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 Exchange Act of 1934
Date of Report (Date of earliest event reported): January 24, 1997
STANT CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 33-63914 35-1768429
(State of Incorporation) (Commission file number) (I.R.S. Employer
Identification No.)
425 Commerce Drive
Richmond, Indiana 47374
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (317) 962-6655
Not Applicable
(Former name or former address, if changed since last report)
<PAGE>
Item 5: Other Events.
On January 24, 1997, Stant Corporation ("Stant") announced that it had
appointed John P. "Jack" Reilly as a Director and as its new President and Chief
Executive Officer. Mr. Reilly took over from David R. Paridy, who retired as an
officer and Director of Stant after serving as President and Chief Executive
Officer since 1987 and an employee of Stant and its predecessor for 34 years.
The Press Release issued by Stant with respect to these maters is attached as
Exhibit A to this Current Report on Form 8-K.
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.
STANT CORPORATION
Date: January 24, 1997 By: Thomas E. Schmitt
---------------------- ----------------------
Thomas E. Schmitt
Sr. Vice President - Finance
and Chief Financial Officer
EXHIBIT A
FOR IMMEDIATE RELEASE
PRESS RELEASE
JOHN REILLY APPOINTED NEW CEO AT STANT CORPORATION
(NASDAQ-STNT)
Richmond, Indiana, January 24, 1997 - Stant Corporation (NASDAQ:STNT) today
announced that it had appointed John P. "Jack" Reilly as its new President and
Chief Executive Officer. Mr. Reilly will take over from David R. Paridy, who
retires after serving as President and Chief Executive Officer since 1987 and an
employee of Stant and its predecessors for 34 years.
Ward W. Woods, Chairman of the Board of Stant, said, "We are grateful
to David Paridy for his many years of leadership. David has implemented a number
of momentous changes at Stant, including its buyout from Purolator, the initial
public offering and the acquisition of Trico Products. He leaves the Company
with excellent prospects for continued growth. We also look forward to Jack
Reilly taking over at Stant. His relationships and extensive and successful
experience in the global auto parts industry will be critical to continuing the
record of strong growth at Stant."
David R. Paridy said, "I am proud of what has been accomplished since
Bessemer Holdings and management bought Stant Manufacturing in 1987. In nine
years, the Company has grown from $50 million in sales generated from one
product line to over $650 million from 19 product lines produced on three
continents. When the Company's results for 1996 are reported, they will reflect
record operating results and record earnings per share. After over three decades
of association, I leave Stant in the good hands of Jack Reilly, knowing that he
will lead a company which enjoys technological leadership, excellent customer
relationships and strong brand identity."
In addition to his appointment as President and Chief Executive
Officer, Mr. Reilly has been appointed a director of Stant to serve until the
next annual meeting of stockholders.
Jack Reilly, who is 53, served since 1995 as Chairman of the Board,
President and Chief Executive officer of Figgie International where he led a
major restructuring of the company and its business units. From 1993 to 1994, he
was President and Chief Operating Officer of Chicago-based Brunswick
Corporation. Mr. Reilly has spent 28 years working in the automotive industry
including nine with Tenneco Automotive, serving from 1987 to 1993 as President
and Chief Executive Officer. Tenneco Automotive posted record earnings each year
during his tenure. Earlier in his career, he played a key role in the
restructuring of International Harvester (now Navistar, Inc.). Prior to that he
held positions of increasing responsibility with Chrysler.
<PAGE>
Mr. Reilly held the position of Chairman of the Auto Parts Advisory
Committee to the U.S. Department of Commerce on trade with Japan. He served as
Chairman of the Motor and Equipment Manufacturers Association which recognized
Mr. Reilly's service to the industry by presenting him with its prestigious
Triangle Award in 1992. In 1991, Mr. Reilly received the Automotive Hall of
Fame's Distinguished Service Citation. He was also named 1991 Automotive
Aftermarket Man of the Year by Motor Magazine for his leadership in the
worldwide automotive industry.
Mr. Reilly serves as a member of the Board of Directors of Trinova
Corporation, a world leader in the engineered components and systems for
industrial, aerospace, defense and automotive markets. He will continue to serve
as non-executive Chairman of the Board of Directors of Figgie International.
Stant Corporation is a leading manufacturer of parts and systems for
the original equipment and replacement automotive, heavy duty and industrial
markets. Stant products include Stant (R) closure caps, valves, heater cores and
thermostats; Trico (R) and Roberk (R) wiper blades and refills; Ideal (R)
clamps: Plews (R) and Lubrimatic (R) lubrication tools and specialty tools;
Tru-Flate (R) tire accessories; Edelmann (R) automotive fittings, power steering
hose and remanufactured power steering units; Ideal (R) hazard warning flashers
and various private label products.
Contact: Thomas E. Schmitt
Sr. Vice-President and CFO
Stant Corporation
(317) 962-6655
