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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) December 24, 1999
UNIROYAL TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State of other jurisdiction of incorporation)
0-20686 65-0341868
Commission File Number) (IRS Employer Identification No.)
Two North Tamiami Trail, Suite 900
Sarasota, Florida 34236
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (941) 366-2100
(Former name or former address, if changed
since last report.)
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Item 5. Other Events.
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Attached hereto as Exhibit 99 and incorporated herein by reference is the
text of the registrant's press release which was made on December 27, 1999.
In its press release dated December 27, 1999 Uniroyal Technology Corporation
announced that it has agreed to sell its High Performance Plastics Segment to
Spartech Corporation for approximately $217.5 million.
Item 7. Exhibits
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Table Exhibit
Item No. Exhibit Description Number
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99 Press release dated December 27, 1999 99
regarding agreement to sell High Performance
Plastics Segment to Spartech Corporation.
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 authorized.
UNIROYAL TECHNOLOGY CORPORATION
By: /s/ George J. Zulanas, Jr.
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George J. Zulanas, Jr.
Vice President, Treasurer and
Chief Financial Officer
Dated: December 27, 1999
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EXHIBIT 99
UNIROYAL TECHNOLOGY CORPORATION
UNIROYAL TECHNOLOGY CORPORATION
AGREES TO SELL HIGH PERFORMANCE PLASTICS SEGMENT
TO SPARTECH CORPORATION
Sarasota, FL, December 27, 1999 - Uniroyal Technology Corporation
(NASDAQ/NMS:UTCI) announced today that it has entered into an agreement to sell
to Spartech Corporation (NYSE:SEH) substantially all the assets of its High
Performance Plastics segment. The proceeds from the sale are expected to
approximate $217.5 million.
Howard R. Curd, Chairman and Chief Executive Officer of Uniroyal
Technology Corporation noted, "The sale of the High Performance Plastics segment
strategically repositions our Company and allows us to focus on our remaining
businesses with a particular emphasis on our Optoelectronics segment where we
have strong growth expectations. We will use the proceeds from this sale to
retire debt and quickly expand our technology base."
The Company recently began producing high brightness light emitting
diodes (HB-LEDs) at its state-of-the-art 77,000 square foot manufacturing
facility in Tampa, Florida. The market demand for HB-LEDs remains exceptional
and the Company recently announced plans to double the capacity for high
brightness blue and green colors. The additional capacity will be in place in
June. HB-LEDs are forecasted by industry data sources to grow 35% annually in
units for the foreseeable future.
It is anticipated that the sale, which is subject to necessary consents
and approvals, should close on or before February 29, 2000.
Uniroyal Technology has four business segments: Optoelectronics, High
Performance Plastics, Coated Fabrics and Specialty Adhesives. Some of the
Company's well-known brand names and products include epitaxial wafers, package
ready dies and lamps for LEDs in its Optoelectronics segment, ROYALITE(R)
thermoplastics products, POLYCAST(R) acrylic products, VIPLEX and HAPPEL in
fabrication of parts for the marine industry, NAUGAHYDE(R) coated fabrics, and
SILAPRENE(R) and GUNTHER ULTRA/BOND(TM) in adhesives.
The Company's stock and warrants trade on the NASDAQ/NMS under the
symbols UTCI and UTCIW, respectively.
Statements made herein that are forward-looking in nature within the
meaning of the Private Securities Litigation Reform Act of 1995 are
subject to risks and uncertainties that could cause actual results to
differ materially. Such risks and uncertainties include, but are not
limited to, those related to business conditions and the financial
strength of the various markets served by the Company, the level of
spending for such products and the ability of the Company to
successfully manufacture and market its products and close of the
aforementioned sale.
