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                       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): January 22, 1999



                                EFTC Corporation
             (Exact name of registrant as specified in its charter)




            Colorado                 0-23332             84-0854616
 (State or other jurisdiction of   (Commission        (I.R.S. Employer
 Incorporation or Organization)    File Number)     Identification No.)





                    9351 Grant Street
                     Denver, Colorado                               80229
         (Address of principal executive offices)                (Zip Code)




       Registrant's telephone number, including area code: (303) 451-8200








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Item 5.           Other Events.

         Rights. On January 22, 1999, the Board of Directors of EFTC Corporation
(the  "Company"),  declared  a  dividend  distribution  of one  preferred  stock
purchase right (a "Right") for each  outstanding  share of the Company's  Common
Stock to  stockholders  of record at the close of business on February  25, 1999
(the "Record Date").  Each Right entitles the registered holder to purchase from
the Company a unit  consisting  of one  one-thousandth  of a share (a "Unit") of
Series A Junior  Participating  Preferred  Stock,  par value $.01 per share (the
"Preferred  Stock"),  at a  Purchase  Price  of  $35.00  per  Unit,  subject  to
adjustment.  The  description  and terms of the Rights are set forth in a Rights
Agreement (the "Rights  Agreement")  between the Company and American Securities
Transfer & Trust, Inc., as Rights Agent.

         Initially, the Rights will be attached to all Common Stock certificates
representing  shares then outstanding,  and no separate Rights Certificates will
be distributed. In general, the Rights will separate from the Common Stock and a
"Distribution  Date"  will occur upon the  earlier  of (i) 10 days  following  a
public  announcement that a person or group of affiliated or associated persons,
subject to certain exceptions (an "Acquiring Person"), has acquired, or obtained
the right to acquire,  beneficial  ownership  of 15% or more of the  outstanding
shares of Common Stock (the "Stock Acquisition  Date"), or (ii) 10 business days
following the commencement of a tender offer or exchange offer that would result
in such a person or group  beneficially  owning 15% or more of such  outstanding
shares of Common  Stock.  Until the  Distribution  Date,  (i) the Rights will be
evidenced by the Common Stock certificates and will be transferred with and only
with such Common Stock  certificates,  (ii) new Common Stock certificates issued
after the Record Date will contain a notation incorporating the Rights Agreement
by reference and (iii) the surrender for transfer of any certificates for Common
Stock will also constitute the transfer of the Rights associated with the Common
Stock represented by such certificate.

         The Rights are not  exercisable  until the  Distribution  Date and will
expire at the close of business on February  25,  2009,  unless  extended by the
Board of Directors or earlier redeemed by the Company as described below.

         As soon as practicable after the Distribution Date, Rights Certificates
will be mailed to  holders  of  record  of the  Common  Stock as of the close of
business  on  the  Distribution  Date  and,  thereafter,   the  separate  Rights
Certificates  alone will  represent  the Rights.  Shares of Common  Stock issued
after the  Distribution  Date will be issued with  Rights only upon  exercise or
conversion  of  securities  issued prior  thereto  unless the Board of Directors
determines otherwise.

         If, at any time after the  Distribution  Date,  any  person  becomes an
Acquiring  Person  each  holder  of a Right  will  thereafter  have the right to
receive,  upon  exercise,  Common  Stock (or,  in certain  circumstances,  cash,
property or other  securities of the Company)  having a value equal to two times
the  exercise  price of the Right.  Notwithstanding  any of the  foregoing,  all
Rights  that are,  or  (under  certain  circumstances  specified  in the  Rights
Agreement)  were,  beneficially  owned by any Acquiring  Person will be null and
void.  However,  Rights are not  exercisable in any event until such time as the
Rights are no longer redeemable by the Company as set forth below.


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         For example,  at an exercise price of $35.00 per Right,  each Right not
owned by an Acquiring Person (or by certain related parties)  following an event
set forth in the  immediately  preceding  paragraph  would entitle its holder to
purchase $70.00 worth of Common Stock (or other  consideration,  as noted above)
for $35.00.  Assuming  that the Common  Stock had a per share value of $17.50 at
such time,  the holder of each valid Right  would be  entitled to purchase  four
shares of Common Stock for $35.00.

         If at any time following the Stock  Acquisition Date (i) the Company is
acquired  in a merger or other  business  combination  transaction  in which the
Common  Stock is  changed  or  exchanged  or in  which  the  Company  is not the
surviving  corporation,  or (ii) 50% or more of the Company's  assets or earning
power is sold or transferred,  each holder of a Right (except those Rights owned
by an Acquiring  Person and voided as set forth above) shall thereafter have the
right to receive, upon exercise,  common stock of the acquiring company having a
value equal to two times the exercise  price of the Right.  The events set forth
in this paragraph and in the second  preceding  paragraph are referred to as the
"Triggering Events."

