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
________________
JULY 19, 1998
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
NIAGARA CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
DELAWARE 0-22206 59-3182820
(STATE OR OTHER JURISDICTION (COMMISSION FILE I.R.S. EMPLOYER
OF INCORPORATION) NUMBER) IDENTIFICATION NO.)
667 MADISON AVENUE
NEW YORK, NEW YORK
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
10021
(ZIP CODE)
(212) 317-1000
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
NOT APPLICABLE
(FORMER NAME OR FORMER ADDRESS, IF CHANGED
SINCE LAST REPORT)
ITEM 5. OTHER EVENTS.
On July 19, 1998, the hourly employees at the Hammond, Indiana
facility of LaSalle Steel Company ("LaSalle"), a subsidiary of Niagara
Corporation (the "Registrant"), voted to accept LaSalle's last proposal for
a new three-year agreement and end their nine-week strike. A copy of the
Registrant's press release with respect to the foregoing is attached hereto
as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS.
(c) Exhibits.
99.1 Press Release dated July 20, 1998.
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 hereunto duly authorized.
NIAGARA CORPORATION
By: /s/ Marc J. Segalman
--------------------------
Name: Marc J. Segalman
Title: Vice President
Date: July 29, 1998
EXHIBIT INDEX
Exhibit No. Description Page No.
99.1 Press Release dated July 20, 6
1998.
EXHIBIT 99.1
LOGO
FOR IMMEDIATE RELEASE
Contact: Niagara Corporation
Michael Scharf, CEO
(212) 317-1000
NIAGARA CORPORATION ANNOUNCES END OF NINE-WEEK STRIKE
New York, July 20, 1998 - Niagara Corporation (Nasdaq:NIAG) announced
today that on Sunday, July 19, the Progressive Steelworkers of Hammond
voted to accept the Company's last proposal and to end a nine-week strike
at Niagara's LaSalle Steel plant in Hammond, Indiana.
In commenting on this development, Michael Scharf, Chairman of the
Board and CEO of Niagara stated, "We are gratified that the union finally
recognized, by accepting the Company's fourth proposal, the Company's need
to reduce costs. The major elements of this proposal are the following: A
two-tier wage system with the new-hire wage rate of 70% of that for
existing employees; a reduction in job classifications from 21 to 5; a
reduction in maximum vacation from five weeks to four; elimination of the
extended vacation benefit; elimination of required nurses; the unilateral
right of the Company to implement a new plant-wide incentive system; and a
payment of $500 per employee in years two and three of the contract in lieu
of a wage increase."
Mr. Scharf also indicated that the Company intends to continue the
employment of the approximately 100 permanent replacements hired during the
strike. Union members who were on strike and did not return to work will
be on a preferential recall list. Strikers who participated in violent
incidents and strikers who issued slanderous, hateful or defamatory
statements on the Internet will be subject to disciplinary action.
Niagara is the largest independent cold finished bar producer in the
United States with facilities in Buffalo, New York; Chattanooga, Tennessee;
Hammond and Griffith, Indiana; and Midlothian, Texas.
