8-K
Preformed Line Products Co (PLPC)
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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 (Date of earliest event reported): January 4, 2022
Preformed Line Products Company
(Exact name of Registrant as Specified in Its Charter)
| Ohio | 0-31164 | 34-0676895 |
|---|---|---|
| (State or other jurisdiction of incorporation | (Commission File Number) | (IRS Employer<br><br><br>Identification No.) |
| 660 Beta Drive<br><br><br>Mayfield Village, Ohio | 44143 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (440) 461-5200
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 Instructions A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Securities registered pursuant to Section 12(b) of the Act: | ||
|---|---|---|
| Common | PLPC | NASDAQ |
| (Title of each class) | (Ticker symbol) | (Name of each exchange on which registered) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 7.01.REGULATION FD
On January 4, 2022, Preformed Line Products Company (the “Company”) announced that PLP-Produtos Para Linhas Preformads Ltda., a wholly owned subsidiary of the Company, entered into a Quota and Sale Agreement (the “Agreement”). Pursuant to the Agreement, the Company acquired all of the issued and outstanding shares of Maxxweld Conectores Eletricos Ltda., a Brazilian entity that designs and manufactures substation connector systems and accessory hardware for high voltage AC systems, from its shareholders. The consideration paid by the Company was BRL 63 million, or approximately USD $11.2 million as of the closing date, subject to a holdback of BRL 10 million, or USD $1.8 million.
A copy of the press release announcing the transaction is furnished as Exhibit 99.1 hereto.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
| (d) Exhibits | |
|---|---|
| 99.1 | Press release dated January 12, 2022, announcing the transaction |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| DATED: January 12, 2022 | PREFORMED LINE PRODUCTS COMPANY |
|---|---|
| By: | |
| /s/ Caroline Vaccariello | |
| General Counsel and Corporate Secretary |
Exhibit 99.1
PLP ANNOUNCES ACQUISITION OF MAXXWELD CONECTORES ELÉTRICOS LTDA
CLEVELAND, Jan. 12, 2022 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) announced today that it has acquired Maxxweld Conectores Elétricos Ltda.
Founded in 1991 and based out of Curitiba, Brazil, Maxxweld designs and manufactures substation connector systems and accessory hardware for high voltage AC systems and is a market leader in Brazil. The acquisition of Maxxweld will greatly expand PLP's operational and technical capabilities in the region while supporting its overall global substation strategy.
"The acquisition of Maxxweld further enhances the operational reach of our global substation business and brings with it a great team of talented people that will be critical for expanding our substation business in South America," stated PLP's Chief Executive Officer and President Rob Ruhlman. "The addition of Maxxweld to our global substation group will significantly expand our ability to service our utility customers throughout the region and globally."
ABOUT PLP
PLP protects the world's most critical connections by creating stronger and more reliable networks. The company's precision-engineered solutions are trusted by energy and communications providers worldwide to perform better and last longer. With locations in over 20 countries, PLP works as a united global corporation, delivering high-quality products and unparalleled service to customers around the world.
CONTACT: MEDIA RELATIONS: JOSH NELSON, MANAGER, MARKETING COMMUNICATIONS, +1 440 473 9120, JOSH.NELSON@PLP.COM