UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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) February 6, 2009
Sparton Corporation
(Exact Name of Registrant as Specified in Its Charter)
Ohio
(State or Other Jurisdiction of Incorporation)
| |
|
|
| 1-1000
|
|
38-1054690 |
| |
| (Commission File Number)
|
|
(IRS Employer Identification No.) |
| |
|
|
| 2400 East Ganson Street, Jackson, Michigan
|
|
49202 |
| |
| (Address of Principal Executive Offices)
|
|
(Zip Code) |
(517) 787-8600
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
| o |
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
| o |
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
| o |
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) |
| |
| o |
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c)) |
INTRODUCTORY NOTE
On February 6, 2009, Sparton Corporation issued a Press Release announcing a reduction in force.
ITEM 2.05. COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES
On February 6, 2009 Sparton Corporation, an Ohio Corporation (the “Company”), issued a Press
Release (“Press Release”) announcing a reduction in force of approximately 6% of its total
workforce of 1,000 people. The workforce reductions were spread across most of the Company’s
operating locations in North America, with the exception of its facility in Strongsville, Ohio.
The total annualized operating cost savings (including base salary, employee benefits and related
payroll taxes) related to the reduction in force are expected to be approximately $4.1 million.
The workforce reductions will result in an estimated third quarter charge to earnings of $400,000,
primarily for severance and other payroll-related expenses.
The foregoing description of the Press Release is qualified in its entirety by reference to the
Press Release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
ITEM 9.01. FINANCIAL STATEMENTS & EXHIBITS
(d) Exhibits
Exhibit 99.1 Press Release dated February 6, 2009 issued by Sparton Corporation.