-----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, ABe2qEwX+DacfFj+25x6LMwBlMk+sryqV1baC5dMUtaIxh0cR4Gt20YrHmpMmYVP 2iAlOgJqlFv7Ps3y2uqL/A== 0000899243-96-001625.txt : 19961227 0000899243-96-001625.hdr.sgml : 19961227 ACCESSION NUMBER: 0000899243-96-001625 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961223 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961226 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: STERLING CHEMICALS HOLDINGS INC /TX/ CENTRAL INDEX KEY: 0000795662 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 760502875 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10059 FILM NUMBER: 96686239 BUSINESS ADDRESS: STREET 1: 1200 SMITH ST, SUITE 1900 CITY: HOUSTON STATE: TX ZIP: 77002-4312 BUSINESS PHONE: 7136503700 MAIL ADDRESS: STREET 1: 1200 SMITH ST SUITE 1900 CITY: HOUSTON STATE: TX ZIP: 77002-4312 FORMER COMPANY: FORMER CONFORMED NAME: STERLING CHEMICALS INC /TX/ DATE OF NAME CHANGE: 19961218 FORMER COMPANY: FORMER CONFORMED NAME: STERLING CHEMICALS HOLDINGS INC DATE OF NAME CHANGE: 19960828 FORMER COMPANY: FORMER CONFORMED NAME: STERLING CHEMICALS INC DATE OF NAME CHANGE: 19920703 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) December 23, 1996 ---------------------------------- STERLING CHEMICALS HOLDINGS, INC. --------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-10059 76-0185186 - ------------------------ ------------------------- -------------------------- (State of Incorporation) (Commission File Number) (IRS Employer Identification No.) 1200 Smith Street, Suite 1900 Houston, Texas 77002-4312 -------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (713) 650-3700 -------------------------- ITEM 5. OTHER EVENTS. On December 23, 1996, Sterling Chemicals Holdings, Inc. (the "Company") entered into a definitive agreement to purchase the acrylic fiber business of Cytec Industries Inc. The information set forth in the Company's press release dated December 24, 1996, which is filed as Exhibit 99.1 to this Current Report on Form 8-K, is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits -------- 99.1 Press Release dated December 24, 1996. -2- SIGNATURES ---------- 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. Date: December 26, 1996 STERLING CHEMICALS HOLDINGS, INC. By:/s/ Robert W. Roten ------------------------------- Robert W. Roten President and Chief Executive Officer -3- EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION OF EXHIBIT - ------ ---------------------- 99.1 Press Release dated December 24, 1996. EX-99.1 2 EXHIBIT 99.1 FOR IMMEDIATE RELEASE Contact: Joe Baj (713) 654-9506 STERLING CHEMICALS HOLDINGS AGREES TO PURCHASE ACRYLIC FIBER BUSINESS FROM CYTEC INDUSTRIES Houston, Texas, December 24, 1996.....Sterling Chemicals Holdings, Inc. (OTC:STXX) announced today that the Company has entered into a definitive agreement to purchase the acrylic fiber business of Cytec Industries Inc. Financial terms of the transaction were not disclosed. The transaction is expected to be consummated during the first quarter of calendar year 1997 and is subject to customary closing conditions. The acquisition will be financed with a combination of debt and new equity. The acrylic fiber manufacturing facility is located near Pensacola, Florida. The business also has sales offices located in Charlotte, North Carolina and West Paterson, New Jersey, as well as a research office located in Stamford, Connecticut. The business has approximately 300 direct employees, all of whom will be retained after the transaction closes. Revenues for the acrylic fiber business for calendar year 1996 are expected to be approximately $140 million. "As a part of our commitment to enhancing shareholder value, we are pleased to announce the first step in our acquisition strategy," said Mr. Frank P. Diassi, Chairman of the Board of Sterling Chemicals Holdings. "This acrylic fiber business has a cost-competitive facility and a strong market position in North America," he said. "We anticipate that the acrylic fiber business will enhance the Company's product mix, and that its more stable cash flow should offset some of the volatility of the Company's more cyclical petrochemical products. We also expect the acquisition to be accretive to earnings and strengthen our financial position," Mr. Diassi added. (more) Page 2 Based in Houston, Texas, Sterling Chemicals Holdings, Inc. is a holding company that, through its operating subsidiaries, manufactures petrochemicals and pulp chemicals and provides large-scale chlorine dioxide generators to the pulp and paper industry. The Company's existing petrochemical plant is located in Texas City, Texas, and its pulp chemical plants are in four locations in Canada and, commencing in January 1997, in Valdosta, Georgia. Certain statements in this news release regarding the acquisition of the acrylic fiber business, the Company's acquisition strategy, and future expectations of the performance of the acrylic fiber business and its effects on the Company's results of operations may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. Such statements are subject to various risks, including the Company's high financial leverage, the cyclical nature of the markets for the Company's products, and the volatility of prices for the Company's products and raw materials, as well as other risks discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-K for the year ended September 30, 1996. Actual outcomes may vary materially. ### -----END PRIVACY-ENHANCED MESSAGE-----