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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: June 29, 1998
KAYDON CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 0-12640 13-3186040
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
Arbor Shoreline Office Park
19345 U.S. 19 North - Suite 500
Clearwater, FL 33764
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (727) 531-1101
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Item 5. Other Events.
On June 24, 1998, the Registrant issued the following press release:
KAYDON PRESIDENT RESIGNS
Clearwater, FL; June 24, 1998
The Board of Directors of Kaydon Corporation announced today that it has
accepted the resignation of Stephen K. Clough as President, Chief Executive
Officer, Chief Financial Officer and Director. The Board and Mr. Clough
disagreed on general management philosophy and the long-term strategic direction
of the Company.
Kaydon's former Chief Executive Officer and current Chairman, Lawrence J.
Cawley was elected Chief Executive Officer, President and Chief Financial
Officer by the Board, to be effective immediately, while the Board commences a
search for a new C.E.O.
Kaydon continues to anticipate excellent second quarter results in line
with expectations and assuming that the economy continues its balance and
general direction, a record 1998. Based upon the Company's proprietary product
and market positions, strong financial position, and its proven growth
strategies, Kaydon remains highly optimistic about its future growth prospects.
Under the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995, the company cautions investors that any forward-looking statements or
projections made by the company, including those made in this document, are
subject to risks and uncertainties that may cause actual results to differ
materially from those projected.
Kaydon Corporation is a leading designer and manufacturer of
custom-engineered products, supplying a broad and diverse group of industrial,
aerospace and aftermarket customers. Kaydon is headquartered in Clearwater,
Florida and operates facilities located in Georgia, Iowa, Kansas, Maryland,
Michigan, Minnesota, Missouri, North Carolina, South Carolina, Tennessee,
Virginia, England, Germany and Mexico.
Kaydon stock is traded on the New York Stock Exchange under the symbol KDN.
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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.
KAYDON CORPORATION
Dated: June 29, 1998 By: /s/ John F. Brocci
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John F. Brocci
Vice President, Administration
Corporate Secretary
