FORM 8-K
CURRENT REPORT
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
April 19, 1994
ZURN INDUSTRIES, INC.
IRS Employer
State of Commission Identification
Incorporation File Number Number
Pennsylvania 1-5502 25-1040754
Address and
Telephone Number
One Zurn Place
Erie, Pennsylvania 16505
814-452-2111
Exhibit Index 2
Total Pages 4
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ITEM 5 - OTHER EVENTS
The Company's news release dated April 19, 1994 announcing it will discontinue
manufacturing operations at the Zurn Energy Division and record a $14 to $16
million, or up to $.80 per share, charge in the fourth quarter ended March 31,
1994 is incorporated herein by reference.
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.
ZURN INDUSTRIES, INC.
April 19, 1994 /s/ W.A. Freeman
William A. Freeman
President
EXHIBIT INDEX
20 Other Documents or Statements to Security Holders
News Release dated April 19, 1994 Page 3
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FOR IMMEDIATE RELEASE
April 19, 1994
ZURN INDUSTRIES RECORDS FOURTH QUARTER CHARGE
FOR CLOSING BOILER MANUFACTURING FACILITY
Erie, PA ... Zurn Industries, Inc. (New York Stock Exchange), a leading
designer, constructor and manufacturer of systems and equipment for power
generation and water control, and Lynx golf equipment, said today that
management had presented to the Company's Board of Directors at its regularly
scheduled April 18 meeting the plan to discontinue manufacturing at the
Erie, PA Energy Division due to the declining U.S. boiler market and high
labor costs. Closure of the facility will result in the elimination of
approximately 180 manufacturing jobs. The Division will continue to design
and market boilers for the U.S. and an expanding international market. They
will be produced by pre-selected, qualified fabricators.
The Company notified the United Steelworkers in March of its intention to
close the facility by mid-September and a charge in the range of $14 to $16
million, or up to $.80 per share, will be recorded in the fiscal fourth
quarter ended March 31, 1994. Excluding the plant closing charge, earnings
from operations in the fourth quarter were marginally profitable, as had been
anticipated.
... more ...
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Zurn Industries, Inc.
page 2
Commenting on the closure, Zurn Chairman George H. Schofield said, "Closing
the boiler manufacturing facility in Erie is a very difficult step to take,
but one which became necessary for the Zurn Energy Division to be competitive
and survive. We greatly regret that the Company and the United Steelworkers
were unable to reach an agreement that would sustain manufacturing employment
at the Erie plant at a competitive cost.
"The Zurn Energy Division retains its well-regarded design and engineering
capability and remains an important part of the power plant engineering and
construction operation which has been the Company's fastest growing business
in recent years. The Division is an engineering leader with a strong
reputation and experience base. We believe that as a result of this action the
Energy Division is better positioned to meet the needs of the many customers
in the markets served."
* * * * * *
Contact: Steve Adams
ZURN INDUSTRIES, INC.
Erie, PA 814/452-2111
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