0000950116-01-500825.txt : 20011008
0000950116-01-500825.hdr.sgml : 20011008
ACCESSION NUMBER: 0000950116-01-500825
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20010917
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20010918
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: HUNT CORP
CENTRAL INDEX KEY: 0000049146
STANDARD INDUSTRIAL CLASSIFICATION: PENS, PENCILS & OTHER ARTISTS' MATERIALS [3950]
IRS NUMBER: 210481254
STATE OF INCORPORATION: PA
FISCAL YEAR END: 1130
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-08044
FILM NUMBER: 1739871
BUSINESS ADDRESS:
STREET 1: ONE COMMERCE SQ
STREET 2: 2005 MARKET ST
CITY: PHILADELPHIA
STATE: PA
ZIP: 19103
BUSINESS PHONE: 2157327700
MAIL ADDRESS:
STREET 1: ONE COMMERCE SQ
STREET 2: 2005 MARKET ST
CITY: PHILADELPHIA
STATE: PA
ZIP: 19103
FORMER COMPANY:
FORMER CONFORMED NAME: HUNT MANUFACTURING CO
DATE OF NAME CHANGE: 19920703
8-K
1
eightk.txt
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) September 18, 2001
HUNT CORPORATION
(Exact Name of Registrant as Specified in Charter)
PENNSYLVANIA 1-8044 21-0481254
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
One Commerce Square
2005 Market Street, Philadelphia, PA 19103-7085
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (215) 656-0300
ITEM 5. OTHER EVENTS
Reference is made to the Press Release filed as Exhibit 99.1 to this
report regarding the signing of a Letter of Intent for the sale of the majority
of the Company's graphics products business, financial information and other
matters.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
Exhibit No. Description
----------- -----------
99.1 Press Release dated September 18, 2001
2
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.
HUNT CORPORATION
Date: September 18, 2001 By:
-------------------------------
William E. Chandler
Senior Vice President, Finance
3
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
99.1 Press Release dated September 18, 2001
4
EX-99.1
3
ex99-1.txt
EX-99.1
EXHIBIT 99.1
CONTACT: Dennis S. Pizzica
Vice President - Treasurer
215-841-2303
dennis_pizzica@hunt-corp.com
HUNT ANNOUNCES LETTER OF INTENT TO SELL GRAPHICS PRODUCTS BUSINESS
PHILADELPHIA, PENNSYLVANIA, September 18, 2001 - Hunt Corporation (NYSE: HUN)
has signed a letter of intent to sell the majority of its Graphics Products
business and related assets to Neschen AG, a German manufacturer of self
adhesive products for a purchase price expected to approximate $33 million. Hunt
is retaining its Consumer Products business as well as its retail board and
framing business. The business that will be sold represents about 30% of Hunt's
total revenue. The sale, which is expected to be completed during Hunt's fourth
fiscal 2001 quarter, is subject to the execution of definitive agreements by the
parties, the approval of the two companies' governing boards, and to any
necessary regulatory approvals. Commenting on the proposed transaction, Donald
L. Thompson, Hunt's Chairman and CEO stated, "The proposed disposition of the
Graphics Products business will allow the Company to focus on its profitable
Consumer Products business, substantially reduce its cost base, and expand the
range of strategic options open to the Company to enhance shareholder value."
The Company expects to record a loss ranging from $30 million to $33 million
during its third fiscal 2001 quarter with respect to this transaction.
Additionally, the Company is in the process of finalizing a plan designed to
reduce its cost structure. The Company expects to record a pre-tax charge of $3
million to $4 million in its fiscal 2001 fourth quarter in connection with the
implementation of this plan.
As a result of this transaction the Company would be required to modify its debt
arrangements with its banks and note holders. The Company has reached an
agreement with its note holders to modify its senior debt notes. Under this
agreement the Company will use $25 million of the proceeds from the transaction
to reduce the $50 million debt currently outstanding. In addition, the Company
is in the process of modifying its credit agreement with its banks. The Company
believes that such modifications will be consummated prior to the closing of the
sale transaction.
Hunt Corporation is an internationally recognized manufacturer and marketer of
products for consumer and commercial graphics applications. Hunt's Consumer
Products business provides innovative office products and presentation and
display solutions for business, education and consumer markets under the
X-ACTO(R), BOSTON(R) and BIENFANG(R) brands. Hunt's Graphics Products business
sells SEAL(R) branded equipment, laminates and adhesives, foam board for
finishing large format images to commercial markets, such as professional
framing, commercial photography, presentation, and sign and display
applications. Hunt Corporation has operations in the United States, Canada, the
United Kingdom, Netherlands and Hong Kong.
Forward-Looking Statements
Certain portions of this news release not relating to historical financial
information constitute forward-looking statements. Such forward-looking
statements, including those related to future financial and business
performance, represent management's assessment based upon information currently
available, but are subject to risks and uncertainties which could cause actual
results to differ materially from those set forth in the forward-looking
statements. These risks and uncertainties include, but are not limited to, the
Company's ability to consummate the sale of the Graphics Products business on
the terms indicated, and to successfully complete the implementation, and
realize the anticipated benefits, of its restructuring plans on a timely basis,
the effects of and changes in worldwide general economic conditions, including
the severity of any economic slowdown, price and availability of raw materials,
foreign exchange rates, technological and other changes affecting the
manufacture of and demand for the Company's products, competitive and other
pressures in the marketplace, and other risks and uncertainties set forth in the
Company's 2000 Form 10-K and as may be set forth in subsequent press releases
and/or Forms 10-Q, 8-K and other filings with the Securities and Exchange
Commission.
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