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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 Act of 1934
Date of Report (Date of earliest event reported) January 29, l998
Commission File #0-18018
AEROVOX INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware 76-0254329
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(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
740 Belleville Avenue, New Bedford, MA 02745
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(Address of principal executive offices) (Zip Code)
(508) 994-9661
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Registrant's telephone number
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On January 29, l998, Aerovox reported (copy of press release attached) that its
year-end results will include a reserve to cover remediation costs due to
polyclorinated biphenlys (PCBs) in its New Bedford, Massachusetts plant. In
addition, the Company will write off certain assets related to the facility. The
total of the reserve and write-off provision is estimated to be between $11-$13
million. Financial results for the fourth quarter and year-end, including the
impact of this provision, are scheduled to be released on February 17, l998.
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 thereunto duly authorize;
AEROVOX INCORPORATED
DATE February 10, l998 BY /s/ Jeffrey A Templer
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Jeffrey A. Templer, Senior Vice President
and Chief Financial Officer
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Aerovox/R/ An ISO 9000 Company
Contact: Jeffrey Templer
Senior Vice President
508/910-3202
Aerovox Year-End Results To Include Write-Off
NEW BEDFORD, MA - Aerovox Incorporated (Nasdaq.NM:ARVX) announced today that
its year-end results would include a reserve to cover remediation costs due to
polychlorinated biphenyls(PCBs) in its New Bedford, Massachusetts plant. In
addition, the Company will write off certain assets related to that facility.
The total of the reserve and write-off provision is estimated to be between $11-
$13 million. Financial results for the fourth quarter and year-end, including
the impact of this provision, are scheduled to be released on February 17, l998.
A recent study undertaken by the Company identified PCBs within the plant.
The Company is currently working on a remediation plan, in cooperation with EPA-
New England, which may involve relocation to another plant in the New Bedford
area. As established, the remediation provision will cover either the cleaning
and encapsulation of affected surfaces within the plant, or the removal of
certain building materials, or the move to another facility.
"We are actively looking for a new manufacturing location in the New
Bedford area, either in an existing building or a new facility, although other
alternatives have not been ruled out, " said Bob Elliott, President and CEO of
Aerovox. "Our almost 100 year old plant is too old and too inefficient and
costly to meet the Company's business needs. "
NIOSH and other health agencies have conducted eight separate and
independent health studies on workers exposed to PCBs in capacitor manufacturing
plants, including Aerovox. These studies have revealed no harmful impact on the
health of the participants linked to exposure to PCBs in the plant. Two-long-
term studies are ongoing.
Aerovox Incorporated is a leading manufacturer of film, paper and aluminum
electrolytic capacitors. The Company sells its products worldwide, principally
to original equipment manufacturers as components in electrical and electronic
equipment. In addition to its plant in New Bedford, Massachusetts, Aerovox has
operations in Huntsville, Alabama; Juarez, Mexico; and Weymouth, England.
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