<PAGE>
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
March 15, 1999
--------------
(Date of earliest event reported)
FLOW INTERNATIONAL CORPORATION
------------------------------
(Exact name of Registrant as specified in its charter)
Washington 0-12448 91-1104842
---------- ------- ----------
(State or other (Commission (I.R.S. Employer
jurisdiction of File Identification
incorporation) Number) Number)
23500 - 64th Avenue South, Kent, Washington 98032
--------------------------------------------------
(Address of principal executive offices, zip code)
Registrant's telephone number, including area code:
(253) 850-3500
Total number of pages: 5
Page on which exhibit index appears: 2
<PAGE>
ITEM 5. Other Events
On March 15, 1999, Flow International Corporation ("Flow") and Asea Brown
Boveri AB ("ABB") announced that Flow had agreed in principle to acquire ABB
Pressure Systems AB. ABB Pressure Systems AB, based in Vasteras, Sweden, is a
leading supplier of large, bulk ultrahigh-pressure systems to the food
industry and the world leader in isostatic press systems for the automotive
and aerospace market.
ITEM 7. Exhibits
20.1 Press Release dated March 15, 1999
-2-
<PAGE>
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 hereunto duly authorized.
Date: March 15, 1999 FLOW INTERNATIONAL CORPORATION
By: /s/ John S. Leness
----------------------------------
John S. Leness
General Counsel and
Corporate Secretary
-3-
<PAGE>
Len Cereghino & Co. CLIENT: FLOW INTERNATIONAL
CORPORATE INVESTOR RELATIONS CONTACT: Ronald W. Tarrant
2605 Western Ave., Seattle, WA 98121 Chairman & CEO
(206) 448-1996 (253) 850-3500
NEWS RELEASE
- -------------------------------------------------------------------------------
FLOW INTERNATIONAL TO ACQUIRE ABB PRESSURE SYSTEMS OF SWEDEN
KENT, WA and Vasteras, Sweden -- March 15, 1999 -- Flow International
Corporation (Nasdaq: FLOW) and Asea Brown Boveri AB (ABB) (ST:ABBa and
Nasdaq:ABBBY), today announced Flow has reached an agreement in principal to
acquire ABB Pressure Systems AB. ABB Pressure Systems, (Pressure Systems)
based in Vasteras, Sweden, is a wholly-owned subsidiary of ABB AB of Stockholm,
Sweden. Pressure Systems is the leading supplier of large, bulk
ultrahigh-pressure systems to the food industry and the world leader in
isostatic press systems for the automotive and aerospace market.
"This acquisition establishes Flow as the only supplier of both bulk and
pumpable ultrahigh-pressure systems in the world and brings additional
technological strength to our automotive and aerospace solutions," said Ronald
W. Tarrant, Chairman, President and CEO of Flow. "The Pressure Systems
product line complements our Fresher Under Pressure-TM- technology, which
kills pathogens in pumpable food, by adding batch purification equipment that
is effective on bulk foods. Pressure Systems' units are based on wire-wound
vessels that can withstand pressures over 100,000 pounds per square inch and
can process large batches of food at once. Pressure Systems introduced its
food purification process several years ago, and its systems are currently
used in commercial operations."
Flow also will acquire Pressure Systems' isostatic press business, which
uses heat and pressure to form parts primarily for the automotive and aerospace
industries. Presently there are several hundred Pressure Systems isostatic
presses in production worldwide. "We are delighted to add this technology to
our capabilities and believe that the isostatic press will be a strong
compliment to the other products and services we offer to our automotive and
aerospace customers," Tarrant said.
"Based on current backlog and recent growth patterns, Pressure Systems
is expected to add significantly to our revenues in fiscal 2000, which begins
May 1, 1999," stated Steve Reichenbach, Flow's Chief Financial Officer. "In
addition, we expect that the acquisition will be accretive to earnings in
fiscal 2000. Pressure Systems currently has a strong backlog for fiscal 2001."
"Flow is the ideal purchaser of this technology," stated Anders
Narvinger, President and CEO of ABB AB. "The product fit is exceptionally
complementary, and strategically, Flow will provide market strength. In
addition, we believe the quality of Flow's management and the company culture
will be a good fit for our employees and customers. While the
ultrahigh-pressure business has been profitable for us, it is not a part of our
core business competencies and we are very pleased to have found such a good
fit for this division."
(more)
<PAGE>
Flow to acquire ABB Pressure Systems
March 15, 1999
Page Two
Flow International Corporation is the world leader in the development
and manufacture of ultrahigh-pressure waterjet technology for advanced
commercial application, and a leading provider of robotics and assembly
equipment. Flow provides technologically advanced, environmentally-sound
solutions to the manufacturing and surface preparation cleaning markets.
The ABB Group (http://www.abb.com) is a global engineering and
technology company serving customers in power generation, transmission, and
distribution; automation; oil, gas, and petrochemicals; industrial products and
contracting; and financial services.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: STATEMENTS IN THIS NEWS RELEASE LOOKING FORWARD IN TIME INVOLVE RISKS AND
UNCERTAINTIES, INCLUDING RISKS ASSOCIATED WITH ACQUISITIONS, PRODUCT DEMAND,
MARKET ACCEPTANCE RISK, PRODUCT INTRODUCTION DELAYS, INTERNATIONAL REGULATORY
CHANGES, AND OTHER RISK FACTORS DETAILED THE COMPANYS SECURITIES AND EXCHANGE
COMMISSION FILINGS.
###
NOTE: Transmitted on PR Newswire at 8:00 a.m., PST March 15, 1999.
