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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
May 21, 1996
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Date of Report (Date of earliest event reported)
HASKEL INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
California 0-25068 95-4107640
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
100 East Graham Place
Burbank, California 91502
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(Address of principal (Zip Code)
executive offices)
(818) 843-4000
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(Registrant's telephone number, including area code)
Not applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On May 21, 1996, the Registrant announced that it has instituted
cost reduction measures at its Electronic Products Group ("EPG"). These
actions are being taken in response to declining worldwide demand for
electronic components that EPG locates and obtains for customers. EPG
accounted for approximately 25% of the Company's consolidated sales in the
year ended May 31, 1995.
EPG is closing its two offices in Europe and is reducing its
worldwide personnel by thirteen employees (approximately 30% of the total EPG
staff). Management expects these actions to reduce EPG's cost of operations in
future quarters and will result in a one-time charge of up to $150,000, which
will be reflected in Haskel's fourth quarter results. Management intends to
monitor the situation and take further steps as appropriate. A copy of the
News Release regarding this matter is included as an exhibit to this Report.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(c) Exhibit
News Release dated May 21, 1996.
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.
HASKEL INTERNATIONAL, INC.
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(Registrant)
Date: May 31, 1996 By: /s/ R. Malcolm Greaves
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R. Malcolm Greaves,
President and Chief
Executive Officer
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( BW)(HASKEL-INTL-INC)(HSKL) Haskel International Inc. announces
reorganization of Electronic Products Group
Business Editors
BURBANK, Calif.--(BUSINESS WIRE)--May 21, 1996--Haskel
International Inc. (NASDAQ/NM:HSKL) Tuesday announced that management has
initiated a reorganization of its Electronic Products Group (EPG), which
represents approximately 25% of the company's consolidated sales, to minimize
the further financial impact of declining market conditions.
The reorganization involves closing EPG's officers in the United
Kingdom and Germany. UK operations will be consolidated into the Westlake
Village, Calif. facility, while German operations will be handled by local
representatives in that country. EPG's new Hong Kong office is unaffected by
these closures. In addition to these actions, there have been selective
reductions in staff at the Westlake Village facility.
Total reductions in EPG personnel worldwide amount to 13
individuals, or approximately 30% of total EPG staff.
R. Malcolm Greaves, president and chief executive officer of
Haskel International, stated, "The worldwide industry being served by our
Electronic Products Group is experiencing weakness as many major computer and
semiconductor manufacturers are reducing existing inventories and have
lowered their production requirements. As a result, the demand for EPG's
services has been significantly reduced, which will be reflected in a weak
fourth-quarter performance by EPG.''
Greaves added, "These actions are intended to significantly
reduce EPG's overall cost of operations in future quarters and will result in
a one-time charge of up to $150,000, which will be reflected in Haskel's
fourth-quarter results. The company intends to monitor this situation closely
and will take further steps as appropriate.
"Despite the weakness within EPG, operations at the company's
Industrial Products Group (IPG) remain strong in the United States, Europe,
and Asia. IPG accounts for approximately 75% of the company's sales on a
consolidated basis," concluded Greaves.
Haskel International specializes in high-pressure technology,
systems integration, and component distribution. The company is one of the
world's leading manufacturers of high-pressure liquid pumps and gas boosters
and uses advanced real-time information technology to source and distribute
electronic components. Haskel conducts its operations through facilities in
North America, Europe, the Pacific Rim, and the Far East, as well as through
distributors and agents worldwide.
