form8-k.htm
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 (Date of earliest event reported): November 5,
2007
Katy
Industries, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
|
001-05558
|
75-1277589
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
2461
South Clark Street, Suite 630
Arlington,
Virginia 22202
(Address
of principal executive offices) (Zip Code)
(703)
236-4300
(Registrant’s
telephone number, including area code)
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:
[ ] Written
communications pursuant to Rule 425 under the Securities Act
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
Item
1.01 Entry
into a Material Definitive Agreement.
On
November 1, 2007, Katy Industries, Inc. (the “Company”) entered into an
agreement to sell Woods Industries (Canada), Inc. (“Woods Canada”) and certain
assets and liabilities of Woods Industries, Inc. (“Woods US”) to Coleman Cable,
Inc. (“Coleman”) for approximately $45.0 million, subject to a post-closing
adjustment based on working capital levels at closing. The sale of
Woods US and Woods Canada to Coleman is expected to close by November 30,
2007. The completion of the disposition is subject to the
satisfaction or waiver of conditions customary to transactions of this
type. In the event that the preconditions to closing do not occur on
or before December 7, 2007, Coleman may terminate the purchase agreement at
any
time in its discretion. The description of the definitive purchase
agreement set forth above is qualified in its entirety by the full text of
that
agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated
by reference.
Woods
US
distributes consumer electrical corded products and electrical accessories,
such
as outdoor and indoor extension cords, work lights, surge protectors, and power
strips. These products are sold primarily through national home
improvement and mass merchant retail outlets in the United
States. Woods US’ products are sourced primarily from
Asia.
Woods
Canada distributes consumer electrical corded products and electrical
accessories. In addition to the products listed above for Woods US,
Woods Canada’s primary product offerings include garden lighting and
timers. These products are sold primarily through major home
improvement and mass merchant retail outlets in Canada. Woods
Canada’s products are sourced primarily from Asia.
Item
9.01 Financial
Statements and Exhibits.
10.1
|
Purchase
Agreement dated November 1, 2007 by and between Woods Industries,
Inc.,
Woods Industries (Canada), Inc., Katy Industries, Inc., and Coleman
Cable,
Inc.
|
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.
KATY
INDUSTRIES, INC.
(Registrant)
By:
/s/ Amir Rosenthal
Amir
Rosenthal
Vice
President, Chief Financial Officer,
General
Counsel and Secretary
Date: November
5, 2007
Exhibits
10.1
|
Purchase
Agreement dated November 1, 2007 by and between Woods Industries,
Inc.,
Woods Industries (Canada), Inc., Katy Industries, Inc., and Coleman
Cable,
Inc.
|