8-K/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 24, 2008

METHODE ELECTRONICS, INC.

(Exact name of registrant as specified in its charter)

Delaware
State of Other Jurisdiction
of Incorporation 0-2816
Commission File Number 36-2090085
I.R.S. Employer
Identification Number

7401 West Wilson Avenue, Chicago, Illinois 60706
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (708) 867-6777

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

EXPLANATORY NOTE

This Form 8-K/A amends and restates in its entirety the Current Report on Form 8-K previously filed with the Securities and Exchange Commission on January 25, 2008, for the purpose of supplementing the disclosure made on such Current Report.

Item 2.05. Costs Associated with Exit or Disposal Activities.

On January 24, 2008, Methode Electronics, Inc. (the “Company”) issued a press release announcing a restructuring of its U.S.-based automotive operations and plans to discontinue producing certain electronic connector products due to diminishing revenue and increasing global competition facing the Company. The restructuring is expected to be completed by the end of this calendar year, while the exit of certain electronic connector production is expected to conclude in the next three or four months. A copy of the press release is furnished herewith as Exhibit 99.1.

The Company estimates that it will record a pre-tax charge during the fiscal years 2008 and 2009 between $19 million and $25 million ($11 million and $15 million net of tax), or between $0.30 to $0.40 earnings per share. The estimated pre-tax charge is based on the following estimates: the net loss on disposal of current assets, including inventory and receivables, are expected to be between $2 million and $2.5 million; the net loss on disposal of machinery and equipment, furniture and fixtures, buildings, building improvements and land are expected to be between $6 million and $8 million; the cost of one-time benefits, including termination, retention, COBRA and outplacement for employees are expected to be between $9 million and $12 million; and other related costs, such as relocation, revalidation, vendor cancellation, overtime premium and legal are expected to be between $2 million and $2.5 million.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Methode Electronics, Inc. Press Release dated January 24, 2008.

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.

	METHODE ELECTRONICS, INC.
Date: February 8, 2008	By:	/s/ Douglas A. Koman
		Douglas A. Koman
		Chief Financial Officer

Exhibit Index

Exhibit No.	Exhibit
99.1	Methode Electronics, Inc. Press Release dated January 24, 2008

EX-99.1

News Release

For:	Methode Electronics, Inc.	Contact:	Joey Iske
	7401 West Wilson Avenue		Director of Investor Relations
	Chicago, IL 60706		708-457-4060
			jiske@methode.com

Methode Electronics, Inc. Announces U.S. Restructuring

CHICAGO, January 24, 2008 — Methode Electronics, Inc. (NYSE: MEI), today announced a restructuring at its U.S.-based automotive operations in Carthage and Golden, IL. It will also discontinue producing legacy electronic connector products in Rolling Meadows, IL.

At their peak, these automotive plants produced nearly sixty percent of Methode’s sales. Today with offshore manufacturing being a necessity to compete in the global automotive market, revenue produced at these facilities has been severely diminished. The Company has previously moved several programs to its foreign operations and announced its decision to begin exiting several low profit and unprofitable programs earlier this fiscal year. As a result of fewer programs remaining for these plants and anticipated continued reduction in customer production volumes, Methode is taking this action to transfer the remaining programs from its U.S. facilities.

The automotive restructuring process is expected to be completed by the end of this calendar year. The legacy electronic connector exit should conclude in the next three to four months. Once complete, these actions will result in the elimination of approximately 700 jobs with only limited production and support staff remaining in Carthage and Rolling Meadows. Affected employees will be offered severance and outplacement support. Methode will begin immediate discussions with customers affected by these actions.

Mr. Donald W. Duda, President and Chief Executive Officer of Methode Electronics stated, “The decision to initiate this restructuring was made with great difficulty as we are cognizant of the number of Methode employees being affected by this action. It is imperative, however, that we address this situation as these operations are becoming unprofitable.”

Continuing, Mr. Duda said, “Our operations have made massive efforts to control costs. Despite these efforts, U.S. economic conditions, coupled with volume reductions from Methode’s legacy automotive customers, have become too great an obstacle to overcome.”

Methode estimates that it will record a pre-tax charge during the fiscal years 2008 and 2009 between $19.0 million and $25.0 million ($11.0 million and $15.0 million net of tax), or between

$0.30 to $0.40 earnings per share. The cash portion of this charge will be between $11.0 million and $14.0 million.

Fiscal year 2008 guidance for sales between $500.0 million and $515.0 million is reaffirmed. Previous earnings per share guidance between $0.80 and $0.87 did not reflect any charge for restructuring that will be recorded in Methode’s third or fourth quarter of fiscal 2008.

About Methode Electronics

Methode Electronics, Inc. (NYSE: MEI) is a global manufacturer of component and subsystem devices with manufacturing, design and testing facilities in the United States, Malta, Mexico, United Kingdom, Germany, Czech Republic, China and Singapore. We design, manufacture and market devices employing electrical, electronic, wireless, sensing and optical technologies to control and convey signals through sensors, interconnections and controls. We manage our business on a segment basis, with those segments being Automotive, Interconnect, Power Distribution and Other. Our components are in the primary end markets of the automobile, computer, information processing and networking equipment, voice and data communication systems, consumer electronics, appliances, aerospace vehicles and industrial equipment industries. Further information can be found at Methode’s website at www.methode.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, which reflect management’s expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are subject to the safe harbor protection, provided under the securities laws. Methode undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in Methode’s expectations on a quarterly basis or otherwise. The forward-looking statements in this press release involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from our expectations are detailed in Methode’s filings with the Securities and Exchange Commission, such as our annual and quarterly reports. Such factors may include, without limitation, the following: (1) dependence on the automotive industry; (2) dependence on a small number of large customers within the automotive industry; (3) intense pricing pressures in the automotive industry; (4) customary risks related to conducting global operations; (5) increases in raw materials prices; (6) the successful integration of acquired businesses; (7) dependence on the appliance, computer and communications industries; (8) the marketability of our intellectual property; (9) the seasonal and cyclical nature of some of our businesses; and (10) our ability to execute the above-mentioned restructuring as planned.