, San Diego, California ("Vision Plastics")
and separate letters of intent to purchase patents related to the
business. The release reported that the consideration to be paid
in connection with such transactions was approximately
$21,500,000. Vision Plastics manufactures plastic cable ties
which are currently sold through electrical wholesale, retail and
OEM channels. Vision Plastics is expected to solidify GB
Electrical's position as a prime low-cost producer of a rapidly
expanding product category. The press release is incorporated
herein by reference to Exhibit 20 of this Report, to which the
reader is referred for more information.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
See the Exhibit Index following the Signature page
of this Report, which is incorporated herein by reference.
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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.
APPLIED POWER INC.
Date: August 31, 1995 By: /s/ Robert C. Arzbaecher
Robert C. Arzbaecher,
Vice President and
Chief Financial Officer
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APPLIED POWER INC.
EXHIBIT INDEX
to
FORM 8-K CURRENT REPORT
Date of Report: August 16, 1995
Exhibit Filed
Number Description Herewith
20 Press Release X
dated August 16, 1995
regarding entering
into letters of intent
to purchase the business
of Vision Plastics
Manufacturing Company and
related patents
EXHIBIT 20
FROM: APPLIED POWER INC., P.O. BOX 325, MILWAUKEE, WI 53201
DATE: WEDNESDAY, AUGUST 16, 1995
FOR RELEASE: IMMEDIATE
FOR FURTHER INFORMATION CONTACT: ROBERT C. ARZBAECHER
MILWAUKEE, August 16, 1995 -- Applied Power Inc. (APW -
NYSE) announced today that its GB Electrical unit has signed a
letter of intent to acquire the business of Vision Plastics
Manufacturing Company and separate letters of intent to purchase
patents related to the business. The consideration to be paid in
connection with these transactions is approximately $21,500,000.
Vision Plastics Manufacturing Company, located in San Diego,
California is a world class manufacturer of plastic cable ties
which are currently sold through electrical wholesale, retail and
OEM channels. Ted Lecher, President of GB Electrical, commented,
"Vision Plastics is an excellent strategic fit for GB as it
solidifies our position as a prime low cost producer of a rapidly
expanding product category. The products of this business are
covered by patented process technology and product designs that
are superior to competitive cable ties. Vision Plastic's
recently developed 75 lb. Power-Lock(TM) tie is 50% stronger than
the competition's and a greater value for the customer. Sales
growth for Vision Plastics has been in excess of 100% per year,
and it is GB's objective to continue to aggressively grow the
Vision Plastics business."
The consummation of the transactions is subject to the
parties entering into definitive agreements and various other
contingencies.
GB Electrical has been a wholly owned subsidiary of Applied
Power Inc. since 1988, and markets and manufactures tools and
consumables which are sold to electrical distributors and mass
merchandisers. GB Electrical sales have grown from approximately
$24 million in 1988 to approximately $75 million today through
internal growth and a series of acquisitions of businesses with
complementary product lines, such as Vision Plastics
Manufacturing Company.
Applied Power is a world leader in industrial motion and
position control applications and a pioneer in the marriage of
hydraulic and vibration technologies with electronics. The
Company is comprised of three business segments. The Engineered
Solutions Group, which includes the Power-Packer, APITECH and
Barry Controls businesses, serves the automotive, truck, mobile
equipment, marine, medical equipment, defense and aerospace
markets. The Distributed Products Group, consisting of Enerpac
and GB Electrical, distributes a wide variety of high pressure
hydraulic products, electrical tools and consumables worldwide.
The Wright Line business provides technical furniture solutions
for offices and laboratories.
For further information contact:
Applied Power Inc.
Robert C. Arzbaecher
Vice President and Chief Financial Officer
414/781-6600
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