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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 EXCHANGE ACT OF 1934
JULY 9, 2001
Date of Report (Date of Earliest Event Reported)
NASHUA CORPORATION
(Exact Name of Registrant as Specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
1-5492-1 02-0170100
(Commission File Number) (I.R.S. Employer Identification No.)
11 TRAFALGAR SQUARE, 2ND FLOOR
NASHUA, NEW HAMPSHIRE 03063
(Address of Principal Executive Offices)
(603)880-2323
(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
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INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5 - OTHER EVENTS
On July 9, 2001, Nashua Corporation issued the following press release:
NASHUA ANNOUNCES SUPPLY AGREEMENTS WITH
AVERY DENNISON ON LAMINATION AND COATED PRODUCTS
NASHUA TO SUPPLY AVERY DENNISON WITH COATED PRODUCTS AND
TO PURCHASE LAMINATED PRODUCTS FROM AVERY DENNISON
NASHUA, N.H. - JULY 9, 2001 -- Nashua Corporation (NYSE: NSH), a premier
manufacturer and marketer of labels, thermal specialty papers and imaging
products, today announced that it has entered into supply agreements on
laminated and coated products with Avery Dennison, a global leader in
pressure-sensitive technology and innovative self-adhesive solutions for
consumer products and label materials.
Under the terms of the long-term agreement, Nashua will supply coated products
manufactured at its Merrimack, N.H. facility to Fasson Roll North America, a
division of Avery Dennison. Separately, Nashua will purchase laminated materials
for certain finished products from Avery Dennison.
Nashua also announced it will cease lamination operations at its Omaha, NE
facility, where it will reduce its workforce by approximately 80 employees.
After the workforce reduction, Nashua's Omaha-based employee population will be
approximately 210. The Company plans to close down the lamination operation and
complete the workforce reductions by September 1, 2001. The Company expects a
third quarter unusual and restructuring charge of $3.3 million relating to the
closure of its lamination operations of which $2.7 million represents a non-cash
write off of the equipment utilized in the lamination business.
"These agreements are another significant step forward in our initiative to
enhance shareholder value by focusing on core businesses where we have a
competitive advantage," said Andrew Albert, Nashua's Chairman and Chief
Executive Officer. "Purchasing our lamination needs from Avery Dennison, a world
leader in pressure-sensitive technology, enables us to avoid significant
investments in new lamination equipment and ensures our coating materials
facilities in New Hampshire are more fully and profitably utilized. Incremental
sales of coated thermal products to Avery Dennison will result in increased
sales for the Specialty Paper Product segment."
Albert concluded, "Entering mutually advantageous, long-term agreements with
Avery Dennison gives us an excellent platform to explore new opportunities with
a company that has been both an excellent supplier and customer for Nashua. We
now have two state-of-the-art printing and converting facilities for label
products which provide us significant operating leverage for future growth."
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ABOUT NASHUA
Nashua Corporation manufactures and markets a wide variety of specialty imaging
products and services to industrial and commercial customers to meet various
print application needs. The Company's products include thermal coated papers,
pressure-sensitive labels, copier papers, bond, point of sale, ATM and wide
format papers, entertainment tickets, as well as toners and developers and
ribbons for use in imaging devices. Additional information about Nashua
Corporation can be found on the World Wide Web at www.nashua.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements as that term is defined
in the Private Securities Litigation Reform Act of 1995. When used in this press
release, the words "should," "will," "expects," "plans," "anticipates" and
similar expressions are intended to identify such forward-looking statements.
Such forward-looking statements are subject to risks and uncertainties, which
could cause actual results to differ materially from those anticipated. Such
risks and uncertainties include, but are not limited to, the Company's future
capital needs and resources, fluctuations in customer demand, intensity of
competition from other vendors, timing and acceptance of new product
introductions, delays or difficulties in programs designed to increase sales and
profitability, general economic and industry conditions, failure to achieve the
Rittenhouse transaction's synergies, the settlement of various tax issues, and
other risks set forth in the Company's filings with the Securities and Exchange
Commission.
ITEM 7 - EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
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10.01 Master Agreement entered into as of July 2, 2001 between
Nashua Corporation and the Fasson Roll North America
division of Avery Dennison Corporation.
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 thereunto duly authorized.
NASHUA CORPORATION
Date: July 12, 2001 By /s/ Robert S. Amrein
-------------------------------------
Robert S. Amrein
Vice President, General Counsel
and Secretary
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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10.01 Master Agreement entered into as of July 2, 2001 between Nashua
Corporation and the Fasson Roll North America division of Avery
Dennison Corporation.