<SEC-DOCUMENT>0001144204-11-067471.txt : 20111129
<SEC-HEADER>0001144204-11-067471.hdr.sgml : 20111129
<ACCEPTANCE-DATETIME>20111129171807
ACCESSION NUMBER:		0001144204-11-067471
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20111122
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20111129
DATE AS OF CHANGE:		20111129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STONERIDGE INC
		CENTRAL INDEX KEY:			0001043337
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				341598949
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13337
		FILM NUMBER:		111232069

	BUSINESS ADDRESS:	
		STREET 1:		9400 EAST MARKET ST
		CITY:			WARREN
		STATE:			OH
		ZIP:			44484
		BUSINESS PHONE:		3308562443

	MAIL ADDRESS:	
		STREET 1:		9400 EAST MARKET ST
		CITY:			WARREN
		STATE:			OH
		ZIP:			44484
</SEC-HEADER>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of Report (Date of earliest event reported):&#160;&#160;&#160;&#160;November 22, 2011</font></div>

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<td width="33%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ohio</font></td>
<td width="33%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">001-13337</font></td>
<td width="33%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">34-1598949</font></td>
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<td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(State of other jurisdiction</font></td>
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<td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">of incorporation)</font></td>
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<td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9400 East Market Street</font></td>
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<td width="33%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Warren, Ohio</font></td>
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<td width="33%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">44484</font></td>
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<td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Address of principal executive offices)</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM 1.01<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Entry into a Material Definitive Agreement</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On November 22, 2011, Stoneridge, Inc. (the &#8220;Company&#8221;), Marcos Ferretti (&#8220;Ferretti&#8221;), a Brazilian citizen, Adriana Campos De Cerqueira Leite (&#8220;Adriana Leite&#8221;), a Brazilian citizen (Ferretti and Adriana Leite, the &#8220;Sellers&#8221;), Alphabet do Brasil Ltda., a Brazilian limited company wholly-owned by the Company (&#8220;Alphabet&#8221;), PST Eletronica S.A., a Brazilian sociedade an&#244;nima (a joint stock company) (&#8220;PST&#8221;), and Sergio De Cerqueira Leite, a Brazilian citizen (&#8220;Leite&#8221;), entered into an Agreement for the Purchase and Sale of Shares of PST (the &#8220;PST Purchase Agreement&#8221;).</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PST, currently owned 50% by the Company, is a Brazil-based electronic system provider focused on security, infotainment and accessories primarily for the automotive and motorcycle markets.&#160;&#160;Pursuant to the PST Purchase Agreement, at closing, which is subject to regulatory approvals and other customary closing conditions, the Company (together with its wholly-owned subsidiary, Alphabet) will acquire from the Sellers an additional 24% equity ownership of PST bringing the Company&#8217;s equity ownership in PST to 74%.&#160;&#160;In exchange the Company has agreed to pay the Sellers $29,668,961 USD and issue in a private placement to the Sellers or their permitted nominees 1,940,413 Company common shares.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The PST Purchase Agreement contains customary representations, warranties and covenants.&#160;&#160;In addition, the agreement includes indemnification obligations for a period of two years following the closing subject to limited exceptions which extend the Sellers and Leite&#8217;s indemnity obligations for certain representations and warranties to longer time periods and indefinitely for certain other limited representations.&#160;&#160;Subject to certain limited exceptions, the Sellers and Leite&#8217;s indemnity obligations are subject to a basket and cap (approximately 20% of the consideration received) and are limited to a percent of the loss equal to the percent of PST equity transferred pursuant to the PST Purchase Agreement.&#160;&#160;The Company&#8217;s indemnity obligations are also subject to a basket and a cap (approximately $8.5 million USD).</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ferretti and Leite have agreed to certain customary non-competition covenants (Ferretti two years, Leite three years) and Leite has agreed to serve as an administrator of record of PST with the title of director and actively participate in the management of PST on a full-time basis for a period of three years.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The closing of the PST Purchase Agreement is expected to occur in two tranches with the first occurring on or before December 30, 2011 and the second occurring in early January 2012.&#160;&#160;The PST Purchase Agreement may be terminated (a) by mutual written consent of parties, (b) by the Company or the Sellers upon written notice to the other if at least one Closing has not been consummated by December 30, 2011; provided that the right to terminate the agreement is not available to any party whose breach of any provision of the agreement has been the cause of, or resulted in, the failure of the closing to be consummated, (c) by the Sellers if the Company has breached or failed to perform any of its covenants or other agreements contained in the agreement, or (d) the Company if the Sellers have breached or failed to perform any of their covenants or other agreements contained in the agreement.