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SMA > SEC Filings for SMA > Form 8-K on 29-May-2014All Recent SEC Filings

Show all filings for SYMMETRY MEDICAL INC.



Entry into a Material Definitive Agreement, Completion of Acquisition or Di

Item 1.01. Entry into a Material Definitive Agreement

On May 21, 2014, Symmetry Medical Sheffield Ltd. and Symmetry Medical Switzerland S.A. (collectively, the "Sellers"), wholly owned subsidiaries of Symmetry Medical Inc. ("Symmetry"), entered into a Share Purchase Agreement (the "Agreement") with HLD Corporation Ltd. ("HLD"), pursuant to which the Sellers agreed to sell and HLD agreed to purchase all of the outstanding shares of Symmetry's UK-based subsidiary, Clamonta Ltd. ("Clamonta"), which services the Aerospace machining industry, for 0.8 million (approximately $1.35 million USD). The transaction was completed on May 21, 2014. One-half of the purchase price was paid at completion of the transaction. The remaining 0.4 million, subject to adjustment for any amounts agreed or judicially determined to be due to from Sellers to HLD by reason of a breach of the Sellers' representations and warranties in the Agreement, is to be paid on the first anniversary of the completion of the transaction. The Agreement includes certain representations, warranties and indemnities made by the Sellers in favor of HLD and by HLD in favor of the Sellers. The Sellers also agreed, for themselves and each entity under their control, that for a period of one year after completion of the transaction, they will not manufacture specified parts made by Clamonta, solicit any employees to leave Clamonta or interfere with Clamonta's relationships with its customers or suppliers. The Sellers also agreed not to disclose or use any of Clamonta's confidential information following completion of the transaction.

Item 2.01. Completion of Acquisition or Disposition of Assets

The information set forth in response to Item 1.01 of this Report is incorporated herein by reference in response to this Item.

Item 7.01 Regulation FD Disclosure

On May 22, 2014, Symmetry announced via a press release entitled "Symmetry Medical Divests UK Based Clamonta Ltd. Subsidiary" that it had divested its UK based, Clamonta Ltd. subsidiary, to the HLD Corporation Ltd. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference in response to this Item.

Item 9.01. Financial Statements and Exhibits

(b) Pro Forma Financial Information

The following unaudited pro forma financial statements of Symmetry giving effect to the foregoing transaction are furnished as Exhibit 99.2 to this Report:

(i) Unaudited pro forma Statement of Operations for the three months ended March 29, 2014
(d) (ii) Unaudited pro forma Statements of Operations for the fiscal years ended December 28, 2013, December 29, 2012 and December 31, 2011
(iii) Unaudited pro forma Balance Sheet as of March 29, 2014


2.1    Share Purchase Agreement entered into by and between Symmetry Medical
       Sheffield, Ltd., Symmetry Medical Switzerland, S.A. and the HLD
       Corporation Limited, dated May 21, 2014.

99.1   "Symmetry Medical Divests UK Based Clamonta Ltd. Subsidiary," Press
       Release issued by Symmetry Medical, Inc. dated May 22, 2014.

99.2   Unaudited pro forma consolidated financial statements of Symmetry Medical
       Inc. as of and for the three months ended March 29, 2014 and for the years
       ended December 28, 2013, December 29, 2012 and December 31, 2011 and the
       notes related thereto.

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