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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) January 8, 1997
THE LOEWEN GROUP INC.
(Exact name of registrant as specified in its charter)
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British Columbia, Canada 0-18429 98-0121376
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(State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.)
incorporation)
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4126 Norland Avenue, Burnaby, British Columbia V5G 3S8
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code 604-299-9321
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N/A
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(Former name or former address, if changed since last report)
Exhibit Index is on page 3
Page 1 of 5
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ITEM 5. OTHER EVENTS.
Pursuant to Form 8-K, General Instructions F, registrant hereby incorporates by
reference the press release attached hereto as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
Exhibit No. Description
Exhibit 99 The Loewen Group Inc. Press Release dated
January 8, 1997
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.
Dated: January 9, 1997
THE LOEWEN GROUP INC.
By: /s/ PETER S. HYNDMAN
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Name: Peter S. Hyndman
Title: Corporate Secretary
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EXHIBIT INDEX
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Sequential
Number Exhibit Page Number
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99 The Loewen Group Inc. 4
Press Release dated January 8, 1997
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The Loewen Group Inc. January 8, 1997 Page 1
THE LOEWEN GROUP INC.
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NEWS
Stock Symbols:
NYSE: LWN Media Contacts:
TSE: LWN Dave Laundy, Vice President,
ME: LWN Communications
(All amounts listed in U.S. dollars) The Loewen Group Inc.
Tel: (604) 293-7857
Thomas C. Franco
Broadgate Consultants, Inc.
Tel: (212) 229-2222
FOR IMMEDIATE RELEASE
LOEWEN GROUP ANNOUNCES RECORD ACQUISITIONS DURING 1996
o AGGRESSIVE ACQUISITION PACE CONTINUES INTO 1997
VANCOUVER, JANUARY 8, 1997 - The Loewen Group Inc. (NYSE, TSE, ME: LWN) today
announced that during 1996 its funeral home and cemetery acquisition activity
reached a record level, and the aggressive pace of acquisition activity is
continuing into 1997. The Company was involved in signed or closed
acquisitions or structured transactions totaling $1.4 billion last year.
Loewen Group said yesterday's announcement by Service Corporation International
that it was abandoning its proposed exchange offer for Loewen shares would not
have an impact on Loewen's acquisition program.
"Our long-term growth strategy was a key to our successful defense against
SCI," said Raymond L. Loewen, Chairman and Chief Executive Officer of The
Loewen Group.
"We continue to enhance our position as the preferred acquirer of properties
within the industry. Our record earnings through the first three quarters of
1996, and our anticipation that we will meet analysts' expectations for the
fourth quarter of 1996, reflect the soundness of this strategy," Mr. Loewen
added.
During 1996, Loewen Group signed or closed acquisitions totaling a record $830
million, compared
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The Loewen Group Inc. January 8, 1997 Page 2
with $795 million the previous year. The Company was also involved in two
major transactions completed with Blackstone Capital Partners II Merchant
Banking Fund L.P. to purchase Prime Succession Inc. of Batesville, Indiana --
North America's fourth largest supplier of funeral services -- for $295 million
and Rose Hills cemetery and related mortuary of Los Angeles -- the largest
cemetery in North America -- for $240 million.
The Company closed a record acquisitions $583 million of acquisitions, compared
with $488 million in 1995, involving 159 funeral homes, 136 cemeteries and one
insurance company. In addition, the Company has signed agreements for the
acquisition of 60 funeral homes and 86 cemeteries for a total expenditure of
$247 million which are expected to close in early 1997. The Company doubled
its purchases of cemeteries in 1996, closing 136 transactions involving
cemeteries compared with 65 in 1995.
Loewen Group's 1996 acquisitions include a record number of smaller,
family-owned funeral homes and cemeteries, primarily located in rural
communities - a market segment in which the Company has traditionally been the
dominant participant. These acquisitions in 1996 totaled $287 million,
compared with $166 million in 1995.
"Our tradition of providing sensitive succession planning services to the
owners of smaller funeral homes and cemeteries has been an important key to our
success. This, in turn, has given us a preferred position to acquire larger
strategic properties in major markets," said Mr. Loewen.
With corporate offices in Vancouver, British Columbia, Cincinnati and
Philadelphia, The Loewen Group Inc. is the second largest funeral home and
cemetery service company in North America. The Company employs some 13,000
people and owns or operates 956 funeral homes and 313 cemeteries across the
United States and Canada. Over 90% of the Company's revenue is derived from
the United States.
