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: August 14, 1998 (Date of the earliest event reported) Home Products International, Inc. (Exact name of registrant as specified in its charter) Delaware 0-17237 36-4147027 (State or other jurisdiction of (Commission I.R.S. Employer Incorporation or organization) File Number) Identification No. 4501 West 47th Street Chicago, IL 60632 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (773) 890-1010 ITEM 5. OTHER EVENTS Home Products International, Inc. ("HPI" or the " Company" ), a leading consolidator within the housewares industry, completed its acquisition of certain assets, which comprised Elk Grove, IL - based Tenex Corporation's consumer storage product line, on August 14, 1998 in an all cash transaction. Funds for the $16.4 million purchase price were obtained from the Company's $100.0 million revolving credit facility. Assets acquired in the acquisition consisted of plastic injection molds, inventory, the rights to existing patents, design ideas and design ideas already under construction and the right to use the Tenex trade name for one year. No machinery, equipment or employees were acquired in the transaction. The products that will be produced using the molds and the patents acquired, consist of plastic storage bins, rolling carts and a stacking drawer system. In addition to the assets purchased, HPI entered into a manufacturing agreement whereby Tenex Corporation will manufacture the products until March 1999. All products will be marketed by HPI's existing sales network, and sold through mass-market trade channels. Sales of these products during privately held Tenex's fiscal year ended April 30, 1998 totaled $25.0 million. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS a) Financial statements of business acquired: No financial statements are required as the assets acquired did not constitute a business, nor were the assets acquired a significant amount of assets, as defined by S.E.C. Regulation. c) Exhibits None. SIGNATURE Pursuant to the requirement 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. HOME PRODUCTS INTERNATIONAL, INC. BY: /s/ James E. Winslow James E. Winslow Executive VP & CFO Dated: September 3, 1998