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: August 14, 1998
(Date of the earliest event reported)
Home Products International, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-17237 36-4147027
(State or other jurisdiction of (Commission I.R.S. Employer
Incorporation or organization) File Number) Identification No.
4501 West 47th Street Chicago, IL 60632
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (773) 890-1010
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ITEM 5. OTHER EVENTS
Home Products International, Inc. ("HPI" or the " Company" ), a
leading consolidator within the housewares industry, completed its
acquisition of certain assets, which comprised Elk Grove, IL - based
Tenex Corporation's consumer storage product line, on August 14, 1998
in an all cash transaction. Funds for the $16.4 million purchase
price were obtained from the Company's $100.0 million revolving
credit facility.
Assets acquired in the acquisition consisted of plastic
injection molds, inventory, the rights to existing patents, design
ideas and design ideas already under construction and the right to
use the Tenex trade name for one year. No machinery, equipment or
employees were acquired in the transaction.
The products that will be produced using the molds and the
patents acquired, consist of plastic storage bins, rolling carts and
a stacking drawer system. In addition to the assets purchased, HPI
entered into a manufacturing agreement whereby Tenex Corporation will
manufacture the products until March 1999.
All products will be marketed by HPI's existing sales network,
and sold through mass-market trade channels. Sales of these products
during privately held Tenex's fiscal year ended April 30, 1998
totaled $25.0 million.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
a) Financial statements of business acquired:
No financial statements are required as the assets acquired did
not constitute a business, nor were the assets acquired a
significant amount of assets, as defined by S.E.C. Regulation.
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c) Exhibits
None.
SIGNATURE
Pursuant to the requirement 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.
HOME PRODUCTS INTERNATIONAL, INC.
BY: /s/ James E. Winslow
James E. Winslow
Executive VP & CFO
Dated: September 3, 1998
