-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H1IMMfU0qzItDh29E8qj4FQAX0hot+eGw90EK/br1gCfOlqnjqmmaJlopnxXl/zn GOsTLkLB7YHerdE0hRHjHQ== 0001104659-09-037085.txt : 20090608 0001104659-09-037085.hdr.sgml : 20090608 20090608093112 ACCESSION NUMBER: 0001104659-09-037085 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090604 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Material Impairments ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090608 DATE AS OF CHANGE: 20090608 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTECH SYSTEMS INC CENTRAL INDEX KEY: 0000722313 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 411681094 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13257 FILM NUMBER: 09878617 BUSINESS ADDRESS: STREET 1: 1120 WAYZATA BLVD EAST STREET 2: SUITE 201 CITY: WAYZATA STATE: MN ZIP: 55391 BUSINESS PHONE: 9523452277 MAIL ADDRESS: STREET 1: 1120 WAYZATA BLVD EAST CITY: WAYZATA STATE: MN ZIP: 55391 FORMER COMPANY: FORMER CONFORMED NAME: DSC NORTECH INC DATE OF NAME CHANGE: 19901217 FORMER COMPANY: FORMER CONFORMED NAME: DIGIGRAPHIC SYSTEMS CORP DATE OF NAME CHANGE: 19881113 8-K 1 a09-15060_18k.htm 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 4, 2009

 

NORTECH SYSTEMS INCORPORATED

(Exact name of registrant as specified in charter)

 

Minnesota

 

0-13257

 

41-16810894

(State or other jurisdiction

 

(Commission

 

IRS Employer

of incorporation)

 

File Number)

 

Identification No.)

 

1120 Wayzata Boulevard East, Suite 201
Wayzata, MN 55391

(Address of principal executive offices)

 

(952) 345-2244

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed from 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 (see General Instruction A.2. below):

 

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 14-2(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))

 

 

 



 

Item 2.05  Costs Associated with Exit or Disposal Activities.

 

On June 4, 2009, in response to deteriorating macroeconomic conditions, Nortech System, Incorporated (the “Company”) announced that it will close its EMS facility in Garner, IA to better align its cost structure with customer demand.  It is expected that this closure will be completed by August 2009 and will result in estimated pre-tax charges of $1 million to be recorded over the next two quarters.  These charges include approximately $0.6 million in non-cash asset impairment charges and cash expenditures of $0.2 million for building related expenses and $0.2 million for other one time closing and relocation costs.  A copy of this news release is attached hereto as Exhibit 99.

 

Item 2.06  Material Impairments.

 

The information set forth above in Item 2.05 is hereby incorporated into Item 2.06 by reference.

 

Item 9.01  Financial Statements and Exhibits.

 

Exhibit No.

 

Description

 

 

 

99

 

News Release dated June 4, 2009

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: June 8, 2009

 

 

Nortech Systems Incorporated

 

(Registrant)

 

 

 

 

/s/ Michael J. Degen

 

Michael J. Degen, President and Chief Executive Officer

 

2


EX-99 2 a09-15060_1ex99.htm EX-99

Exhibit 99

 

 

 

For Northern Iowa (Garner)

 

Nortech Systems to Close Facility in Garner, Iowa

 

MINNEAPOLIS — June 4, 2009 — Nortech Systems Incorporated (NASDAQ: NSYS) announced today that it will close its electronics manufacturing services (EMS) facility in Garner, Iowa, by early August 2009.

 

“This was a very difficult decision for everyone involved, but a necessary decision aimed at maximizing our efficiency and reducing expenses,” said Mike Degen, president and CEO of Nortech Systems.  “To help ensure our company’s long-term health and viability, we are committed to aligning our cost structure with customer demand.”

 

The three primary market segments served by Nortech Systems — aerospace/defense, medical and industrial — all have been impacted by deteriorating macroeconomic conditions.  The customer base served by the Garner facility was heavily weighted with industrial customers, the segment where Nortech is seeing the weakest demand.

 

The closure will impact 57 hourly and salaried employees.  Nortech will consolidate its EMS operations at its facility in Merrifield, Minn.

 

Nortech Systems purchased the Garner facility from Suntron Corporation in February 2007.  Nortech’s other manufacturing operations are located in Baxter, Bemidji, Blue Earth, Fairmont and Merrifield, Minnesota; Augusta, Wisconsin; and Monterrey, Mexico.

 

About Nortech Systems, Incorporated

Nortech Systems Incorporated (www.nortechsys.com), based in Wayzata, Minn., is a full-service electronics manufacturing services (EMS) provider of wire and cable assemblies, printed circuit board assemblies, and higher-level complete box build assemblies for a wide range of industries. Markets served include industrial equipment, military/defense, medical and transportation. The company has manufacturing capabilities and operating partners in the U.S., Asia and Latin America. Nortech Systems Incorporated is traded on the NASDAQ Stock Market under the symbol NSYS.

 

Media Contact:              Warren Djerf, Brookside Communications Group (for Nortech Systems) 952-920-3908 or warren@brookcomm.net

 


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