-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Nim7Y3umIMrYFCj6O2tT6IpA1Em+AK5auyH2JnrtW5ZHAdrdnNbBbO/TCA2uoFYo 55vbwiAkbEkF536z9V1oLQ== 0000950109-94-001169.txt : 19940712 0000950109-94-001169.hdr.sgml : 19940712 ACCESSION NUMBER: 0000950109-94-001169 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940630 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940711 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALCO STANDARD CORP CENTRAL INDEX KEY: 0000003370 STANDARD INDUSTRIAL CLASSIFICATION: 5110 IRS NUMBER: 230334400 STATE OF INCORPORATION: OH FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05964 FILM NUMBER: 94538437 BUSINESS ADDRESS: STREET 1: P O BOX 834 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 2152968000 MAIL ADDRESS: STREET 1: BOX 834 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: ALCO CHEMICAL CORP DATE OF NAME CHANGE: 19680218 8-K 1 FORM 8-K 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) June 30, 1994 ALCO STANDARD CORPORATION ------------------------------- (Exact name of registrant as specified in its charter) OHIO File No. 1-5964 23-0334400 - ------------------ ---------------- --------------- (State or other (Commission File (IRS Employer jurisdiction of Number) (Identification incorporation) Number) P.O. Box 834, Valley Forge, Pennsylvania 19482 -------------------------------------------- ----------- Registrant's telephone number, including area code: (610-296-8000) -------------- Not Applicable ---------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events. ------------ On June 30, 1994, the Registrant announced that it had reached a preliminary agreement with its equity partners in IMM Office Systems (IMMOS) for the dissolution of the German-based joint venture. Under the terms of the agreement, the Registrant will divest its 49% equity interest for cash and a passive interest in any subsequent sale of IMMOS. The Registrant will retain no liability in the joint venture, but will acquire Eskofot and STR, companies in Denmark and France, from IMMOS as part of the transaction. Along with its U.S.- based Erskine House, the Registrant's European office products operations will now total more than $100 million in annual revenues. The Registrant has reported losses on IMMOS over the past three quarters and had expected to report a loss on the investment for its fiscal year ended September 30, 1994. The divestiture of the investment, which is expected to be consummated before the end of the fiscal year, will result in an after-tax charge of approximately $95 millon in the Registrant's third quarter. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. ------------------------------------------------------------------ (c) Exhibits. -------- Press Release dated June 30, 1994 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 thereunto duly authorized. ALCO STANDARD CORPORATION By: /s/ Michael J. Dillon ------------------------------- Michael J. Dillon Controller Dated: July 11, 1994 Index to Exhibit ---------------- Page ---- (28) Press Release Dated June 30, 1994 EX-28 2 EXHIBIT 28 Exhibit 28 NEWS RELEASE Release Date: June 30, 1994 ALCO STANDARD ANNOUNCES SALE OF JOINT VENTURE INTEREST ______________ Alco Standard Corporation (NYSE:ASN) announced today a preliminary agreement with its equity partners in IMM Office Systems (IMMOS) for the dissolution of the joint venture. As a result, Alco will recognize an after-tax charge of approximately $95 million in its third fiscal quarter. Under the terms of the agreement, Alco will divest its 49% equity interest for cash and a passive interest in any subsequent sale of IMMOS. Alco will retain no liability in the joint venture, but will acquire Eskofot and STR, companies in Denmark and France, from IMMOS as part of the transaction. Along with its U.K.-based Erskine House, which continues to perform above expectations, Alco's European office products operations will now total more than $100 million in annual revenues. The joint venture marked the entry of Alco Standard's office products group into the European market, and was to serve as a base for further expansion in Europe. The venture agreement provided Alco with the option of acquiring the remaining shares of IMMOS over a three-year period beginning in 1996 if IMMOS achieved certain operating goals. However, the capital structure and organizational complexities of IMMOS, exacerbated by the distressed European economy and operational differences among the venture partners, have prevented IMMOS from progressing toward those goals. Alco has reported losses on IMMOS over the past three quarters and had expected to report a loss on the investment for its fiscal year ended September 30. Commenting on the preliminary agreement, John E. Stuart, President and Chief Executive Officer of Alco Standard, said, "We're pleased that the IMMOS situation has been resolved. We regret that we were unable to achieve our objectives with IMMOS; however, the agreement eliminates our loss exposure going forward, provides us with a profitable base for our European office products business, and allows us to recover a portion of our original investment." Stuart continued, "Alco remains on track to achieve our operating goals for fiscal 1994. Alco Office Products is on pace for another outstanding year, and Unisource is proceeding well with its restructuring program. With IMMOS behind us, we'll be able to concentrate our financial and management resources on the continued growth of our core operations." Alco Standard Corporation, headquartered in Valley Forge, Pennsylvania, is a publicly owned office products and paper distribution company with annualized revenues of $8 billion. ### -----END PRIVACY-ENHANCED MESSAGE-----