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 and Exchange Act of 1934
Date of Report (date of earliest event reported):
August 12, 1999 (July 29, 1999)
THE FAIRCHILD CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-6560
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(State of Incorporation) (Commission File Number)
34-0728587
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(I.R.S. Employer Identification No.)
45025 Aviation Drive
Suite 400
Dulles, VA 20166
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(Address of principal executive offices) (Zip
Code)
Registrant's telephone number, including area code: 703-
478-5800
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ITEM 5. OTHER EVENTS
On July 29,1999 The Fairchild Corporation (the "Corporation")
announced that it sold its 31.9 percent interest in Nacanco
Paketleme, a Turkish beverage can manufacturer, to American
National Can Group, Inc., for $48,000,000 in cash. Fairchild also
agreed to provide consulting services to Nacanco Paketleme for a
three-year period. Fairchild intends to use the net proceeds from
the disposition to reduce indebtedness.
Additional information is indicated in the Corporation's press
release issued on July 29, 1999, which is included herein as
Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release of The Fairchild Corporation, dated July 29,
1999 announcing sale of its interest in Nacanco Paketlene to
American National Can Group, Inc.
SIGNATURE
Pursuant to the requirements of Section 12 of the Securities and
Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly
authorized.
Dated: August 12, 1999
THE FAIRCHILD CORPORATION
By: _________________________________
Donald E. Miller
Executive Vice President
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The Fairchild Corporation [FA] Sells Its Interest in Nacanco
Paketleme to American National Can Group, Inc.
Dulles, Virginia (July 29, 1999) -- The Fairchild Corporation
[NYSE: FA] announced today that has sold its 31.9 percent
interest in Nacanco Paketleme, a Turkish beverage can
manufacturer, to American National Can Group, Inc., for
$48,000,000 in cash. Fairchild also agreed to provide consulting
services to Nacanco Paketleme for a three-year period. Fairchild
intends to use the net proceeds from the disposition to reduce
indebtedness.
The Fairchild Corporation continues to be committed to dispose of
non-core assets in an orderly fashion, oriented towards getting
fair value. "Although many opportunities exist for such
dispositions the Company will continue its efforts to maximize
value in each one of these sales," said Jeffrey J. Steiner,
Chairman and Chief Executive Officer of Fairchild.
The Fairchild Corporation is the leading worldwide manufacturer
and supplier of precision fastening systems used in the
construction and maintenance of commercial and military aircraft,
and a distributor of aerospace parts. Fairchild Fasteners has
manufacturing facilities as well as sales/design customer teams
based in the United States, Germany, France, Portugal, Hungary,
Australia and the United Kingdom. Banner Aerospace, the company's
aerospace distribution division, provides aircraft parts and
services.
Additional information is available on The Fairchild Corporation
Web site (www.fairchildcorp.com), and the Fairchild Fasteners Web
site (www.fairchildfasteners.com)
This news release contains forward-looking statements within the
meaning of Section 27-A of the Securities Act of 1933, as amended
and Section 21-E of the Securities Exchange Act of 1934, as
amended. The Company's actual results could differ materially
from those set forth in the forward-looking statements as a
result of the risks associated with the Company's business,
changes in general economic conditions, and changes in the
assumptions used in making such forward-looking statements.
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