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 March 31, 1998
SPARTECH CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-5911 43-0761773
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7733 Forsyth Blvd., Suite 1450, Clayton, Missouri 63105
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (314) 721-4242
SPARTECH CORPORATION
FORM 8-K
Item 2. Acquisition or Disposition of Assets
On March 31, 1998, Spartech Corporation ("the Company" or "Spartech")
completed the acquisition of all the stock of Polycom Huntsman, Inc.
("Polycom"). The acquisition of Polycom will add nine strategically-located
manufacturing plants in the United States and France to Spartech's Color &
Specialty Compounds group.
Polycom is a leading supplier of proprietary polymer compounds, color &
additive concentrates, and toll compounding services to a diversified base of
customers in North America and Europe. Polycom purchases bulk resin from
primary producers, which are then combined with fillers, colorants and other
additives to create polymers that meet specific physical, chemical, aesthetic
and thermal requirements. The Company intends to use the acquired property,
plant, equipment, and other assets in the same manner as Polycom. Polycom's
customers include major automobile manufacturers, consumer appliance and
electronics manufacturers, and packaging companies.
The total purchase price for the acquisition of Polycom's stock was
approximately $135 million. The purchase price was determined by arms' length
negotiations between the Company and Polycom's shareholders (Ralph B. Andy and
Huntsman Compounding Company, LC or related entities owned or controlled by such
parties). The acquisition was funded through the Company's bank credit facility
and the issuance of $10 million in Spartech common stock to Polycom
shareholders. Mr. Andy, the founder of Polycom, will remain in the business as
a consultant and will also become a member of Spartech's Board of Directors.
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Item 7. Financial Statements and Exhibits
(a) Financial statements of businesses acquired.
At present, it is impractical for the Company to provide required
financial statements for the acquired business, but such financial statements
will be filed by an amendment to this report within 60 days after the time for
filing this report.
(b) Pro forma financial information.
At present, it is impractical for the company to provide required pro
forma financial information relative to the acquired business, but such
financial information will be filed by an amendment to this report within 60
days after the time for filing this report.
(c) Exhibits
2 Stock Purchase Agreement dated January 30, 1998 (Exclusive
of exhibits and schedules referred to in said agreement, except
for the Registration Agreement).
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
SPARTECH CORPORATION
Date April 14, 1998 By /S/ Randy C. Martin
Randy C. Martin
Vice President-Finance and
Chief Financial Officer