SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported):
June 19, 2001
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THERMO FIBERTEK INC.
(Exact name of Registrant as specified in its charter)
Delaware 1-11406 52-1762325
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification Number)
incorporation or
organization)
245 Winter Street
Waltham, Massachusetts 02451
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(Address of principal executive offices) (Zip Code)
(781) 622-1000
(Registrant's telephone number
including area code)
This Current Report on Form 8-K contains forward-looking statements that
involve a number of risks and uncertainties. Important factors that could cause
actual results to differ materially from those indicated by such forward-looking
statements are set forth under the heading "Risk Factors" in the Registrant's
Annual Report on Form 10-K for the fiscal year ended December 30, 2000. . Item
5. Other Events
On June 19, 2001, the Registrant issued a press release, attached hereto as
Exhibit 99, regarding certain corporate transactions affecting the Registrant.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a) Financial Statements of Business Acquired: not applicable.
(b) Pro Forma Financial Information: not applicable.
(c) Exhibits:
99 Press Release dated June 19, 2001.
SIGNATURE
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, on this 19th day of June, 2001.
THERMO FIBERTEK INC.
By: /s/ Kenneth J. Apicerno
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Kenneth J. Apicerno
Treasurer
Exhibit 99
Thermo Fibertek Announces Effective Date for
Name Change and Reverse Stock Split
WALTHAM, Mass., June 19, 2001 - Thermo Fibertek Inc. (ASE:TFT) announced that it
will officially change its name to Kadant Inc. on Thursday, July 12, 2001, at 9
a.m. EDT. At that time, Kadant will begin trading under the ticker symbol "KAI"
on the American Stock Exchange.
At the same time, the company expects to complete a one-for-five reverse
split of its common stock. Every five shares of common stock outstanding and
held by Thermo Fibertek shareholders as of the close of business on July 11,
2001, will be converted into one share of Kadant common stock at 9 a.m. EDT on
Thursday, July 12, 2001. Thermo Fibertek shareholders approved the filing of the
amendment to effect the name change and reverse stock split at the company's
annual meeting of shareholders held on May 15, 2001.
"We are taking these actions to prepare for our spinoff from Thermo
Electron as a stand-alone business," said William A. Rainville, president and
chief executive officer. "Changing our name to Kadant marks the start of
building a new identity as an independent company. Although you won't find
"kadant" in a dictionary, to me it represents our strength, originality, and
drive to move forward. Our intent with the reverse stock split is to allow more
efficient trading and permit a larger number of institutions to own or make a
market for our shares. Together, these changes will help us meet our objectives
for maximizing future value to our customers, employees, and shareholders."
Shortly after the effective date of the reverse stock split, shareholders
holding certificates for their shares will be contacted by the company's
transfer agent, American Stock Transfer & Trust Company, with instructions on
exchanging their certificates for new post-split certificates. Shareholders
should not submit their stock certificates to the transfer agent until they have
received these materials.
The spinoff of Thermo Fibertek is part of a major reorganization plan
allowing Thermo Electron to focus on its core instruments business. Thermo
Electron expects to complete the distribution of Thermo Fibertek/Kadant shares
as a dividend to Thermo Electron shareholders during the third quarter of 2001.
Thermo Fibertek Inc. develops, manufactures, and markets a range of
equipment and products for the domestic and international papermaking and paper
recycling industries, including de-inking systems, stock-preparation equipment,
water-management systems, and accessories. Through its majority-owned Thermo
Fibergen subsidiary, the company also develops and commercializes composite
building materials produced from natural fiber and recycled plastic. Thermo
Fibertek is a public subsidiary of Thermo Electron Corporation. More information
is available at www.thermofibertek.com.
The following constitutes a "Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995: This press release contains forward-looking
statements that involve a number of risks and uncertainties. Important factors
that could cause actual results to differ materially from those indicated by
such forward-looking statements are set forth under the heading "Forward-looking
Statements" in Exhibit 13 to the company's annual report on Form 10-K for the
year ended December 30, 2000. These include risks and uncertainties relating to:
the company's dependence on the paper industry and pulp and paper prices,
international operations, competition, ability to enter the composites market,
dependence on patents and proprietary rights, acquisition strategy, fluctuations
in quarterly operating results, and the proposed spinoff of the company.
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