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): December 31,
2008
|
STRATTEC
SECURITY CORPORATION
|
|
(Exact
name of registrant as specified in its
charter)
|
|
Wisconsin
|
|
(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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|
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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
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
5 – Corporate Governance and Management
Item
5.02.
Departure
of Directors
or Certain Officers; Election of Directors; Appointmentof Certain
Officers;
Compensatory Arrangements of Certain Officers.
Effective
December 31, 2008, Donald J.
Harrod, the Vice President – Engineering and Product Development for STRATTEC
SECURITY CORPORATION, retired as an employee of the company.
Section
7 – Regulation FD
Item
7.01. Regulation FD
Disclosure.
On
February 27, 2009, STRATTEC SECURITY CORPORATION issued a press release (the
"Press Release") announcing the temporary suspension of its quarterly
dividend. 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 February 27,
2009.
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: March
2, 2009
BY
/s/
Patrick
J.
Hansen
Patrick J. Hansen,
Senior Vice President
and Chief Financial Officer
Exhibit
99.1
FOR
RELEASE AT 4:00 PM CST
Contact: Pat
Hansen
Senior
Vice President and
Chief
Financial Officer
414-247-3435
www.strattec.com
STRATTEC
SECURITY CORPORATION
TEMPORARILY
SUSPENDING QUARTERLY DIVIDEND PAYMENT
Milwaukee,
Wisconsin – February 27, 2009 -- STRATTEC SECURITY CORPORATION (NASDAQ:STRT)
announced today that the Company’s Board of Directors, at its regular quarterly
meeting on February 26, 2009, took action to temporarily suspend payment of
its
quarterly dividend.
Harold
M.
Stratton II, STRATTEC’s Chairman, President & CEO
commented: “While the Company’s current financial position is strong,
our Board of Directors believes that during the unprecedented economic
conditions we are facing, the use of cash to sustain and enhance the business
is
of major strategic importance.
“Part
of
our strategy during these troubled economic times is to be prepared for
opportunities that arise out of the stress in the automotive supply
base. We have already identified several such opportunities which we
are currently evaluating. We expect that many more opportunities will
be identified in the months to come. Our ability to
quickly respond to those opportunities that may have value for our business
is
to a large degree dependent on our cash resources. We therefore
believe that the prudent and strategically optimal action for the long term
benefit of our Company and its shareholders is to suspend our quarterly
dividend.”
STRATTEC
designs, develops, manufactures and markets automotive Security Products
including mechanical locks and keys, electronically enhanced locks and keys,
steering column and instrument panel ignition lock housings; and Access Control
Products including latches, power sliding side door systems, power lift gate
systems, power deck lid systems and related products. These products are
provided to customers in North America, and on a global basis through the VAST
Alliance in which STRATTEC participates with WITTE Automotive of Velbert,
Germany and ADAC Automotive of Grand Rapids, Michigan. STRATTEC’s
history in the automotive business spans 100 years.
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.