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) May 16, 1995
--------------
STORAGE TECHNOLOGY CORPORATION
------------------------------------------------------
(Exact Name of Registrant As Specified In Its Charter)
Delaware 1-7534 84-0593263
--------------------- ------------------ -------------------
(State or other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
2270 South 88th Street, Louisville, Colorado 80028-4309
---------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (303) 673-5151
--------------
Not applicable
-----------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
PAGE
<PAGE>
Item 5. Other Events
------------
On May 16, 1995, the Registrant announced that it has entered into
a letter of intent with a unit of AT&T Capital Corporation to sell
substantially all of the lease assets of its subsidiary, StorageTek
Distributed Systems Division, Inc. The closing of the transaction is subject
to completion of a definitive agreement and satisfying various customary
conditions, including completing a Hart-Scott Rodino pre-merger notification.
Item 7. Financial Statements and Exhibits
---------------------------------
The following financial statements, pro forma financial information
and exhibits are filed as a part of this report:
(a) Financial statements of businesses acquired.
Not applicable
(b) Pro forma financial information.
Not applicable
(c) Exhibits.
99.1. Storage Technology Corporation's press release
dated May 16, 1995.
PAGE
<PAGE>
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.
Storage Technology Corporation
By: /s/ David E. Lacey
----------------------------
David E. Lacey
Corporate Vice President
Interim Chief Financial Officer
Date: May 16, 1995
EXHIBIT 99.1
- ------------
For Immediate Release Contact: David Reid
May 16, 1995 (303) 673-4815
[email protected]
STORAGETEK INTENDS TO SELL MIDRANGE LEASE ASSETS
TO AT&T CAPITAL UNIT
LOUISVILLE, Colo. -- Storage Technology Corp. (NYSE:STK) said
today that it has entered into a letter of intent with a unit
of AT&T Capital Corporation to sell substantially all of the
lease assets of its StorageTek Distributed Systems Division
(DSD). The closing of the sale is subject to completion of a
definitive agreement as well as satisfying various customary
conditions, including completing a Hart-Scott-Rodino notice.
StorageTek, through its DSD sales force, will continue to sell
storage solutions into the midrange marketplace, as well as to
open-systems users.
"This will be another important step in our effort to integrate
DSD with our core operations and leverage our strengths in
storage management for the maximum benefit of our customers,"
said John V. Williams, StorageTek executive vice president for
worldwide field operations.
The company expects that the profit from the sale of the lease
assets will be offset by integration costs and that the net
effect on the bottom line in the second quarter will be
negligible. "We expect to recognize benefits beginning in the
third quarter as a result of reduced operating costs in this
area of our business," said David E. Lacey, interim chief
financial officer, "and the transaction will have a positive
cash impact."
more
PAGE
<PAGE>
STORAGETEK INTENDS TO SELL MIDRANGE LEASE ASSETS
TO AT&T CAPITAL UNIT
Page 2
The company said it expects the transaction to close by the end
of the second quarter.
Storage Technology Corp. designs, manufactures, markets and
services, worldwide, information storage and retrieval
subsystems for enterprisewide computer systems and networks.
The company reported revenue of $1.87 billion in its fiscal
year ended Dec. 30, 1994. Information on StorageTek is
available at http://www.stortek.com/ on the World Wide Web.
