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): October 29, 2007
Commission file number: 001-13337
STONERIDGE, INC.
(Exact name of registrant as specified in its charter)
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| Ohio
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34-1598949 |
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.) |
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| 9400 East Market Street, Warren, Ohio
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44484 |
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| (Address of principal executive offices)
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(Zip Code) |
(330) 856-2443
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 (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))
ITEM 2.05 Costs Associated with Exit or Disposal Activities.
Because
future volume commitments were insufficient to support the cost bases, on October 29,
2007, Stoneridge Inc.’s (the “Company”) Board of Directors approved restructuring initiatives to
improve the Company’s manufacturing efficiency and cost position by ceasing manufacturing
operations at its Sarasota, Florida and Mitcheldean, England locations. The Company will begin
these initiatives in the fourth quarter of 2007 and expects to be substantially complete by
December 31, 2008. The Company anticipates recognizing both total pre-tax costs and incurring cash
expenditures of approximately $17.4 million or less associated with these restructuring
initiatives. These expected restructuring related costs are comprised of one-time termination
benefits of $5.2 million, contract termination costs of $1.0 million and other associated costs of
$11.2 million. Related 2007 fourth quarter expenses, primarily comprised of one-time termination
benefits, are expected to result in pre-tax charges of $1.0 million. As part of these
restructuring initiatives, the Company also intends to sell an owned facility.