SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)1
MKS INSTRUMENTS, INC.
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(Name of Issuer)
Common Stock, no par value
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(Title of Class of Securities)
55306N104
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(CUSIP Number)
Harley M. Smith
Assistant Secretary
Emerson Electric Co.
8000 W. Florissant Avenue
St. Louis, MO 63136
(314) 553-2431
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 31, 2002
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(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box o.
Note. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7
for other parties to whom copies are to be sent.
(Continued on following pages)
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1 The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
ith alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the th purpose of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
SCHEDULE 13D
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CUSIP No. 55306N104 Page 1 of __ Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Emerson Electric Co.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO, WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Missouri
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7 SOLE VOTING POWER
3,036,611
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NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED BY
EACH REPORTING PERSON 23,850,931
WITH --------------------------------------------
9 SOLE DISPOSITIVE POWER
3,036,611
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10 SHARED DISPOSITIVE POWER
8,963,389
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,887,542 - See Items 4 and 5
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES [ ]
CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
54.0% - See Items 4 and 5
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
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CUSIP No. 55306N104 Page 2 of __ Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Astec America, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
-0-
NUMBER OF SHARES --------------------------------------------
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER
EACH REPORTING PERSON
WITH 8,963,389
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9 SOLE DISPOSITIVE POWER
-0-
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10 SHARED DISPOSITIVE POWER
8,963,389
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,963,389 - See Item 5
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES [ ]
CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.0% - See Item 5
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Item 1. Security and Issuer.
The class of equity securities to which this Statement relates is the
common stock, no par value per share (the "Common Stock"), of MKS Instruments,
Inc., a Massachusetts corporation ("MKS" or the "Issuer"). The principal
executive offices of the Issuer are located at Six Shattuck Road, Andover, MA
01810.
Item 2. Identity and Background.
(a) This Schedule 13D is being filed jointly on behalf of the following
persons (collectively, the "Reporting Persons"):
(1) Emerson Electric Co., a Missouri corporation ("Emerson"); and
(2) Astec America, Inc., a Delaware corporation ("Astec").
Astec is an indirect wholly-owned subsidiary of Emerson.
(b) The address of the principal business and offices of Emerson is 8000
W. Florissant Avenue, St. Louis, MO 63136. The address of the principal
business and offices of Astec is 5810 Van Allen Way, Carlsbad, California
92008.
(c) Not applicable.
(d) None of the Reporting Persons or, to the knowledge of the Reporting
Persons, any of the other persons listed on Schedules A and B attached hereto
has been convicted in a criminal proceeding in the past five years (excluding
traffic violations or similar misdemeanors).
(e) During the past five years, none of the Reporting Persons or, to the
knowledge of the Reporting Persons, any of the other persons listed on
Schedules A and B attached hereto was a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction as a result of which
such person was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to such
laws.
(f) Not applicable.
Item 3. Source and Amount of Funds or Other Consideration.
Emerson and Astec received the shares of Common Stock in connection with
the sale of the ENI Business (as defined in Item 4) as follows:
o 8,963,389 shares of Common Stock were issued to Astec in exchange for
all the capital stock of ENI Technology, Inc., a wholly-owned subsidiary of
Astec;
o 2,528,136 shares of Common Stock were issued to Emerson in exchange for
all of the issued and outstanding capital stock of MKS Instruments (Hong Kong)
Limited; and
o 508,475 shares of Common Stock were issued to Emerson in exchange for
$10.5 million paid by Emerson.
Item 4. Purpose of Transaction.
On January 31, 2002, MKS issued a total of 12,000,000 shares of Common
Stock to Emerson and Astec (the "Stock Sale") in connection with the sale by
Emerson of the business of Emerson and its subsidiaries operating as the "ENI
Division" of Emerson and its subsidiaries (the "ENI Business"). The
Stock Sale was made pursuant to an Agreement and Plan of Merger with respect to
the Acquisition of the ENI Business dated as of October 30, 2001 between
Emerson and MKS (the "Master Agreement", attached hereto and made a part hereof
as Exhibit 2).
