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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 (Date of earliest event reported): March 8, 2000
LONE STAR TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-12881 75-2085454
(State or other jurisdiction of incorporation) (Commission
File Number) (IRS Employer Identification No.)
15660 North Dallas Parkway
Suite 500
Dallas, Texas 75248
(Address, including zip code, of principal executive offices)
Registrant's telephone number, including area code: (972) 770-6401
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ITEM 5. OTHER EVENTS.
On March 8, 2000, Lone Star Technologies, Inc. announced in a press
release (the "Press Release") that it had signed a definitive agreement pursuant
to which it would purchase through a newly formed, wholly-owned subsidiary the
assets of Bellville Tube Corporation, a privately held Houston-area based
manufacturer of tubular goods.
The foregoing is qualified by reference to the Press Release, which is
filed as an exhibit to this Report and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of businesses being acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits
99.1 Press release dated March 8, 2000, announcing that Lone Star
Technologies, Inc. has signed an agreement to acquire the assets of
Bellville Tube Corporation.
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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.
LONE STAR TECHNOLOGIES, INC.
Date: March 16, 2000 By: /s/ Charles J. Keszler
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Charles J. Keszler
Vice President - Finance
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INDEX TO EXHIBITS
<TABLE>
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Item
Number Exhibit
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<S> <C>
99.1 Press release dated March 8, 2000, announcing that
Lone Star Technologies, Inc. has signed an agreement
to acquire the assets of Bellville Tube Corporation.
</TABLE>
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EXHIBIT 99.1
[LOGO] LONE STAR NEWS RELEASE
TECHNOLOGIES, INC.
CONTACT: CHARLES J. KESZLER
(972) 770-6495
Fax: (972) 770-6471
LONE STAR TECHNOLOGIES, INC. SIGNS AGREEMENT TO
PURCHASE BELLVILLE TUBE CORPORATION'S ASSETS
Dallas, TX, March 8, 2000 ..... Lone Star Technologies, Inc. (Lone Star),
NYSE:LSS, announced that it has signed a definitive agreement to purchase
Bellville Tube Corporation's (Bellville) assets, a privately held Houston-area
based tubular goods manufacturer.
Bellville is a high quality, low cost producer of oil country tubular goods and
line pipe between 1.9 inches and 4.5 inches in outside diameter. Since April,
1996, Lone Star Steel Company (Steel), one of Lone Star's principal operating
subsidiaries, has marketed products manufactured by Bellville under an exclusive
alliance agreement that provides for Bellville's conversion of coils into
tubular products for Steel. In addition to oilfield products, Bellville also
produces tubing for use in Steel's specialty tubing operations. Bellville will
operate as a separate subsidiary of Lone Star and its alliance with Steel will
continue. Bellville's management and employees will remain with the company. No
change in employment levels is expected.
Lone Star plans to acquire Bellville's assets through a new subsidiary for a
cash purchase price of approximately $14.5 million. The purchase price will be
provided by Lone Star's cash and borrowings of $5 million. Bellville's revenues,
which primarily consist of conversion fees from Steel, and EBITDA for the 1999
calendar year were $9.2 million and $2.5 million, respectively. The acquisition
is expected to close on March 31, 2000 and is anticipated to be accretive to
Lone Star's earnings per share as a result of reduced conversion fees and other
costs.
Rhys J. Best, Chairman, President and Chief Executive Officer of Lone Star,
stated: "Under the leadership of Ken Beil, President, Bellville has been
producing high quality oilfield tubulars for many years. The acquisition of
Bellville will increase our flexibility to meet our customers' growing demand
for a wide range of premium quality tubular products on short notice. The
Bellville brand product line is preferred by many end users for oilfield
applications and industrial uses."
Lone Star Technologies, Inc. is a holding company whose principal operating
subsidiaries are Lone Star Steel Company, which manufactures and markets
oilfield casing, tubing, and line pipe, specialty tubing products, flat rolled
steel and other tubular products and services, and Fintube Technologies, Inc.,
which manufactures and markets finned tubes used in a variety of heat recovery
operations.
This release contains forward looking statements based on assumptions
that are subject to a wide range of business risks. There is no
assurance that the estimates and expectations in this release will be
realized. Important factors that could cause actual results to differ
materially from the forward looking statements are described in the
periodic filings of Lone Star Technologies, Inc. with the Securities
and Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 1998.
