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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 and Exchange Act of 1934
Date of Report (date of earliest event reported) November 7, 1996
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MAXCO, Inc.
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(exact name of registrant as specified in its charter)
MICHIGAN 0-2762 38-1792842
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1118 CENTENNIAL WAY, LANSING, MICHIGAN 48917
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (517) 321-3130
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MAXCO, INC.
FORM 8-K
Item 2. Acquisition or Disposition of Assets
Maxco completed an agreement and announced on November 7, 1996, that effective
October 31, 1996, Maxco sold the business and substantially all the assets
(consisting principally of accounts receivable, inventory and fixed assets) of
Maxco's wholly owned subsidiary, Wright Plastic Products, Inc., including
substantially all the assets of Wright's subsidiary, Pacer Tool and Mold, Inc.
to Plastic Acquisition Co. LLC, a privately held company who will continue to
operate as Wright Plastic Products. The assets of approximately $10 million
were purchased for cash, assumption of certain liabilities and a note. Part of
the proceeds from this transaction were used to retire approximately $2.5
million of long-term debt. Agreement on the sale price was reached based on an
arms length negotiation. The assets were sold at approximately book value.
The disposition was reflected in Maxco's financial statements filed with Form
10-Q for the quarter ended September 30, 1996.
Item 7. Financial Statements and Exhibits
Exhibit
Number
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10.9 Asset purchase agreement for the sale of Wright Plastic Products, Inc.
is hereby incorporated by reference from the registrants Form 10-Q for
the quarter ended September 30, 1996.
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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 hereunto duly authorized.
MAXCO, INC.
(Registrant)
DATE: November 15, 1996 By: /S/VINCENT SHUNSKY
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Vincent Shunsky,
Vice President-Finance and Treasurer
(Principal Financial and Accounting Officer)