The consideration was paid under the Master Agreement as follows:
o 8,963,389 shares of Common Stock were issued to Astec in exchange for
all the capital stock of ENI Technology, Inc., a wholly-owned subsidiary of
Astec;
o 2,528,136 shares of Common Stock were issued to Emerson in exchange for
all of the issued and outstanding capital stock of MKS Instruments (Hong Kong)
Limited;
o 508,475 shares of Common Stock were issued to Emerson in exchange for
$10.5 million;
o $9 million was paid by a subsidiary of MKS to ENI Japan Limited ("ENI
Japan") in exchange for certain assets of ENI Japan which were used in the
ENI Business; and
o $1.5 million was paid by a subsidiary of MKS to Astec Germany GmbH in
exchange for certain assets of Astec Germany GmbH which were used in the
ENI Business.
As an inducement for Emerson to enter into the Master Agreement, on
October 30, 2001, John R. Bertucci, his wife, the trustees of trusts for the
benefit of Mr. and Mrs. Bertucci, and their immediate family, who beneficially
own an aggregate of 14,887,542 shares of Common Stock, excluding vested
options, or 39.51% of the outstanding shares of Common Stock, on October 31,
2001, entered into a Voting Agreement with Emerson (the "Voting Agreement",
attached hereto and made a part hereof as Exhibit 4). On December 14, 2001,
Robinson Hill L.P. became a party to the Voting Agreement as a result of a
transfer by Mrs. Bertucci of 500,000 shares of Common Stock pursuant to a
Joinder Agreement to the Voting Agreement dated as of December 14, 2001 (the
"Joinder Agreement", attached hereto and made a part hereof as Exhibit 5). Mr.
and Mrs. Bertucci, Robinson Hill L.P., and the relevant trusts shall hereafter
be referred to collectively as the "Stockholders". The scope of the Voting
Agreement is limited to the agreement of the Stockholders to vote (i) in favor
of the issuance of Common Stock to Emerson or its designees pursuant to the
Master Agreement; and (ii) in relation to board representation matters
(described below). The Voting Agreement does not limit or prohibit the
Stockholders from acquiring additional shares of Common Stock or disposing of
shares of Common Stock, and does not require them to vote in any way on any
matter except as set forth above.
MKS and Emerson also entered into a Shareholder Agreement dated as of
January 31, 2002 (the "Shareholder Agreement", attached hereto and made a part
hereof as Exhibit 3) on the terms and conditions set forth below.
Board Representation. Under the terms of the Shareholder Agreement,
Emerson has the right to nominate one person to serve as a member of the MKS
board of directors effective as of January 31, 2002. The MKS board of directors
has agreed to nominate Mr. James G. Berges, or other designee nominated by
Emerson and reasonably acceptable to MKS, for election to the board at all
meetings of stockholders at which MKS stockholders will vote on the election of
directors following the closing of the acquisition. MKS' obligation to nominate
Mr. Berges, or other designee nominated by Emerson, will terminate when Emerson
and its subsidiaries cease to beneficially own at least 12.5% of the
outstanding shares of Common Stock for 30 consecutive days. Under the terms of
the Voting Agreement, the Stockholders have agreed to vote their shares of
Common Stock in favor of the election of, or against the removal of, any person
nominated by Emerson to serve as a member of the MKS board of directors for as
long as Emerson is entitled to designate an individual to serve on the MKS
board of directors under the terms of the Shareholder Agreement, as described
above.
Emerson nominated Mr. Berges to serve as a director of MKS, and Mr. Berges
has been appointed as a director of MKS effective from January 31, 2002, with a
term which expires at the annual meeting of MKS stockholders to be held in
2004.
