1
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 December 14, 1999 Commission file number 0-784
------------------- -------
DETREX CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Michigan 38-0480840
- -------------------------------- --------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
24901 Northwestern Hwy., Ste. 500, Southfield, MI 48075
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (248) 358-5800
--------------
Securities registered pursuant to section 12(b) of the Act:
Name of each exchange on
Title of each class which registered
------------------- ------------------------
None None
Securities registered pursuant to Section (g) of the Act:
Common Capital Stock, $2 Par Value
- --------------------------------------------------------------------------------
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
----- -----
2
Item 5. OTHER EVENTS
The registrant issued the following press release on December 14, 1999:
"Detrex Corporation (NASDAQ: DTRX), today announced that it will close its
lubricant additives plant outside of Cincinnati, Ohio. Its Elco Corporation is
consolidating its manufacturing operations into a new, more efficient facility
in Ashtabula, Ohio. The new facility will further enhance Elco's ability to
cost-effectively produce quality gear and oil additives.
As a result of this consolidation and write-down of other assets, a one-time
after tax charge of approximately $550,000 or $.35 per share will occur in the
1999 fourth quarter. For the year, the Company anticipates a loss of
approximately one million dollars. The anticipated cost savings and business
improvement from the consolidation will increase productivity for the Company.
Tom Mark, President and Chief Operating Officer said, "This action follows
other cost-control programs that have been made over the past two years in
order to reduce the Company's cost of doing business. As sales begin to
increase, the Company's operating profitability should begin to benefit from
these actions."
This release contains forward-looking statements that are subject to certain
risks and uncertainties that could cause actual results to differ materially
from those projected in such statements. Such risks and uncertainties include,
but are not limited to, unanticipated slowdowns in the company's major markets,
the impact of competition and the effectiveness of operational changes expected
to increase efficiency."
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.
DETREX CORPORATION
/S/ Gerald J. Israel
---------------------
Gerald J. Israel
Vice President, Finance
Chief Financial Officer & Treasurer
Dated: December 14, 1999