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
March 31, 1997
Date of Report (Date of earliest event reported)
GREENFIELD INDUSTRIES, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
0-21828 04-2917072
(Commission File Number) (I.R.S. Employment Identification No.)
2743 PERIMETER PARKWAY
BUILDING 100, SUITE 100
AUGUSTA, GEORGIA 30909
(Address of Principal Executive Offices) (Zip Code)
706/863-7708
(Registrant's telephone number including area code)
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ITEM 5. OTHER EVENTS
On March 31, 1997, the Company acquired Hanita Metal Works, Ltd., an
Israeli-based company and its U. S. subsidiary Hanita Cuttings Tools, Inc., from
Koors Industries, Ltd. for $20.3 million and assumed indebtedness of $13.6
million. Hanita, with manufacturing operations in Shlomi, Israel and sales and
distribution facilities in Mountainside, New Jersey, is a leading manufacturer
of high quality, high performance end mills for the metalworking industries.
Hanita had annual sales of approximately $27 million for the year ended December
31, 1996.
ITEM 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Press release of the Company dated March 31, 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.
GREENFIELD INDUSTRIES, INC.
Date: April 15, 1997 by /s/ Gary L. Weller
__________________________
Gary L. Weller
Senior Vice President and
Chief Financial Officer
Contact for Greenfield Industries, Inc.: Contact for Koor Industries, Inc.:
Gary L. Weller Amiram Fleisher
Senior Vice President 972-3-525-1115
and Chief Financial Officer
(706)650-4218
GREENFIELD INDUSTRIES, INC. ACQUIRES HANITA METAL WORKS, LTD. OF ISRAEL
Augusta, Georgia -- March 31, 1997 -- Greenfield Industries, Inc. (NASDAQ: GFII)
and Koor Industries, Ltd. (NYSE: KOR) jointly announced today that Greenfield
completed the acquisition of Hanita Metal Works, Ltd., an Israeli-based company
and its U.S. subsidiary Hanita Cutting Tools, Inc., for $20.3 million and
assumed indebtedness of $13.6 million. For the year ended December 31, 1996,
Hanita reported sales of approximately $27 million.
Hanita, with manufacturing operations in Shlomi, Israel and sales and
distribution facilities in Mountainside, New Jersey, is a leading manufacturer
of high quality, high performance end mills for the metalworking industry.
Hanita products are sold through a strong, well established sales network in 25
countries throughout Eastern and Western Europe, Asia and the United States.
"We are extremely pleased to add Hanita to our strong group of industrial
cutting tool businesses," says Greenfied Industries, Inc.'s President and CEO
Paul W. Jones. "This acquisition, which will become a part of our Industrial
Products Group, continues to support our strategy of adding complementary
businesses to our existing market segments. Hanita adds significantly to our
global presence and provides Greenfield the opportunity to increase its market
position in the cutting tool industry particularly in aerospace, on a worldwide
basis. Hanita products however, will continue to be manufactured and sold
through its traditional methods and under the same management group that has
made Hanita the excellent company it is today."
Benjamin D. Gaon, President and CEO of Koor Industries, described the
transaction as "a great fit between two great companies." "As Koor continues to
focus on its three core business segments - telecommunication and electronics,
agrochemicals and building materials - we are delighted that Hanita has been
acquired by Greenfield. We dedicated significant resources towards upgrading the
company and believe strongly that Hanita's capable management will benefit
tremendously from inclusion in the Greenfield family. This is an ideal
combination for the future growth of the company."
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Greenfield Industries, Inc. is a leading worldwide manufacturer of expendable
cutting tools and related products used in a variety of industrial, electronics,
energy and construction, engineered products, consumer and marine markets.
Koor Industries, Ltd. is an integrated industrial enterprise employing over
20,000 people in Israel and around the world. 1996 net income exceeded $180
million from revenues of $3.5 billion, $1.2 billion which were generated from
exports and international sales.
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