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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): OCTOBER 31, 2000
SOVEREIGN SPECIALTY CHEMICALS INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
DELAWARE 333-39373 36-4176637
(STATE OR OTHER (COMMISSION (IRS EMPLOYER
JURISDICTION OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
225 W. WASHINGTON ST. - STE. 2200, CHICAGO, ILLINOIS 60606
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (312) 419-7100
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Item 2. Acquisition of Assets
On October 31, 2000, Sovereign Specialty Chemicals Inc. acquired certain assets
of the adhesives business of Croda International Plc. The purchase price of the
acquisition, excluding transaction costs, was approximately $62.0 million.
Additional contingent consideration of up to approximately $54.0 million may be
payable in 2001 depending on the performance of certain of the acquired
operations. The purchase was funded through borrowing under Term Loan A and the
Credit Facility.
This transaction will be accounted for as a purchase and as such its results of
operations will be included in the Company's consolidated results of operations
from the date of acquisition. Management is currently determining the allocation
of the purchase price. A copy of the press release is attached hereto as Exhibit
99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired
The Company will file an amended Form 8-K within 60 days to include all
required financial statements relative to the acquired business.
(b) Pro forma Financial Information
The Company will file an amended Form 8-K within 60 days to include all
required pro forma financial information relative to the acquired
business.
(c) Exhibits
Exhibit 99.1 Press Release of Sovereign Specialty Chemicals, Inc,
dated October 31, 2000, regarding its acquisition of
the adhesives business of Croda International Plc.
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.
SOVEREIGN SPECIALTY CHEMICALS, INC.
(registrant)
By: /s/ John R. Mellett
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John R. Mellett
Vice President and Chief Financial Officer
Dated: November 14, 2000