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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): DECEMBER 2, 1997
SPS TECHNOLOGIES, INC.
(Exact name of Registrant as specified in charter)
PENNSYLVANIA 1-4416 23-1116110
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(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification no.)
101 GREENWOOD AVENUE, SUITE 470, JENKINTOWN, PENNSYLVANIA 19046
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(Address of principal executive offices) (Zip Code)
(215) 517-2000
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On December 2, 1997, SPS Technologies, Inc. (the "Company") completed
the acquisition of Magnetic Technologies Corporation, a Delaware corporation. A
copy of the press release dated December 2, 1997, issued by the Company is
attached hereto.
ITEM 7. EXHIBITS
99.1 Press Release, dated December 2, 1997
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SPS TECHNOLOGIES, INC.
By: /s/ William M. Shockley
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Name: William M. Shockley
Title: Vice President
DATE: December 2, 1997
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EXHIBITS
99.1 Press Release, dated December 2, 1997.
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EXHIBIT 99.1
SPS ANNOUNCES COMPLETION OF THE ACQUISITION OF
MAGNETIC TECHNOLOGIES CORPORATION
JENKINTOWN, PA -- December 2, 1997 -- SPS Technologies, Inc. (NYSE-ST)
announced today that is has completed the acquisition of all of the outstanding
shares of Magnetic Technologies Corporation (NASDAQ: MTCC) for $5.00 per share
(approximately $14.4 million). Approximately $8.4 million of the consideration
will be paid in cash and the remainder in SPS shares. In addition, SPS assumed
Magnetic Technologies' net debt of $2.3 million.
Magnetic Technologies, located in Rochester, New York and Rochester,
England, designs and manufactures magnetic, electronic and mechanical
subassemblies for copiers and printers for the electronic office equipment
industry. For the year ended July 31, 1997, Magnetic Technologies reported
sales of $20.8 million and net earnings of $746,000.
SPS intends to operate Magnetic Technologies as a part of its Magnetic
Materials Group. The Magnetic Materials Group manufactures a wide range of
magnetic materials, precision foil and strip products and magnetic components
and assemblies for automobiles, aircraft, power supplies, electrical equipment
and electronic security systems.