Lock Up Agreement. The Shareholder Agreement provides that for a period of
one year after January 31, 2002, Emerson and each of its subsidiaries has
agreed not to, directly or indirectly, sell, transfer, pledge, contract to
sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase, transfer the economic
risk of ownership or otherwise dispose of any shares of Common Stock, unless
MKS during such one year period makes a public announcement of, or effects a
transaction which would result in the issuance or sale of shares of Common
Stock that would possibly result in reducing Emerson's ownership to less than
20% of the outstanding shares of Common Stock. In such an event, the lockup
period set forth above would end on the later of (i) July 31, 2002 or (ii)
earlier of the public announcement or the closing of such dilutive transaction.
Standstill Agreement. Pursuant to the Shareholder Agreement, for a period
of three years after January 31, 2002, Emerson and its subsidiaries shall not,
and shall not assist anyone else to:
o acquire or take any action to acquire any additional shares of Common
Stock or property of MKS (other than property acquired in the
ordinary course of business), except for shares or property acquired
due to a merger, consolidation or similar transaction involving MKS
or a stock split, or other similar adjustment affecting the shares of
Common Stock or upon the prior approval of a majority of the board of
directors, excluding any director nominated by Emerson;
o solicit a proxy or become a participant in a proxy solicitation in
opposition to any matter which has been recommended by a majority of
the members of the board of directors or propose or otherwise solicit
stockholders of MKS for approval of any stockholder proposals, or
otherwise seek to influence the management of MKS; or
o take any action to seek control of MKS.
Restrictions on Resale. The Shareholder Agreement provides that Emerson
shall not, and shall not permit its subsidiaries to, transfer any of the shares
of Common Stock received pursuant to the Master Agreement to any person or
entity that competes in any of the same principal markets as MKS or any person
or entity (other than "Institutional Shareholders", as defined in the
Shareholder Agreement) which Emerson knows that, as a result of such
transaction, would own more than 5% of the then outstanding shares of Common
Stock. These restrictions do not apply to any block trade crossed through the
Nasdaq National Market unless the broker or market-maker effecting such sale
has actual knowledge that as a result of such sale the eventual buyer would own
5% of the outstanding Common Stock.
None of the foregoing restrictions on the transfer or disposition of
shares of Common Stock by Emerson shall apply to:
o any transfer to Emerson or its subsidiaries; or
o any transfer under a tender or exchange offer made by MKS or
recommended by the MKS board of directors to its stockholders.
Registration Rights. Under the Shareholder Agreement, Emerson is entitled
to require MKS to register the shares of Common Stock issued in connection with
the Master Agreement under the Securities Act of 1933 (the "Securities Act").
Under the Shareholder Agreement, Emerson may, on up to three occasions, require
MKS to register its shares of Common Stock for resale under the Securities Act
in an underwritten offering (a "Demand Registration"). Emerson shall not make
more than one request for a Demand Registration in any twelve month period. MKS
will not, subject to certain exceptions, be required to register more than four
million shares of Common Stock prior to the date which is one year after the
expiration of the lock-up period, eight million shares of Common Stock prior to
the date which is two years after the expiration of the lock-up period, and
twelve million shares of Common Stock prior to the time which is three years
after the expiration of the lock-up period.
In addition, under the Shareholder Agreement, if MKS proposes to register
any of its Common Stock under the Securities Act, either for its account or for
the account of other security holders, Emerson is entitled to notice of the
registration and to include its, and its subsidiaries, shares of Common Stock
in the registration (a "Piggyback Registration"). The registration rights held
by Emerson are subject to conditions and limitations, including the right of
the underwriters of an offering to limit the number of shares included in such
registration and MKS' right not to effect a requested registration if it has a
bona fide intention to file a registration statement for an underwritten public
offering within 60 days of receiving a registration request.
In connection with any Demand Registration or Piggyback Registration, MKS
is responsible for paying all of the expenses of any such registration, except
that any underwriters fees, discounts or commissions or out-of-pocket expenses
relating to the sale of Emerson's or its subsidiaries' shares of Common Stock
shall be borne by Emerson.
