-----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, UpfqF530oth0l5JkNtDWrnW/vjXfcN8a3bUkldaoJH7g4Onws+KJP9Hf48BK68o+ DwGbB3ZBz8//6/jEbCW9bQ== 0000950131-99-005908.txt : 19991029 0000950131-99-005908.hdr.sgml : 19991029 ACCESSION NUMBER: 0000950131-99-005908 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19991028 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ARVIN INDUSTRIES INC CENTRAL INDEX KEY: 0000007636 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 350550190 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-15731 FILM NUMBER: 99736103 BUSINESS ADDRESS: STREET 1: ONE NOBLITT PLZ STREET 2: P O BOX 3000 CITY: COLUMBUS STATE: IN ZIP: 47202-3000 BUSINESS PHONE: 8123793000 MAIL ADDRESS: STREET 1: ONE NOBLITT PLAZA STREET 2: BOX 3000 CITY: COLUMBUS STATE: IN ZIP: 47202-3000 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: NORTHERN TRUST CORP CENTRAL INDEX KEY: 0000073124 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 362723087 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 50 S LASALLE ST CITY: CHICAGO STATE: IL ZIP: 60675 BUSINESS PHONE: 3126306000 FORMER COMPANY: FORMER CONFORMED NAME: NORTRUST CORP DATE OF NAME CHANGE: 19780525 SC 13D/A 1 AMENDMENT #4 TO SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 AMENDMENT NO. 4 TO SCHEDULE 13D Under the Securities Exchange Act of 1934 ARVIN INDUSTRIES, INC. -------------------------- (Name of Issuer) COMMON STOCK -------------------------- (Title of Class of Securities) 043339100 ------------------------- (CUSIP Number) Ronald R. Snyder Vice President, General Counsel and Corporate Secretary Arvin Industries, Inc. One Noblitt Plaza Columbus, IN 47202 ------------------------- (Name, address and telephone number of person authorized to receive notice and communications) September 2, 1999 and October 1, 1999 ------------------------- (Date of event which requires filing of this statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b) (3) or (4), check the following box: / / Check the following box if a fee is being paid with this statement: / / -1- 1. Name of Reporting Person The Northern Trust Company, as Trustee for the Arvin Industries, Inc. Employee Stock Benefit Trust S.S. or I.R.S. Identification Number of Above Person: 36-6031971 - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) / / Not Applicable (b) /X/ - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds: SC, OO - -------------------------------------------------------------------------------- 5. Check Box if Disclosure of Legal Proceedings is / / Required Pursuant to Items 2(d) or 2(e) - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization: Indiana - -------------------------------------------------------------------------------- Number of Shares Beneficially Owned by Each Reporting Person With 7. Sole Voting Power: 8. Shared Voting Power: 1,478,631 9. Sole Dispositive Power: 10. Shared Dispositive Power: 1,478,631 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person: 1,478,631 - ------------------------------------------------------------------------------ 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares / / - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11): 5.72% - -------------------------------------------------------------------------------- 14. Type of Reporting Person: BK, EP - -------------------------------------------------------------------------------- The filing of this statement on Schedule 13D by the Arvin Industries, Inc. Employee Stock Benefit Trust (the "Trust") does not constitute, and should not be construed as, an admission that either the Trust or The Northern Trust Company, as trustee of the Trust (the "Trustee"), beneficially owns any securities covered by this Statement or is required to file this Statement. In this connection, the Trust and the Trustee disclaim beneficial ownership of the securities covered by this Statement. -2- ITEM 1. SECURITY AND ISSUER The class of equity securities to which this Statement relates is the Common Stock, $2.50 par value (the "Common Stock"), of Arvin Industries, Inc., an Indiana Corporation (the "Issuer"). The Issuer's principal executive offices are located at One Noblitt Plaza, Columbus, IN 47202. ITEM 2. IDENTITY AND BACKGROUND This Statement is being filed by the Trust, which was created on December 20, 1996 pursuant to a trust agreement (the "Trust Agreement") entered into by the Issuer and the Trustee, as trustee for the Trust. The business address of the Trust is c/o The Northern Trust Company, 50 S. LaSalle Street, Chicago, Illinois 60675. The address of the Trustee is 50 S. LaSalle Street, Chicago, Illinois 60675. The Trust is a trust organized under the laws of the State of Indiana. The Trustee is a banking corporation organized under the laws of the State of Illinois. During the past five years, neither the Trust nor the Trustee has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION On December 15, 1998, the Issuer sold 1,300,000 shares of Common Stock to the Trust pursuant to the terms of a common stock purchase agreement (the "1998 Common Stock Purchase Agreement") in exchange for a promissory note in the amount of $54, 965,625 (the "1998 Note"). Such note bears interest at the rate of 6.5% per annum and is payable in quarterly installments through January 1, 2006. Principal and interest on such note are expected to be repaid through contributions to the Trust by the Issuer and dividends received on the shares of Common Stock issued to the Trust. Immediately prior to the December 15, 1998 transaction, the Trust owned 422,926 shares of Common Stock. Such shares had been acquired from the Issuer on December 20, 1996 pursuant to a common stock purchase agreement (the "1996 Common Stock Purchase Agreement") under which the Issuer sold 1,800,000 shares of Common Stock to the Trust in