UNITED STATES
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): February 3, 1998
(February 2, 1998)
Imo Industries Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-9294 21-0733751
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
1009 Lenox Drive,
Building Four West, Lawrenceville, NJ 08648-0550
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (804)560-4070
Not Applicable
(Former name or former address,
if changed since last report)
Item 5. Other Events.
In a press release dated February 2, 1998, the Registrant
announced that it had entered into an agreement to sell its
Roltra Morse S.p.A. subsidiary to Magna International Inc.
The information set forth in this Item 5 is qualified in its
entirety by reference to the Registrant's press release
announcing such information, which is filed herewith as an
exhibit.
Item 7. Financial Statements, Pro Forma Information and Exhibits.
(c) Exhibits
99.1 Press release dated February 2, 1998, issued by the Registrant.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act
of 1934, Registrant has duly caused this Report to be signed on
its behalf by the undersigned hereunto duly authorized.
IMO INDUSTRIES INC.
Date: February 3, 1998 By: /s/ John A. Young
John A. Young
Vice President and
Chief Financial Officer
FOR IMMEDIATE RELEASE Contact: John Young
Chief Financial Officer
(804) 560-4070
Imo Industries Announces Sale of Roltra Morse Subsidiary
To Magna International
Lawrenceville, NJ, February 2, 1998 - Imo Industries Inc.
(NYSE: IMD) announced today that it had entered into an
agreement to sell its Roltra Morse S.p.A. subsidiary to
Magna International Inc. (TSE: MG.A, MG.B; ME: MG.A; NYSE:
MGA).
Roltra Morse is a manufacturer of automotive components
based in Turin, Italy. Roltra Morse's products include
latches, window regulators, cable systems and gear shift
mechanisms. Manufacturing operations are located in Altare,
Pisa and Pozilli, Italy and Sosnowiec, Poland. Roltra Morse
also maintains joint venture operations in Belo Horizonte,
Brazil and Istanbul, Turkey.
Imo Chairman and Chief Executive Officer, Philip W. Knisely,
commented, "We are pleased that an agreement has been
reached to sell Roltra Morse to Magna International.
Magna's position as a global leader in automotive components
should bring a great deal of value to Roltra's customers,
associates and other stakeholders."
Terms of the transaction, which is expected to close during
the First Quarter of 1998, were not disclosed. Schroder &
Co. advised Imo on the transaction.
Imo Industries is a leading manufacturer of pumps, power
transmission components and remote control systems.
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