form8kbody.htm  

 
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):  September 29, 2011


KEY TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)

OREGON
0-21820
93-0822509
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
 Identification No.)

150 Avery Street
Walla Walla, Washington 99362
(Address of principal executive offices) (Zip Code)

(509) 529-2161
(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):

¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
 
 


SECTION 2 – FINANCIAL INFORMATION
 
ITEM 2.05
COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES
 
 
On September 30, 2011, Key Technology, Inc. (the “Company”) announced a restructuring of its global workforce on September 29, 2011 in order to better position the Company strategically and reduce costs.  The Company estimates that the total costs to be incurred related to the workforce reduction will be approximately $1.1 million, the majority of which will be severance and employee related costs.  The Company expects the restructuring to be substantially complete and the majority of the associated cash expenditures to be incurred in the first quarter of fiscal 2012.
 


SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT
 
ITEM 5.02.
DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
 
 
(b)
The Company’s employment relationship with Randall L. Unterseher, Senior Director of Marketing, will terminate effective October 3, 2011.
 


SECTION 8 – OTHER EVENTS
 
ITEM 8.01
OTHER EVENTS
 
   
The Company also announced certain other business developments and disclosed certain other financial information as set forth in the press release of the Company dated September 30, 2011 and attached to this Current Report on Form 8-K as Exhibit 99.1.


SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS
 
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
 
 
(d)
Exhibits
   
 
The following exhibit is furnished with this Current Report on Form 8-K:
   
 
99.1
Press Release of Key Technology, Inc., dated September 30, 2011



 
 
 

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 thereunto duly authorized.


 
KEY TECHNOLOGY, INC.
   
 
/s/ John J. Ehren                                                      
 
John J. Ehren
 
Senior Vice President and Chief Financial Officer


Dated:  September 30, 2011




 
 
 

EXHIBIT INDEX


Exhibit No.
  
Description
     
99.1
  
Press release of Key Technology, Inc., dated September 30, 2011