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 23, 2007 ---------------- SL Industries, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) New Jersey 1-4987 21-0682685 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 520 Fellowship Road, Suite A114, Mount Laurel, New Jersey 08054 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (856) 727-1500 -------------- N/A - -------------------------------------------------------------------------------- (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 (SEE General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))ITEM 8.01. OTHER EVENTS. As described in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2006, the Company is the subject of various lawsuits and administrative actions relating to environmental issues concerning the Pennsauken Landfill and the Puchack Wellfield in connection with the chrome-plating facility in Pennsauken Township, New Jersey ("SurfTech Site") previously operated by SL Surface Technologies, Inc. ("SurfTech"), a wholly-owned subsidiary of the Company (substantially all of the operating assets of SurfTech were sold in November 2003). As previously disclosed, the New Jersey Department of Environmental Protection served a directive in connection with the SurfTech Site that would subject the Company to, among other things, $9,266,000 in collective reimbursements (with other parties). In late August 2006, the United States Environmental Protection Agency ("EPA") notified the Company that it was a potentially responsible party, jointly and severally liable, for the investigation and remediation of the Puchack Wellfield Superfund Site under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended ("CERCLA" or the "federal Superfund Law"). Thereafter, in September 2006, the EPA issued a Record of Decision for the national priority listed Puchack Wellfield Superfund Site and selected a remedy to address the first phase of groundwater contamination that the EPA contemplates being conducted in two phases (known as operable units). The estimated cost of the EPA selected remedy for the first groundwater operable unit, to be conducted over a five to ten year timeframe, is approximately $17 million. Prior to the issuance of the EPA's Record of Decision, the Company had retained an experienced environmental consulting firm to prepare technical comments on the EPA's proposed remediation of the Puchack Wellfield Superfund Site. In those comments, the Company's consultant, among other things, identified flaws in the EPA's conclusions and the factual predicates for certain of the EPA's decisions and for the proposed selected remedy. Following the issuance of its Record of Decision, in early November 2006, the EPA sent another letter to the Company requesting that the Company either perform or finance the remedial actions for operable unit 1 identified in the EPA's Record of Decision. The Company is in the process of evaluating the request and other issues raised by the EPA. Representatives from the Company and the EPA have scheduled a meeting to discuss these matters, after which the Company will formulate a written response. Notwithstanding the assertions of the EPA, the Company has been advised by its environmental consultants that the existing technical data in the EPA administrative record does not demonstrate that offsite migration of hazardous substances from the SurfTech Site contributed to the contamination of the Puchack Wellfield. The Company has been further advised that other technical factors and certain defenses may be available to the Company and that other potentially responsible parties may exist. The Company is working to determine its estimated expenses and potential liability in this matter and expects to be in regular communication with the EPA to further that evaluation. However, there can be no assurance as to what will be the ultimate resolution or exposure to the Company for this matter. 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 hereunto duly authorized. SL INDUSTRIES, INC. (Registrant) Date: January 26, 2007 By: /s/ David R. Nuzzo ------------------------------------- Name: David R. Nuzzo Title: Vice President and Chief Financial Officer
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Filed: 26 Jan 07, 12:00am