UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September , 2003
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Commission File Number: 001-13196
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DESC, S.A. DE C.V.
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(Translation of registrant's name into English)
PASEO DE LOS TAMARINDOS 400-B, BOSQUES DE LAS LOMAS, 05120 MEXICO, D.F., MEXICO
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(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F __
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes |_| No |X|
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-___________
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.
Desc, S.A. de C.V.
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(Registrant)
Date: September 11, 2003 By /s/ Arturo D'Acosta Ruiz
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Name: Arturo D'Acosta Ruiz
Title: Chief Financial Officer
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The following is included in this report on Form 6-K:
Sequential
Item Page Number
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1. Press Release, dated September 10, 2003, announcing Registrant's signing of a 4
letter of intent to sell its adhesives and waterproofing businesses
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EXHIBIT 1
[Photos]
Contacts:
Arturo D'Acosta Ruiz. Blanca Hirani
Alejandro de la Barreda Melanie Carpenter
Phone: (5255) 5261-8037 Phone: 212-406-3693
alejandro.delabarreda@desc.com.mx bhirani@i-advise.com
www.desc.com.mx
Desc signs a letter of intent to sell its
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Adhesives and Waterproofing Businesses
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Mexico City, September 10, 2003 - DESC, S.A. de C.V. (NYSE: DES; BMV: DESC)
signed a letter of intent with Henkel Group to sell the adhesive and
waterproofing businesses, of its consumer products division. This transaction
could be closed before year end.
The adhesive business products are sold under the Resistol(TM), Resistolito(TM)
and Simon(TM) brands. This business produces school and household glues,
polyvinyl acetate (white glue), contact and acrylic adhesives, sealants and hot
melts (specialized adhesives). These products are sold to various industries and
final consumers including shoe manufacturers, wood and furniture companies,
artisans and businesses within the automotive industry.
The waterproofing products are sold under the Fester(TM), Acriton (TM) and
Resikon(TM) brands. This segment also produces and sells chemical products for
construction including cement additives and construction coatings, which are
used in the construction industry and as household maintenance products.
Sales during 2002 in both businesses reached US $89.4 million representing 4.5%
of the consolidated sales for the group. The adhesives and waterproofing
businesses are not core for Desc.
This transaction has been approved by Mexico's Federal Antitrust Commission
(Comision Federal de Competencia), and once this divestiture is closed, the
proceeds will be used principally to strengthen Desc's financial structure and
its future performance.
DESC, S.A. DE C.V. (NYSE: DES; BMV: DESC) is one of Mexico's largest industrial
groups with sales of approximately US$ 2.0 billion during 2002 and more than
16,000 employees. Through its subsidiaries, the Company is a leading operator in
the Autoparts, Chemical, Food and Real Estate Sectors.
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This press release contains "forward-looking statements" (within the meaning of
the Private Securities Litigation Reform Act of 1995) that reflect the current
views of Desc's management with respect to future events. The words
"anticipate," "believe," "estimate," "expect," "intend," "may," "plan,"
"project," and "should" and similar expressions generally are intended to
identify forward-looking statements. These statements are subject to risks,
uncertainties and changes in circumstances. Actual results may differ materially
from present expectations as a result of many factors, including, but not
limited to, changes in global and domestic political, economic, business,
competitive, market and regulatory factors, the cyclicality of the autoparts and
chemicals industries and other factors which are described under the heading
"Risk Factors" in Desc's most recent Annual Report on Form 20-F filed with the
Securities and Exchange Commission. Desc does not assume any obligation to
update these forward-looking statements. Any forward-looking statement speaks
only as of the date on which it is made.
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