UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 11, 1999
Howmet International Inc.
-------------------------
(Exact name of registrant as specified in its charter)
Delaware
--------
(State or other jurisdiction of incorporation)
1-13645 52-1946684
-----------------------------------------------------------
Commission File Number (IRS Employer Identification No.)
475 Steamboat Road, Greenwich, CT 06836-1960
------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(203) 661-4600
--------------
Registrant's Telephone Number
ITEM 5 OTHER EVENTS
The following news release was issued on March 11, 1999.
HOWMET PROPOSED DEBARMENT WITHDRAWN
Greenwich, CT, March 11 -- The U.S. Department of the Air Force has
withdrawn the notice of proposed debarment against Howmet Corporation, which
Howmet received on March 3, 1999. Outside of its Cercast operations, there was
no allegation of wrongdoing of any kind associated with Howmet. Free of the
proposed and now terminated action, Howmet Corporation is now able to resume
accepting U.S. government contracts and subcontracts.
The notice of proposed debarment with respect to the Howmet-Cercast
(Canada) subsidiary continues in effect. Cercast is actively cooperating with
its customers and government agencies in the investigation of the relevant
issues and is vigorously implementing remedial action. A presentation to the
Air Force with respect to corrective actions at the Cercast operations is
scheduled for later this month.
This press release includes forward-looking statements, including actions to be
taken by the Company. Pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, the Company cautions readers that such
forward-looking statements are subject to certain risks and uncertainties, which
could cause actual results to differ materially from those projected in those
statements. These risks and uncertainties include, but are not limited to, the
effectiveness of ethics and compliance programs and others detailed in Exhibit
99.1 to the Company's Annual Report on Form 10-K and other reports filed with
the Securities and Exchange Commission.
(end of press release)
* * *
The letter from the Department of the Air Force terminating the notice
of proposed debarment of Howmet Corporation is set forth below:
10 March 1999
Mr. David Squier
Chief Executive Officer
Howmet Corporation
475 Steamboat Road
Greenwich, CT 06830
Re: Termination of Proposed Debarment
Ladies and Gentlemen:
This is to advise you that I am terminating the proposed debarment of
Howmet Corporation, issued by the Air Force on February 17, 1999. Based upon
the administrative record, including your representations, I have concluded that
Howmet Corporation's continued ineligibility for Government contracting is not
necessary at this time, pending the review of your submission to be provided to
us, and a determination as to Howmet Corporation's present responsibility.
The decision to terminate is based solely upon the information
currently before me and does not limit or restrict the Air Force or any other
agency of the Government from instituting administrative action, including
suspension or debarment, should such action be necessary to protect the
Government's business interests.
Sincerely,
STEVEN A. SHAW
Deputy General Counsel
Contractor Responsibility
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HOWMET INTERNATIONAL INC.
(Registrant)
By: /S/ Roland Paul
---------------
Roland Paul
Vice President
Date: March 12, 1999