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UNITED STATES
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 November 18, 1996
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(Date of earliest event reported)
COMMERCIAL INTERTECH CORP.
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(Exact name of registrant as specified in its charter)
Ohio 0-588 34-0159880
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State or other Commission IRS Employer
jurisdiction of File Identification
incorporation Number No.
1775 Logan Avenue, Youngstown, Ohio 44501-0239
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(Address of principal offices) (Zip Code)
Registrant's telephone number, including area code 330-746-8011
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Item 2. Acquisition or Disposition of Assets
On November 18, 1996, Commercial Intertech Corp. reported
it acquired all of the outstanding common stock of Ultra
Hydraulics Limited through its wholly owned subsidiary,
Commercial Intertech Limited, located in the United Kingdom.
Ultra Hydraulics is headquartered near Gloucester, England, and
employs more than 300 men and women in the United Kingdom and the
United States. Commercial Intertech will account for the stock
acquisition of Ultra as a purchase.
The initial purchase price for the stock of Ultra was
approximately $43.0 million. The purchase price was determined by
arm's length negotiation between the parties. The initial
purchase price is subject to adjustments based upon audit.
Of the initial purchase price of $43.0 million,
approximately $20.0 was borrowed from Mellon Bank under a
revolving credit and term loan facility and the balance was
financed with loan notes with the principal owners of Ultra
Hydraulics.
There exists no material relationships between
Commercial Intertech Corp. and Ultra Hydraulics or
between any affiliates, directors or officers or
associates of such directors or officers of Commercial
Intertech Corp. and Ultra Hydraulics Limited.
Ultra Hydraulics Limited serves the mobile equipment
markets primarily in the United Kingdom, Europe, the United
States and the Far East. Major customers include manufacturers of
material handling, turf care, construction, transportation, and
compaction equipment. Ultra's products complement and extend the
range of pumps, motors and valves now offered by Commercial
Intertech. Commercial intends to continue the business as
presently being operated.
Item 7. Financial Statements, Pro Forma Financial Information
And Exhibits
Not Required
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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, thereto duly authorized.
COMMERCIAL INTERTECH CORP.
Date: December 3, 1996 By /s/Steven J. Hewitt
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Steven J. Hewitt
Senior Vice President and
Chief Financial Officer