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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): September 24, 1999
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.)
N22 W23685 Ridgeview Parkway West
Waukesha, Wisconsin 53188-1013
Mailing address: P.O. Box 325, Milwaukee, Wisconsin 53201
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (414) 783-9420
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Item 5. Other Events.
The attached press release issued on September 24, 1999, announcing
that Applied Power, Inc. has retained Credit Suisse First Boston Corporation as
its financial advisor to explore strategic alternatives relating to the
company's Industrial business segment, is filed as an exhibit to this report and
incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
See 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: September 29, 1999 By: /s/ Robert C. Arzbaecher
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Robert C. Arzbaecher
Senior Vice President and
Chief Financial Officer
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APPLIED POWER INC.
(the "Registrant")
(Commission File No. 1-11288)
EXHIBIT INDEX
to
FORM 8-K CURRENT REPORT
Dated September 24, 1999
Exhibit Filed
Number Description Herewith
- ------ ----------- --------
99.1 Press Release X
dated September 24,
1999
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Exhibit 99.1
APW TO EXPLORE STRATEGIC ALTERNATIVES FOR INDUSTRIAL SEGMENT
MILWAUKEE, Wisconsin (Sept. 24, 1999)--Applied Power Inc. (NYSE:APW) announced
today that it has retained Credit Suisse First Boston as its financial advisor
to explore strategic alternatives relating to the Company's Industrial business
segment ("Industrial"). Industrial's business designs, manufactures and sells a
broad range of unique industrial solutions, holding leading product positions
for niche applications and serving industrial markets around the world. The
business operates under market leading brand names including Enerpac, Gardner
Bender, Power-Packer, Power Gear and Barry Controls. Industrial is expected to
generate sales of over $690 million in fiscal 1999. "While we are very pleased
with the historical performance and future outlook of APW Industrial, we believe
that a strategic combination of the business with another industrial company may
offer our shareholders the opportunity to realize greater value. This will
enable existing Applied Power shareholders to continue to participate in the
strong potential of APW Electronics," said Richard G. Sim, Chairman, President
and Chief Executive Officer of Applied Power. Applied Power said that it would
only undertake a combination involving Industrial if it concluded that such a
transaction would enhance shareholder value and overall financial performance by
allowing management to focus resources on the substantial opportunities that
exist in its APW Electronics business.
Applied Power Inc., headquartered in Waukesha, Wisconsin, is a global company
comprised of two business segments. APW Electronics supplies electronic
enclosures, power supplies, thermal systems, backplanes, and cabling either as
products or integrated as a system supplied along with new product design,
supply chain management, assembly and test services. Industrial is composed of
standard and customized OEM products sold to a wide array of end users through
distribution or directly into a variety of niche markets. To receive a faxed
copy of this or other recent Applied Power communications, please call the
Company's "News on Demand" service at 1-800-549-0679.
CONTACT: Applied Power Inc.
Robert C. Arzbaecher, 414/523-7600
OR
Credit Suisse First Boston
312/750-3000
