CURRENT REPORT
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)
May 27, 2004
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Raytech Corporation
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(Exact name of Registrant as Specified in its Charter)
Delaware 1-9298 06-1182033
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation File Number) Identification No.)
Suite 295, Four Corporate Drive, Shelton, CT 06484
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(Address of principal executive offices) (Zip Code)
203-925-8021
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Registrant's Telephone Number,
including Area Code
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(Former Name or Former Address, if changed since Last Report)
Item 5. Other Events
On May 27, 2004, the registrant issued a press release announcing the
retirement of President and Chief Executive Officer Albert A. Canosa and the
appointment of Larry W. Singleton as interim President and Chief Executive
Officer. The text of the press release is as follows:
RAYTECH CORPORATION ANNOUNCES RETIREMENT OF
CEO ALBERT A. CANOSA; APPOINTMENT OF LARRY W. SINGLETON
AS INTERIM CHIEF EXECUTIVE OFFICER
Shelton, Connecticut, May 27, 2004 - Raytech Corporation (NYSE: RAY) today
announced its President and Chief Executive Officer, Albert A. Canosa, will
retire effective June 1, 2004. Raytech also announced that its Board of
Directors has named Larry W. Singleton as interim President and Chief Executive
Officer, effective June 1, 2004. Raytech's Board of Directors has formed a
committee to undertake a search for a permanent president and chief executive
officer.
Mr. Singleton is a principal in AlixPartners, LLC, an internationally recognized
leader in providing operational and financial consulting services. "We look
forward to having a professional with Larry's experience and expertise join
Raytech at this important time," said Stanley J. Levy, Chairman of the Board of
Directors of Raytech.
Mr. Canosa has been an employee of Raytech for 24 years. He became President and
CEO of Raytech in 1998 and served as the Company's Chief Financial Officer from
1986 to 1998. Mr. Levy stated, "The Board of Directors thanks Mr. Canosa for his
dedication and service to Raytech over many years. Those of us who have had the
pleasure of working with Al wish him the very best." Mr. Canosa will remain on
Raytech's Board of Directors for the remainder of his term, which expires at the
Company's June 24, 2004 annual meeting.
Raytech Corporation is a recognized world leader in the production of wet and
dry clutch, power transmission and brake systems, as well as specialty
engineered polymer matrix composite products and related services for vehicular
applications, including automotive OEM, heavy duty on-and-off highway vehicles
and aftermarket vehicular power transmission systems. Through two technology and
research centers and six manufacturing operations worldwide, Raytech develops
and delivers energy absorption, power transmission and custom-engineered
components focusing on niche applications where its expertise and technological
excellence provide a competitive edge.
Raytech Corporation, headquartered in Shelton, Connecticut, operates
manufacturing facilities in the U.S., Germany, England and China, as well as
technology and research centers in Indiana and Germany. The Company's operations
are strategically situated in close proximity to major customers and within easy
reach of geographical areas with demonstrated growth potential.
Raytech common stock is listed on the New York Stock Exchange and trades under
the symbol "RAY." Company information may be accessed on our Internet website
http://www.raytech.com.
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SIGNATURES
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 hereunto duly authorized.
Raytech Corporation
(Registrant)
Date: May 27, 2004
/s/ALBERT A. CANOSA
(Signature)*
Albert A. Canosa
President and
Chief Executive Officer
*Print name and title of the signing officer under his signature.
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