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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) August 11, 1998
ASSOCIATES CORPORATION OF NORTH AMERICA
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
(Commission File Number) 1-6154
(I.R.S. Employer
Identification Number) 74-1494554
250 E. Carpenter Freeway, Irving, Texas 75062-2729
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972) 652-4000
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Item 5. Other Events.
Item 5. Other Events.
On August 11, 1998, Associates First Capital Corporation (the direct
parent of the Registrant) announced it had entered into a definitive agreement
to purchase the assets and assume the liabilities of Avco Financial Services,
Inc. The acquisition is subject to regulatory approvals. A copy of the news
release dated August 11, 1998, issued by Associates First Capital Corporation
is attached as Exhibit 20 and incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
20 - News Release by Associates First Capital Corporation
dated August 11, 1998
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.
ASSOCIATES CORPORATION OF
NORTH AMERICA
By: /s/ Timothy M. Hayes
----------------------
Timothy M. Hayes
Assistant Secretary
Date: March 3, 1998<PAGE>
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[LOGO]
FOR IMMEDIATE RELEASE
Media: (972) 652-4522
Securities Analysts: (972) 652-7294
[email protected]
Shareholders: 1-888-NYSE-AFS
THE ASSOCIATES ANNOUNCES ACQUISITION
OF AVCO FINANCIAL SERVICES
DALLAS, August 11, 1998 Associates First Capital
Corporation (NYSE:AFS) announced today it has agreed to acquire
the assets and assume the liabilities of Avco Financial Services,
Inc., a wholly-owned subsidiary of Textron Inc. (NYSE:TXT), for
$3.9 billion. The purchase price equates to approximately 3.3 times
book value. The acquisition is subject to regulatory approvals.
Avco is a global, diversified financial services company
with approximately $8.9 billion in assets, 8,000 employees, 1,265
branches and 2.5 million customers. Its product offerings
include real estate, retail sales finance and consumer loans,
equipment, inventory and vendor finance and credit and
collateral-related insurance. Avco has the fourth largest U.S.
consumer branch network and a significant international presence
with offices in Canada, Australia, the United Kingdom, New
Zealand, France, Hong Kong, Spain, Ireland, India and Sweden.
"Avco is a strong, sound business that provides an excellent
strategic complement to our operations," said Keith W. Hughes,
chairman and chief executive officer of The Associates. "Avco's
extensive network of operations gives us a presence in a number
of new international arenas, while strengthening our position in
existing core markets. Avco is a quality company with a
talented and experienced management team and excellent employee
base."
"Avco has been a strong, consistent contributor to Textron,"
said Textron President and Chief Executive Officer Lewis B.
Campbell. "We are delighted that Avco is joining the global
leader in diversified finance. Together, these two companies
will realize enhanced growth opportunities around the world."
(Continued)
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Page 2
With the acquisition of Avco, The Associates will have
approximately $72 billion in managed receivables, operations in
16 countries and more than 18 million customers worldwide.
Associates First Capital Corporation is a leading diversified
finance company providing consumer and commercial finance,
leasing and related services worldwide. Headquartered in Dallas,
it is one of the nation's 100 largest companies, based on total
market capitalization.
This news release contains certain forward-looking
statements. The factors which may cause future results to
differ materially from expectations are discussed in the form
10-K for the year ended December 31, 1997, filed with the
Securities and Exchange Commission.
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