Systemax Inc. (NYSE:SYX) Files An 8-K Completion of Acquisition or Disposition of Assets

Systemax Inc. (NYSE:SYX) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01

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Completion of Acquisition or Disposition of Assets.

On August 31, 2018, Systemax Inc. (the “Company”) closed the previously announced sale of its France-based IT business (the “France Business”) to Bechtle AG. The sale was denominated on a cash-free, debt-free basis and included normalized working capital adjustments. Total cash provided from the sale, before tax and transaction expenses but inclusive of cash on hand in France, was approximately $270 million at current exchange rates.

With the completion of the sale, the Company currently operates its Industrial Products Group ("IPG") business in North America, which is focused on industrial supplies and MRO (maintenance, repair, and operations).

On September 4, 2018, the Company issued a press release announcing the sale of the France Business. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01.

Financial Statements and Exhibits.

(b)

Pro forma financial information

The following Unaudited Pro Forma Condensed Consolidated Financial Information related to the sale of the France Business is attached as Exhibit 99.2 to this Form 8-K and incorporated by reference into this Form 8-K:

(i)

Unaudited Pro Forma Condensed Consolidated Balance Sheet as of June 30, 2018;

(ii)

Unaudited Pro Forma Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2018;

(iii)

Unaudited Pro Forma Condensed Consolidated Statements of Operations for Year Ended December 31, 2017;

(iv)

Unaudited Pro Forma Condensed Consolidated Statements of Operations for Year Ended December 31, 2016; and

(v)

Unaudited Pro Forma Condensed Consolidated Statements of Operations for Year Ended December 31, 2015.

Exhibit Index

Press Release of Systemax Inc., dated September 4, 2018

Unaudited Pro Forma Condensed Consolidated Financial Statements


SYSTEMAX INC Exhibit
EX-99.1 2 exhibit991.htm EXHIBIT 99.1 Exhibit EXHIBIT 99.1SYSTEMAX CLOSES SALE OF FRANCE OPERATIONS-Completes Transition to Pure Play Industrial Supplies and MRO Company-PORT WASHINGTON,…
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About Systemax Inc. (NYSE:SYX)

Systemax Inc. is a direct marketer of brand name and private label products. The Company’s segments include Industrial Products Group (IPG), EMEA Technology Products Group (EMEA), and Corporate and Other (Corporate). IPG sells a range of maintenance, repair and operations (MRO) products, which are marketed in North America. The Company offers a range of products that are manufactured for its own design and marketed under the brands: Global, GlobalIndustrial.com, Nexel Relius, Relius Elite and Hercules. Its EMEA segment primarily sells information and communications technology (ICT) and consumer electronics (CE) products. These products are marketed in Europe and are manufactured by other companies. MRO products offered by its IPG segment include electrical and bulbs, fasteners and hardware, storage and shelving, and tools and instruments. ICT products offered by its EMEA segment include computer components and accessories, and software. CE products include audio and cell phones.

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