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 5, 1994
SPS TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its charter)
Pennsylvania 1-4416 23-1116110
(State or other (Commission (I.R.S. Employer
jurisdiction of) File Number) Identification No.)
900 Newtown-Yardley Road, Newtown, Pennsylvania 18940
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(215) 860-3000
1
<PAGE>
SPS TECHNOLOGIES, INC. AND SUBSIDIARIES
Item 5. Other Events
The Company announced that it is reducing non-direct
employment by approximately 10 percent. The Company also expects
to record a fourth quarter restructuring charge of $20 to $25
million to reflect the costs associated with this action;
modifications to the previously announced restructuring plan;
increased costs to complete plant consolidations; and the write
off of previously deferred costs of approximately $10 million.
The plan modifications include the Company's decision to retain
its European industrial fastener businesses and its hard ferrite
magnetic materials business, which previously had been held for
sale.
Exhibit 20 is hereby incorporated by reference.
Item 7. Financial Statements, Pro Forma Information and Exhibits
(c) Exhibits
20 Company News Release concerning the reduction of
non-direct employment and a fourth quarter
restructuring charge.
2
<PAGE>
SPS TECHNOLOGIES, INC. AND SUBSIDIARIES
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.
SPS TECHNOLOGIES, INC.
(Registrant)
/s/Arthur B. Belden
Arthur B. Belden
Vice President, Finance
Date: January 5, 1994
Mr. Belden is signing on behalf of the registrant and as the
chief financial officer of the registrant.
3
<PAGE>
SPS TECHNOLOGIES, INC. AND SUBSIDIARIES
EXHIBIT INDEX
PAGE
Exhibit 20 - Company News Release concerning the reduction
of non-direct employment and a fourth quarter
restructuring charge 5
4
EXHIBIT 20
SPS TECHNOLOGIES
NEWS
For: Immediate Release
Contact: Arthur B. Belden
Vice President,
Finance
(215) 860-3046
SPS TECHNOLOGIES
TO REDUCE NON-DIRECT EMPLOYMENT 10 PERCENT,
RECORD FOURTH QUARTER RESTRUCTURING CHARGE
NEWTOWN, PA, January 5, 1994--SPS Technologies (NYSE - ST)
today reported that it is reducing employment by over 200 non-
direct employees or approximately 10 percent of its total non-
direct work force. No reduction of direct labor employees is
anticipated at this time. SPS also announced that it has
substantially reduced its corporate staff and is moving its
corporate headquarters to the Company's Jenkintown, Pennsylvania,
plant. These actions, plus reductions of its executive payroll
and other non-essential expenses are being taken to reduce
overhead costs.
The Company expects to record a fourth quarter restructuring
charge of $20 to $25 million to reflect the costs associated with
the aforementioned actions; modifications to the previously
announced restructuring plan; increased costs to complete plant
consolidations; and the write off of previously deferred costs of
approximately $10 million required as a result of the protracted
period of disposal of the remaining assets held for sale. The
plan modifications include the Company's decision to retain its
European industrial fastener businesses and its hard ferrite
magnetic materials business, which previously had been held for
sale.
It is anticipated that as a result of the above-mentioned
restructuring charge, the Company will be in violation of certain
loan agreement covenants. SPS believes that the cost reduction
program described above will be favorably received by its lenders
and that new covenants will be negotiated.
PR94-1412-10
5
