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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): SEPTEMBER 21, 1998
ASSOCIATED MATERIALS INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
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DELAWARE 0-24956 75-1872487
(State of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
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2200 ROSS AVENUE, SUITE 4100 EAST, DALLAS, TEXAS 75201
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (214) 220-4600
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ITEM 5. OTHER EVENTS.
On September 21, 1998, Associated Materials Incorporated ("Associated
Materials") announced that Amercord Inc. ("Amercord") had retained McDonald &
Company Securities, Inc. to serve as its financial advisor in connection with
the possible sale of Amercord. Amercord, a manufacturer of steel tire cord and
tire bead, is 50% owned by each of Associated Materials and Ivaco, Inc.
("Ivaco"), a Canadian steel and wire producer. Associated Materials and Ivaco
will also investigate other possibilities which would involve their continued
investment in Amercord. There can be no assurance as to whether any sale of
Amercord can be completed on the terms or timing thereof.
Amercord is presently not in compliance with certain financial
covenants under its existing bank credit agreement. Amercord has entered into a
forebearance agreement pursuant to which the lender has agreed not to exercise
its rights under the credit agreement through December 31, 1998, subject to
certain conditions. In connection with the forebearance agreement, Associated
Materials and Ivaco each made a $500,000 capital contribution to Amercord. In
addition, Associated Materials has agreed to guarantee up to $2,000,000 of
borrowings under Amercord's credit agreement.
Associated Materials accounts for Amercord using the equity method. As
of June 30, 1998, Associated Materials' investment in Amercord was approximately
$9.5 million.
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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, hereunto duly authorized.
ASSOCIATED MATERIALS INCORPORATED
By: /s/ Robert L. Winspear
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Robert L. Winspear
Vice President and Chief
Financial Officer
Dated: September 21, 1998
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