The Reporting Persons intend to review their holdings in the Issuer on a
continuing basis and, depending upon the price of the Issuer's securities,
subsequent developments affecting the Issuer, the business prospects of the
Issuer, general stock market and economic conditions, tax considerations and
other factors deemed relevant, may consider increasing or decreasing their
investment in the Issuer, subject to the limitations of the Shareholder
Agreement. As part of this ongoing review, the Reporting Persons have engaged
and/or may in the future engage, legal and financial advisors to assist them in
such review and in evaluating strategic alternatives that are or may become
available with respect to their holdings in the Issuer.
Except as set forth in this Statement and in connection with the
transactions described above, none of the Reporting Persons has any plan or
proposals that relate to or would result in any of the transactions described
in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a) For the purposes of Rule 13d-3 promulgated under the Exchange Act,
Emerson may be deemed to beneficially own 26,887,542 shares of Common Stock, or
approximately 54.0% of the outstanding shares of Common Stock.
For the purposes of Rule 13d-3 promulgated under the Exchange Act, Astec
may be deemed to beneficially own 8,963,389 shares of Common Stock, or
approximately 18.0% of the outstanding shares of Common Stock.
Emerson disclaims the existence of a group (pursuant to the Shareholder
Agreement, Voting Agreement or otherwise) and the Reporting Persons are filing
this Statement jointly pursuant to Rule 13d-1(k)(1) promulgated under the
Exchange Act.
Except as set forth in this Item 5(a), none of the Reporting Persons, and,
to the best of the knowledge of each Reporting Person, any persons named in
Schedule A or Schedule B hereto, owns beneficially any Shares.
(b) By virtue of the relationship set forth under Item 2 of this
Statement, Emerson may be deemed to have the sole power to vote or direct the
vote and sole power to dispose or direct the disposition of 3,036,611 shares of
Common Stock held by it directly and the shared power to direct the disposition
of and vote of the 8,963,389 shares of Common Stock held by Astec.
By virtue of the Voting Agreement, the details of which are set forth
under Item 4 of this Statement, Emerson may be deemed to have the shared power
to vote or direct the vote of the 14,887,542 shares of Common Stock held by the
Stockholders for the limited purposes described in Item 4 of this Statement.
Astec has the shared power to vote or direct the vote and the shared power
to dispose or direct the disposition of the 8,963,389 shares of Common Stock
held by it.
(c) None of the Reporting Persons or any of the persons set forth in
Schedule A or Schedule B has effected any transaction in the shares of Common
Stock during the past 60 days.
(d) Emerson and Astec each shall be entitled to receive dividends declared
on their respective shares of Common Stock and proceeds from the sale of the
shares of Common Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
See response to Item 4.
A copy of the Agreement and Plan of Merger, Voting Agreement and
Shareholder Agreement are attached hereto as Exhibits 2, 3 and 4 respectively
and are incorporated herein by reference.
Except for the agreements described in the response to Item 4, to the best
knowledge of the Reporting Persons, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) between the persons
enumerated in Item 2, and any other person, with respect to any securities of
the Issuer, including, but not limited to, transfer or voting of any of the
securities, finder's fees, joint ventures, loan or option arrangements, puts or
calls, guarantees of profits, division of profits or loss, or the giving or
withholding of proxies.
Item 7. Material to be Filed as Exhibits.
Exhibit 1: Joint Filing Agreement
Exhibit 2: Agreement and Plan of Merger with respect to the Acquisition of
the ENI Business dated as of October 30, 2001 between Emerson
Electric Co. and MKS Instruments, Inc.
Exhibit 3: Shareholder Agreement dated as of January 31, 2002 among MKS
Instruments, Inc. and Emerson Electric Co.
Exhibit 4: Voting Agreement dated as of October 30, 2001 between Emerson
Electric Co. and John R. Bertucci, Claire R. Bertucci and
certain other parties set forth in Schedule 1 to such Voting
Agreement.
Exhibit 5: Joinder Agreement to the Voting Agreement dated as of December
14, 2001 by Robinson Hill L.P.