exchange for a promissory note in the amount of $42,187,500 (the "1996 Note"). The 1996 Note bears interest at the rate of 8% per annum and is payable in quarterly installments through January 1, 2006. Principal and interest on the 1996 Note are expected to be repaid through contributions to the Trust by the Issuer and dividends received on the shares of Common Stock issued to the Trust. ITEM 4. PURPOSE OF TRANSACTION The Issuer has advised the Trustee that the Trust was created to satisfy future obligations under existing benefit plans, including stock plans, 401(k) plans, and other employee benefit plans as defined in the Trust Agreement and as designated by the Issuer ("Plans") and to foster employee ownership in the Issuer. The Trust was created with the objective of enfranchising and motivating employees and thus enhancing the Issuer's long-term performance, thereby benefiting all shareholders of the Issuer. The Trust Agreement sets forth the manner in which shares are to -3- be allocated to the Plans. The Issuer has advised the Trustee that the Issuer's contributions to the Plans will be decreased by the value of the shares allocated to the Plans from the Trust. The Issuer has further advised the Trustee that the Issuer is aware that the creation of the Trust and the purchase of shares of Common Stock by the Trust may have certain antitakeover effects. Under Indiana corporation law, a merger requires the affirmative vote of a majority of the outstanding shares. Moreover, under the Issuer's Articles of Incorporation, certain business combinations must be approved by 80% of all outstanding shares. The Trust's ownership of shares of Common Stock may thus make it more difficult for an acquirer to obtain an affirmative merger vote without employee support. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER As of the date of this filing, the Trust holds 1,478,631 shares of Common Stock, or approximately 5.72% of the Issuer's Common Stock, as to which the Trust may be deemed to have shared voting and dispositive power. During the past 60 days immediately preceding this filing, the Trust effected the following transactions: (a) on September 2, 1999, the Trust transferred 41,267 shares of Common Stock to the Plans at approximately $35.48 per share; and (b) on October 1, 1999, the Trust transferred 19,173 shares of Common Stock to the Plans at approximately $30.53 per share. Such transfers were made pursuant to the allocations described in Item 4. The Trust Agreement provides that the Trustee shall follow the directions of the trustee of any trust established under any DC Plan, as defined in the Trust Agreement, as to the manner in which shares of Common Stock held by the Trust are to be voted. The Trust Agreement further provides that each share assigned to each participant in a DC Plan ("DC Participant") shall be voted in accordance with such DC Participant's direction to the trustee of the DC Plan in which he participates with respect to shares of Common Stock allocated to his account in such DC Plan, as reflected in the certification to be delivered to the Trustee by the trustee of the DC Plan ("DC Plan Trustee Certification"). The Trust Agreement also provides that any shares of Common Stock which remain undirected pursuant to the foregoing shall be voted in the same proportions as the shares of Common Stock for which the Trustee is directed. With respect to the decision as to whether or not to accept any tender or exchange offer for shares of Common Stock, the Trust Agreement provides that the Trustee will similarly act in accordance with the DC Plan Trustee Certification; however, if the Trustee shall not receive timely instruction by means of the DC Plan Trustee Certification, the Trustee shall not tender or exchange any shares of Common Stock with respect to which the trustee of any DC Plan has the right of direction, and the Trustee shall have no discretion in such matter. The Trust Agreement further provides that all voting instructions and all tender or exchange instructions received by the Trustee will be held in confidence and not disclosed to any person, including the Issuer, other than (i) agents of the Trustee who are not affiliated with the Issuer or its affiliates or (ii) by virtue of the execution by the Trustee of any proxy, consent or letter of transmittal for the shares of Common Stock held in the Trust or as otherwise is necessary in order for the Trustee to carry out its responsibilities. The filing of this Statement on Schedule 13D by the Trust does not constitute, and should not be construed as, an admission that either the Trust or the Trustee beneficially owns any securities covered by this Statement or is required to file this Statement. In this connection, the Trust and the Trustee disclaim beneficial ownership of the securities covered by this Statement. -4- ITEM 6. CONTRACT, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER The Issuer and the Trustee, as trustee for the Trust, have entered into the Trust Agreement, the 1996 Common Stock Purchase Agreement and the 1998 Common Stock Purchase Agreement. The Trustee, as trustee for the Trust, has issued the 1996 Note and the 1998 Note to the Issuer. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS The Trust Agreement, the 1996 Common Stock Purchase Agreement and the 1996 Note were filed as Exhibits under Form 8K filed by the Issuer on January 21, 1997. Such filing is incorporated by reference herein. The 1998 Common Stock Purchase Agreement and the 1998 Note were filed as Exhibits to Amendment No. 3 to this Schedule 13D dated January 15, 1999. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: October 26, 1999 THE NORTHERN TRUST COMPANY, TRUSTEE /s/ Perry R. Pero ____________________ NAME: Perry R. Pero TITLE: Vice Chairman -5- -----END PRIVACY-ENHANCED MESSAGE-----