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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15d of the
Securities and Exchange Act of 1934
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Date of Report (Date of earliest
event reported) August 22, 1995
WLR Foods, Inc.
(Exact name of registrant as specified in its charter)
Virginia 0-17060 54-1295923
(State of (Commission File (IRS Employer Iden-
Incorporation) Number) tification No.)
P.O. Box 7000 22815
Broadway, Virginia (Zip Code)
(Address of Principal executive offices)
(540) 896-7001
(Registrant's telephone number,
including area code)
Exhibit Index is on Page 4
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Item 5. Other Events
On August 22, 1995, WLR Foods, Inc. (the Company) announced that
it had entered into an agreement to acquire the chicken processing plant,
live production assets and inventories of New Hope Feeds, Inc. and Economy
Truck Leasing, Inc., both located in New Hope, North Carolina, for a
purchase price of approximately $18 million. The purchase price will
consist of a combination of stock and assumption of debt. The transaction
is subject to regulatory approval and subject to a third party's right of
first refusal.
The acquired New Hope facility will include a hatchery, feedmill,
grain storage facilities and a new processing plant currently producing
250,000 birds per week. Initial annualized sales of the New Hope operation
are expected to exceed $40 million.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
Exhibits
Exhibit 99 Press Release dated August 22, 1995<PAGE>
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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.
WLR Foods, Inc.
By:__________________________________
Delbert L. Seitz
Chief Financial Officer
Secretary and Treasurer
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EXHIBIT INDEX
Exhibit No. Description Page Number
99 Press Release dated August 22, 1995 5
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Delbert L. Seitz,
Chief Financial Officer
or Stanley H. Gray,
Director of Investor Relations
540-896-7001
Gail Price, Director of
Corporate Communication
540-896-0406
WLR FOODS INC. ANNOUNCES AGREEMENT TO ACQUIRE
NEW HOPE FEEDS INC. AND ECONOMY TRUCK LEASING INC.
Broadway, Virginia, August 22, 1995 --- WLR Foods Inc. (NASDAQ: WLRF)
today announced the signing of an agreement to purchase, through a
subsidiary of WLR Foods, the chicken processing plant, live production
assets, and inventories of New Hope Feeds Inc. and Economy Truck Leasing
Inc. in a deal valued at approximately $18 million and consisting of stock
and assumption of debt.
The company's and the sellers' obligations to complete the transaction are
subject to several conditions, including a third party's right of first
refusal and regulatory approval. WLR Foods will acquire a hatchery, feed
mill, grain storage facilities and a new processing plant currently
processing 250,000 birds per week. The businesses employ 300 people and
are located in southeastern North Carolina, 10 miles south of Goldsboro and
175 miles east of WLR Foods Carolina Division operations which are
headquartered in Marshville, North Carolina. Annualized sales of the New
Hope operation are projected initially to be more than $40 million.
In making the announcement, President and Chief Executive Officer James L.
Keeler commented, "The New Hope processing plant was just completed in
April and is currently running a single shift. This operation will allow
us to meet current customer demand and expand our chicken production
capacity as the need arises. Building long-term value for WLR Foods
shareholders continues to be a top priority, and New Hope fits well into
our strategic plan for profitable growth."
The closing of this transaction is expected to take place by the end of
September provided all conditions have been met.
WLR Foods is a fully integrated provider of high quality turkey and chicken
products primarily under the Wampler-Longacre (R) and Cuddy Family Farms (R)
labelsand retail ice under the Cassco (R) label. It is nationally ranked
as the second largest turkey processor and the eighth largest poultry company
by sales volume and has processing operations in Virginia, North Carolina,
West Virginia, and Pennsylvania, close to its major mid-Atlantic markets.