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Date: February 7, 2002
EMERSON ELECTRIC CO.
By: /s/ Harley M. Smith
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Name: Harley M. Smith
Title: Assistant Secretary
ASTEC AMERICA, INC.
By: /s/ David C. Moon
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Name: David C. Moon
Title: Vice President
SCHEDULE A
Executive Officers and Directors
of
Emerson Electric Co. ("Emerson")
The names of the Directors and the names and titles of the Executive Officers of Emerson Electric Co. are
set forth below. If no business address is given, the director's or officer's business address is 8000 W.
Florissant Avenue, St. Louis, MO 63136. Unless otherwise indicated below, all of the persons listed below are
citizens of the United States of America.
Directors
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Present Principal Occupation
Name and Business Address Including Name of Employer
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J.G. Berges President of Emerson
L.L. Browning, Jr. Retired
A.A. Busch III Chairman of the Board and President of Anheuser-
Anheuser-Busch Companies, Inc. Busch Companies, Inc.
One Busch Place
St. Louis, MO 63118
D.N. Farr Chief Executive Officer of Emerson
D.C. Farrell Chairman and Chief Executive Officer of The May
Department Stores Company
C. Fernandez G. Vice Chairman of the Board and Chief Executive
Grupo Modelo, S.A. de C.V. Officer of Grupo Modelo, S.A. de C.V.
Campos Eliseos No. 400, Piso 18
Lomas de Chapultepec
11000 Mexico, D.F.
Citizenship: Mexico
W.J. Galvin Executive Vice President and Chief Financial Officer
of Emerson
A.F. Golden Partner of Davis Polk & Wardwell
Davis Polk & Wardwell
450 Lexington Avenue
New York, NY 10017
R.B. Horton Retired
Stoke Abbas
South Stoke
Oxfordshire RG8 OJT
Citizenship: United Kingdom
C.F. Knight Chairman of the Board of Emerson
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Present Principal Occupation
Name and Business Address Including Name of Employer
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G.A. Lodge President of InnoCal Management, Inc.
InnoCal Management, Inc.
Park 80 West/Plaza One
Saddle Brook, NJ 07662
V.R. Loucks, Jr. Retired
1101 Skokie Blvd.
Suite 240
North Brook, IL 60062
R.B. Loynd Chairman of the Executive Committee, Furniture
Furniture Brands International, Inc. Brands International, Inc.
505 Morris Avenue
Springfield, NJ 07081
C.A. Peters Senior Executive Vice President of Emerson
J.W. Prueher Retired
4007 Atlantic Avenue
Virginia Beach, VA 23451
R.L. Ridgway Retired
W.M. Van Cleve Senior Counsel, Bryan Cave L.L.P.
Bryan Cave L.L.P.
1 Metropolitan Square, Ste. 3600
211 North Broadway
St. Louis, MO 63102-2750
E.E. Whitacre, Jr. Chairman and Chief Executive Officer of SBC
SBC Communications, Inc. Communications Inc.
175 E. Houston, Ste. 1300
San Antonio, TX 78205
Executive Officers (who are not also Directors)
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W. Wayne Withers Senior Vice President, Secretary and General
Counsel of Emerson
E.L. Monser Chief Operating Officer of Emerson
SCHEDULE B
Executive Officers and Directors
of
Astec America, Inc.
The names of the Directors and the names and titles of the Executive Officers of Astec America are set
forth below. If no business address is given, the director's or officer's business address is 5810 Van Allen
Way, Carlsbad, California 92008. Unless otherwise indicated below, all of the persons listed below are citizens
of the United States of America.
Directors
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Present Principal Occupation
Name and Business Address Including Name of Employer
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J.L. Geldmacher President of Astec America
W. Hartleb Director Receivables Management, Astec America
M.D. Smith Chief Operating Officer of Astec International
Astec International Holdings Holdings Limited
10th Floor, La Plaza
2 Wing Yip Street
Kulun Tons
Hong Kong
Executive Officers (who are not also Directors)
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Not applicable