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
April 24, 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 April 24, 1997, the Company announced that its Board of Directors authorized
a program to repurchase from time to time up to a total of 1,250,000 shares of
its common stock. The repurchases may be made in the open market or in
negotiated or other permissible transactions.
ITEM 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Press release of the Company dated April 24, 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: May 7, 1997 by /s/ Gary L. Weller
_________________________________
Gary L. Weller
Senior Vice President and
Chief Financial Officer
Contact for Greenfield Industries, Inc.:
Gary L. Weller Dianne Steele
Senior Vice President Director of Communications
and Chief Financial Officer and Investor Relations
(706)650-4218 (706)650-4134
GREENFIELD INDUSTRIES, INC.
ANNOUNCES SHARE REPURCHASE AUTHORIZATION
Augusta, Georgia -- April 24, 1997 -- Greenfield Industries, Inc. (NASDAQ:
GFII) announced that its Board of Directors today authorized a program to
repurchase from time to time up to a total of 1,250,000 shares of its
common stock. The repurchases may be made in the open market or in
negotiated or other permissible transactions. As of March 21, 1997, there
were 16,398,257 shares of common stock outstanding.
Paul W. Jones, President and Chief Executive Officer commented, "Our
investment in Greenfield common stock reflects our overall confidence in
the Company's future and our commitment to enhancing shareholder value. We
believe our stock is undervalued and represents a good investment. The
purchase of the shares will be made from available cash flow and from
existing debt facilities. After giving effect to the contemplated
repurchase, we expect that our cash flow and debt capacity will be adequate
to finance future acquisitions."
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 and
consumer markets. The Company also manufactures and markets a variety of
marine products.
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