&#160;&#160;In the case of a termination pursuant to either clause (c) or (d), above, a termination fee of $2 million may be payable by the defaulting party.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">ITEM 9.01<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Financial Statements and Exhibits</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On November 29, 2011, the Company issued a press release announcing the entry into the PST Purchase Agreement described in Item 1.01, above.&#160;&#160;&#160;A copy of the press release is attached as Exhibit 99.1.&#160;&#160;Exhibit 99.1 is being furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference into any filing made under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to the&#160;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.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;&#160;November 29, 2011</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FOR IMMEDIATE RELEASE</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Warren, Ohio, November 29, 2011/PRNewswire &#8211; On November 22, 2011, Stoneridge, Inc. (NYSE:&#160;SRI) executed an agreement with its joint venture partners to acquire an additional 24% ownership of PST Eletronica S.A. (&#8220;PST&#8221;), a Brazil-based electronic system provider focused on security, infotainment and accessories primarily for the automotive and motorcycle markets.&#160;&#160;At the conclusion of the transaction, Stoneridge&#8217;s ownership interest in PST will increase from 50% to 74%.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stoneridge will pay approximately $29.7 million in cash and issue approximately 1.94 million shares in exchange for the additional 24% equity ownership in PST.&#160;&#160;Following the close of the transaction, PST&#8217;s future results will be consolidated into Stoneridge&#8217;s future results.&#160;&#160;In 2011 Stoneridge expects to recognize an after-tax gain on its pre-acquisition investment in the range of $26.0 million to $33.0 million at the close of the transaction, based in part on the value of Stoneridge&#8217;s common shares at the time of the closing.&#160;&#160;The closing of the transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to occur in two parts with the first part occurring on or before December 30, 2011, and the second part in early January 2012.&#160;&#160;The transaction is expected to be accretive in Stoneridge&#8217;s full-year 2012 consolidated financial results.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With the acquisition of the additional 24% ownership, PST&#8217;s fully consolidated results will provide more visibility to the value and contribution it makes to Stoneridge.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;PST has been a significant contributor to our income through equity earnings and cash flow through dividends,&#8221; said John C. Corey, president and chief executive officer of Stoneridge. &#8220;This agreement supports our strategy to expand globally and strengthens our ability to serve the South American market.&#160;&#160;Additional ownership and closer collaboration with PST will present further opportunities to grow the business and to capture opportunities in Brazil and South America.&#8221;</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PST sales for 2011 as translated to U.S. dollars are expected to be in the range of $250 million to $260 million.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stoneridge, Inc., headquartered in Warren, Ohio, is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the commercial vehicle, automotive and agricultural and off-highway vehicle markets.&#160;&#160;Additional information about Stoneridge can be found at <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.stoneridge.com</font>.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Forward-Looking Statements</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statements in this release that are not historical fact are forward-looking statements, which involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied in this release.&#160;&#160;Things that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the loss of a major customer; a significant change in commercial vehicle, automotive or agricultural and off-highway vehicle production; disruption in the OEM supply chain due to bankruptcies; a significant change in general economic conditions in any of the various countries in which the Company operates; labor disruptions at the Company&#8217;s facilities or at any of the Company&#8217;s significant customers or suppliers; the ability of the Company&#8217;s suppliers to supply the Company with parts and components at competitive prices on a timely basis; customer acceptance of new products; and the failure to achieve successful integration of any acquired company or business.&#160;&#160;In addition, this release contains time-sensitive information that reflects management&#8217;s best analysis only as of the date of this release.&#160;&#160;The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.&#160;&#160;Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company&#8217;s periodic filings with the Securities and Exchange Commission.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kenneth A. Kure, Corporate Treasurer and Director of Finance</font></div>

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