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): May 27, 2008
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STRATTEC
SECURITY CORPORATION
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(Exact
name of registrant as specified in its charter)
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Wisconsin
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(State
or other jurisdiction of incorporation)
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0-25150
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39-1804239
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(Commission
File Number)
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(I.R.S.
Employer I.D. Number)
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3333
West Good Hope Road
Milwaukee,
WI
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53209
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(414)
247-3333
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(Registrant's
telephone number; including area code)
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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))
Section
7 – Regulation FD
Item
7.01. Regulation FD
Disclosure.
On
May
27, 2008, STRATTEC SECURITY CORPORATION issued a press release (the "Press
Release") announcing that it, along with WITTE Automotive of Velbert, Germany
and Vehicle Access Systems Technology LLC, entered into a definitive agreement
to acquire certain assets, primarily equipment and inventory, and assume certain
employee liabilities of Delphi Corporation's Power Products
business. A copy of the Press Release is attached as
Exhibit 99.1 to this report. The attached Exhibit 99.1 is
furnished pursuant to Item 7.01 of Form 8-K.
The
information in this Form 8-K and
the Exhibit attached hereto shall not be deemed "filed" for purposes of Section
18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933 or the Securities
Exchange Act of 1934, except as shall be expressly set forth by specific
reference in such filing.
Section
9 - Financial Statements and Exhibits
Item
9.01. Financial
Statements and
Exhibits.
(d) Exhibits
99.1 -- Press Release of STRATTEC SECURITY CORPORATION, issued May 27,
2008.
2
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.
STRATTEC
SECURITY CORPORATION
Date: May
28, 2008
BY
/s/
Patrick J.
Hansen
Patrick
J. Hansen,
Senior Vice President
and Chief Financial Officer
Exhibit
99.1
FOR
RELEASE AT 3:00 PM CDT
Contact: Pat
Hansen
Senior
Vice President and
Chief
Financial Officer
414-247-3435
www.strattec.com
STRATTEC
SECURITY CORPORATION
ANNOUNCES
ACQUISITION
Milwaukee,
Wisconsin – May 27, 2008 -- STRATTEC SECURITY
CORPORATION (NASDAQ:STRT), in combination
with WITTE Automotive of Velbert, Germany, and Vehicle Access Systems Technology
LLC (VAST), a joint venture between STRATTEC, WITTE and ADAC Automotive of
Grand
Rapids, Michigan, has reached a definitive agreement to acquire certain assets,
primarily equipment and inventory, and assume certain employee liabilities
of
Delphi Corporation’s Power Products business for $7.8 million, subject to
closing adjustments. STRATTEC will acquire the North American portion
of Delphi’s Power Products business. WITTE will acquire the European
portion, and VAST LLC will acquire the Asian portion. The transaction
is subject to both customary and other closing conditions relating to Delphi’s
bankruptcy
court proceedings. STRATTEC expects to complete the acquisition
before the end of calendar 2008.
Delphi’s
Power Products business designs, develops, tests, manufactures, markets and
sells power systems to operate vehicle sliding side doors, and rear compartment
access points such as liftgates and trunk lids. In addition, the
product line includes power cinching latches and power cinching strikers used
in
these systems. Current customers for these products supplied from
North America are Chrysler LLC, Hyundai Motor Company, General Motors
Corporation and Ford Motor Company.
Through
a
formal alliance structure, STRATTEC works closely with its VAST partners, WITTE
and ADAC, to provide a global footprint for the supply of vehicular access
control products to the automotive industry. These products currently
include locks and keys; latches; door, liftgate and tailgate handles; and
ignition lock housings. The Company expects the addition of the Power
Products business to broaden its product line and customer base, as well as
provide opportunities for systems integration with its existing product
offerings.
Certain
statements contained in this release contain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements may be identified by the use of
forward-looking words or phrases such as “anticipate,” “believe,” “could,”
“expect,” “intend,” “may,” “planned,” “potential,” “should,” “will,” and
“would.” Such forward-looking statements in this release are
inherently subject to many uncertainties in the Company’s operations and
business environment. These uncertainties include general
economic
conditions, in particular, relating to the automotive industry, consumer demand
for the Company’s and its customers’ products, competitive and technological
developments, customer purchasing actions, foreign currency fluctuations, and
costs of operations. Shareholders, potential investors and other
readers are urged to consider these factors carefully in evaluating the
forward-looking statements and are cautioned not to place undue reliance on
such
forward-looking statements. The forward-looking statements made
herein are only made as of the date of this press release and the Company
undertakes no obligation to publicly update such forward-looking statements
to
reflect subsequent events or circumstances occurring after the date of this
release. In addition, such uncertainties and other operational
matters are discussed further in the Company’s quarterly and annual filings with
the Securities and Exchange Commission.