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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 September 16, 1994
(Date of earliest event reported)
THOMAS & BETTS CORPORATION
(Exact name of registrant as specified in its Charter)
New Jersey 1-4682 22-1326940
(State or other jurisdiction (Commission (IRS Employer
of incorporation File Number) Identification No.)
1555 Lynnfield Road, Memphis, Tennessee 38119
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (901) 682-7766
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events
See the information set forth in the news release of Thomas &
Betts Corporation, dated September 16, 1994, attached hereto as
Exhibit 28, which information is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 28. Press release, dated September 16, 1994, of
Thomas & Betts Corporation.
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SIGNATURES
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.
DATED: September 19, 1994
THOMAS & BETTS CORPORATION
By: /s/ Ronald P. Babcock
Ronald P. Babcock
Vice President-Finance
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EXHIBIT 28
PRESS RELEASE
Contact:
Robert V. Berry
Senior Vice President
(901) 680-5962
FOR IMMEDIATE RELEASE (Friday, September 16, 1994)
THOMAS & BETTS ANNOUNCES SPECIAL CHARGE TO OPTIMIZE OPERATIONS
MEMPHIS, Tennessee, September 16, 1994 -- Thomas & Betts
Corporation today announced it will take a special pre-tax charge
totaling approximately $90 million in the third quarter. The
charge will primarily cover costs for a range of initiatives that
will be undertaken to optimize operations and improve future
profitability. A $99 million pre-tax gain on the previously
announced sale of its Vitramon subsidiary will also be recorded
in the quarter.
"These actions were undertaken after a thorough review of
all of our operations and of changing market conditions," said T.
Kevin Dunnigan, chairman and chief executive officer. "The
optimization process will allow us to consolidate manufacturing
and service processes, discontinue unprofitable products, make
reductions to our expense structure, and reduce the carrying
value of certain other facilities.
"The actions covered by these charges are expected to result
in savings of approximately $8 million in 1995 and over $20
million annually in subsequent years. These cost improvement
initiatives will be accompanied in 1995 and 1996 by additional
investments in facilities that will increase our capital spending
by about $10 million in each of those years."
Thomas & Betts previously announced acquisitions in 1994
with combined annualized sales of $105 million at a cost totaling
$72 million. These new operations manufacture a variety of
components including circuit protection devices, cable tray,
fittings, and steel and plastic outlet boxes. Thomas & Betts
also acquired this year a 29% interest in Leviton Manufacturing
Co., the largest U.S. manufacturer of wiring devices.
"We are confident the optimization plan will further improve
the manufacturing and marketing effectiveness of our company and
bolster our position as the leading North American supplier of
electrical components," said Mr. Dunnigan.
Thomas & Betts Corporation, based in Memphis, Tennessee, is
a leading producer of connectors, components, accessories and
systems for worldwide electrical and electronic markets. Its
stock is listed on the New York Stock Exchange.
