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): March 13, 2000
Sheldahl, Inc.
(Exact name of Registrant as specified in its charter)
Minnesota 0-45 41-0758073
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1150 Sheldahl Road
Northfield, Minnesota 55057
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (507) 663-8000
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Item 5. Other Events
On March 13, 2000 Sheldahl, Inc. announced that although the
exclusivity period as previously reported with Molex Incorporated ("Molex")
expired on March 10, 2000, the Company and Molex remain in discussions.
Further details of this action are contained in the Press Release of
Sheldahl, Inc., dated March 13, 2000 attached hereto as Exhibit 99.1 and
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
Exhibit 99.1 Press Release
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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.
Sheldahl, Inc.
By _________________________
Edward L. Lundstrom
President and Chief Executive Officer
Dated: March 15, 2000
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FOR IMMEDIATE RELEASE Contacts: Jill Burchill
Chief Financial Officer
March 13, 2000 507/663-8294
Sheldahl, Inc. [email protected]
1150 Sheldahl Road
Northfield, MN 55057 Jennifer Weichert
Weichert Financial Relations, Inc.
612/839-9871
[email protected]
SHELDAHL, INC. ANNOUNCES CONTINUED DISCUSSIONS
WITH MOLEX INCORPORATED AND LAPSE OF EXCLUSIVITY PERIOD
Northfield, MN, March 13, 2000 - Sheldahl, Inc. (NasdaqNM: SHEL) announced
today that the exclusivity period as previously reported with Molex
Incorporated (NasdaqNM: MOLX) expired on March 10, 2000. Although the
parties remain in discussions, and Molex is continuing its due diligence
review and evaluation, no agreement in principal or definitive agreement has
been reached. Sheldahl will continue its efforts to maximize shareholder
value by seeking suitable strategic alternatives through its financial
advisor, U.S. Bancorp Piper Jaffray, Inc.
Sheldahl is a leading producer of high-density substrates, high-quality
flexible printed circuitry, and flexible laminates primarily for sale to the
automotive electronics and data communications markets. The Company, which is
headquartered in Northfield, Minnesota, has operations in Northfield;
Longmont, Colorado; Detroit, Michigan; South Dakota; Toronto, Ontario,
Canada; and Chihuahua, Chih., Mexico. Its sales offices are located in Hong
Kong, China; Singapore; and Mainz, Germany. As of January 31, 2000, Sheldahl
employed approximately 870 people. Sheldahl's common stock trades on the
Nasdaq National Market tier of the Nasdaq Stock Market under the symbol:
SHEL. In its' fiscal year ended August 27, 1999, Sheldahl reported revenues
of $122.1 million. Sheldahl news and information can be found on the World
Wide Web at http://www.sheldahl.com.
The discussion above contains statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements by their nature
involve substantial risks and uncertainties as described by Sheldahl's
periodic filings. Actual results may differ materially depending on a variety
of factors, including, but not limited to the following: the achievement of
Sheldahl's projected operating results, the ability of Sheldahl to
successfully obtain waivers from its lenders for any defaults on its debt
covenants, the achievement of efficient volume production and relates sales
revenue results at Longmont, the ability of Sheldahl to identify and
successfully pursue other business opportunities and Sheldahl not entering
into an agreement with respect to a transaction; or any such transaction not
being consummated and Sheldahl successfully defending and ultimately
prevailing on the action brought by a Sheldahl shareholder. Additional
information with respect to the risks and uncertainties faced by Sheldahl may
be found in, and the prior discussion is qualified in its entirety by, the
Risk Factors contained in the Company's filings with the Securities and
Exchange Commission, including Sheldahl's Annual Report, Form 10-K for the
fiscal year ended August 27, 1999, Forms 10-Q for the quarters ended November
27, 1998; February 26, 1999 and May 28, 1999, and other SEC filings.
Sheldahl does not undertake any obligation to update any such factors or to
publicly announce developments or events relating to the matters described
herein.
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