SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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OCTOBER 9, 1999
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 NUMBER) (I.R.S. EMPLOYER
OF INCORPORATION) 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 October 6, 1999, the Board of Directors of Niagara
Corporation (the "Registrant") authorized the repurchase, from time to
time, of up to an additional one million shares of the Registrant's Common
Stock ("Shares") in open market and privately negotiated transactions. This
authorization is in addition to a previous one million Share repurchase
authorization under which the Registrant has acquired 947,709 Shares. Such
purchases would be subject to market and other conditions and financed with
internally generated funds, and, if necessary and available, borrowings
under existing credit facilities. Shares repurchased would be available for
use in the Registrant's benefit plans and for general corporate purposes. 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 October 6, 1999.
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
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Name: Marc J. Segalman
Title: Vice President
Date: November 8, 1999
EXHIBIT INDEX
Exhibit No. Description Page No.
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99.1 Press Release dated October 6, 1999
EXHIBIT 99.1
Contact: Michael Scharf
Chairman and CEO
(212) 317-1000
FOR IMMEDIATE RELEASE
NIAGARA CORPORATION ANNOUNCES CONTINUATION OF STOCK REPURCHASE
PROGRAM
New York, October 6, 1999 -- Niagara Corporation (Nasdaq:NIAG)
announced today that its Board of Directors authorized the repurchase, from
time to time, of up to an additional one million shares of its common stock
in open market and privately negotiated transactions. This authorization is
in addition to a previous one million share repurchase authorization under
which the Company has acquired 947,709 shares. Niagara said that such
additional purchases would be subject to market and other conditions. The
Company would continue to finance these purchases with internally generated
funds, and, if necessary and available, borrowings under its existing
credit facilities. Shares repurchased would be available for use in the
Company's benefit plans and for general corporate purposes. Niagara has
9,049,746 shares of common stock outstanding.