         The Purchase Price payable,  and the number of Units of Preferred Stock
or other  securities  or  property  issuable,  upon  exercise  of the Rights are
subject to adjustment from time to time to prevent  dilution (i) in the event of
a stock dividend on, or a subdivision,  combination or reclassification  of, the
Preferred  Stock,  (ii) if holders of the  Preferred  Stock are granted  certain
rights or warrants to subscribe for Preferred Stock or convertible securities at
less than the current  market price of the  Preferred  Stock,  or (iii) upon the
distribution  to holders of the Preferred  Stock of evidences of indebtedness or
assets (excluding regular quarterly cash dividends) or of subscription rights or
warrants (other than those referred to above).

         At any time after any person or group  becomes an Acquiring  Person and
prior  to the  acquisition  by the  Acquiring  Person  of  50%  or  more  of the
outstanding Common Stock, the Board of Directors of the Company may exchange the
Rights (other than Rights owned by the Acquiring Person,  which will have become
void),  in whole or in part,  at an exchange  ratio of one share of Common Stock
per Right (subject to adjustment).

         With certain  exceptions,  no adjustment in the Purchase  Price will be
required  until  cumulative  adjustments  amount to at least 1% of the  Purchase
Price. No fractional Units will be issued and, in lieu thereof, an adjustment in
cash will be made based on the market price of the  Preferred  Stock on the last
trading date prior to the date of exercise.

         At any time until ten days  following the Stock  Acquisition  Date, the
Company may redeem the Rights in whole, but not in part, at a price of $.001 per
Right. Immediately upon the action of the Board of Directors ordering redemption
of the  Rights or at such other  time as may be  specified  by the Board when it
orders  redemption,  with,  where  required,  the  concurrence of the Continuing
Directors, the Rights will terminate and the only right of the holders of Rights
will be to receive the $.001 redemption price.

         Until a Right is exercised,  the holder thereof,  as such, will have no
rights as a stockholder of the Company, including, without limitation, the right
to vote or to receive  dividends.  While the distribution of the Rights will not
be taxable to stockholders or to the Company, stockholders may,

                                                   
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depending upon the circumstances,  recognize taxable income if the Rights become
exercisable  for Common  Stock (or other  consideration)  of the  Company or for
common stock of the acquiring company as set forth above.

         Any of the  provisions  of the Rights  Agreement  may be amended by the
Board of  Directors of the Company  prior to the  Distribution  Date.  After the
Distribution  Date, the Rights Agreement may be amended by the Board in order to
cure any  ambiguity,  to make  changes  that do not  adversely  affect the basic
economic  terms of the Rights,  or to shorten or lengthen  any time period under
the Rights Agreement;  provided,  however,  that no amendment to adjust the time
period  governing  redemption  shall be made at a time when the  Rights  are not
redeemable.

         Preferred Stock. The Preferred Stock will have a liquidation preference
of $.10 per  thousandth  of a share.  Dividends on the  Preferred  Stock will be
payable  quarterly in an amount for each  one-thousandth of a share of Preferred
Stock equal to the greater of $.001 or the amount per share of any dividend paid
on the Company's Common Stock for such quarter.  Unpaid dividends will cumulate.
The  Preferred  Stock  will  not be  redeemable.  Each  one-thousandth  share of
Preferred Stock will have the same voting rights as one share of Common Stock.

         Pursuant to the Rights Agreement,  the purchase price payable,  and the
number of Units of Preferred  Stock or other  securities  or property  issuable,
upon the exercise of the Rights are subject to  adjustment  from time to time to
prevent  dilution  (i) in the event of a stock  dividend  on, or a  subdivision,
combination or  reclassification  of the Preferred Stock, (ii) if holders of the
Preferred  Stock  are  granted  certain  rights or  warrants  to  subscribe  for
Preferred Stock or convertible  securities at less than the current market price
of the Preferred  Stock,  or (iii) upon the  distribution  to the holders of the
Preferred  Stock of  evidences  of  indebtedness  or assets  (excluding  regular
quarterly cash dividends), assets or subscription rights or warrants (other than
those referred to above).

         The  Preferred  Stock may be issued in  fractional  shares in  integral
multiples of one thousandth of a share. No fractional  Units will be issued upon
any exercise of Rights, and in lieu thereof,  an adjustment in cash will be made
based on the market  price of the  Preferred  Stock on the  then-current  market
price of such shares.

         Rights  Agreement.  The terms of the Rights are set forth in the Rights
Agreement. The form of Rights Agreement,  which includes, as Exhibit A, the form
of Certificate  of  Designations  of the Preferred  Stock and, as Exhibit B, the
form of Rights  Certificate,  is included as Exhibit 1 to this Current Report on
Form 8-K and is incorporated herein by reference.  The foregoing  description of
the Rights does not purport to be complete  and is  qualified in its entirety by
reference to the Rights Agreement.

Item 7.           Financial Statements and Exhibits.

Exhibit           1. Rights  Agreement dated as of February 25, 1999 between the
                  Company and American  Securities  Transfer & Trust,  Inc.,  as
                  Rights Agent.  (incorporated  by reference  from the Company's
                  Registration Statement on Form 8-A dated February 25, 1999).

                                                   
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                                                    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, thereto duly authorized.

                            EFTC CORPORATION



                            By:      /s/ Jack Calderon                          
                                     Jack Calderon
                                     President and Chief Executive Officer


Date:  February 25, 1999


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