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): FEBRUARY 2, 1998
STEWART & STEVENSON SERVICES, INC.
(Exact name of registrant as specified in its charter)
Texas 0-8493 74-1051605
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
2707 North Loop West
Houston, Texas 77008
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (713) 868-7700
Item 2. Disposition of Assets.
On February 2, 1998, Stewart & Stevenson Services, Inc. (the "Company") and
General Electric Company ("GE") completed the sale of the assets of Stewart &
Stevenson's gas turbine division to GE for $600 million in cash, subject to
adjustment. The gas turbine division includes the packaging of gas turbine
driven equipment, after-market parts and service for turbine driven equipment
and the operation and maintenance of power plants and petroleum production and
processing facilities. Stewart & Stevenson intends to use the proceeds from the
sale of the gas turbine division to reduce outstanding bank indebtedness,
repurchase shares of its common stock and provide funds for the growth of its
other lines of business.
Item 7. Financial Statements.
Substantially the same information as that required by Item 7 (pro forma
financial information) has been previously reported by Stewart & Stevenson in
its Form 10-Q filed with the Securities and Exchange Commission for the
quarterly period ended October 31, 1997.
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 hereunto duly authorized.
STEWART & STEVENSON SERVICES, INC.
/s/ Robert L. Hargrave
Date: February 16, 1998 By:_______________________________
Name: Robert L. Hargrave
Title: Chief Executive Officer,
Chief Financial Officer
and Treasurer
EXHIBIT INDEX
*2.1 Transaction Agreement dated September 21, 1997 between General
Electric Company and Stewart & Stevenson Services, Inc. (Exhibit 2.1 to 9/97
8-K).
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* Incorporated by reference.
