content: <PAGE>
   
                        SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, DC 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) January 20, 1998
                                          
                     Integrated Packaging Assembly Corporation
                 -------------------------------------------------
               (Exact name of registrant as specified in its charter)
  
  
             Delaware                       0-27712               77-0309372
   ------------------------------   ----------------------    ------------------
  (State or other jurisdiction of  (Commission file number)    (I.R.S. Employer 
   incorporation or organization)                             Identification No.)
  
  
  2221 Old Oakland Road, San Jose, California                     95131-1402
  -----------------------------------------------                 -------------
  (Address of principal executive offices)                        (Zip Code)
  
  
  Registrant's telephone number, including area code: (408) 321-3600
  
                                        -1-
  <PAGE>
   
  ITEM 2. OTHER EVENTS
   
  Integrated Packaging Assembly Corporation (the "Company") entered into a
  Purchase and Sale Agreement dated November 20, 1997, in connection with the sale
  of certain imp roved real property located at 2219-2221 Old Oakland Road, San
  Jose, California (the "Properties") and a Lease Agreement dated January 20,
  1998, for the lease of a building and related property located at 2221 Old
  Oakland Road, San Jose, California. Pursuant to the Purchase and Sale
  Agreement, the Company sold the Properties to Lincoln Property Company N.C.,
  Inc. ("Lincoln"), and pursuant to the terms of the Lease Agreement, Lincoln
  agreed to lease the building and related properties at 2221 Old Oakland Road to
  the Company for a term of 10 years (with options to extend the lease for two
  successive five year periods) at a base rent of $82,390 per month, subject to
  adjustment over the term of the lease. Net proceeds to the Company from the sale
  of the Properties, which closed on January 20, 1998, were $7.3 million, net of
  the transfer of $6.6 million of debt to Lincoln, fees, commissions and closing
  costs. The Company intends to use the net proceeds from this sale for the
  purchase of capital equipment and working capital purposes.
   
   
   
  ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
   
    a. Financial Statements: not applicable
  
    b. Pro Forma Financial Information: not applicable
  
    c. Exhibits:
  
                  10.26  Purchase and Sale Agreement dated November 20, 1997,
                  between the Company and Lincoln Property Company N.C., Inc.
  
                  10.27  Lease Agreement dated January 20, 1998, between the
                  Company and Lincoln Property Company, N.C., Inc.
  
                                        -2-
  <PAGE>
   
                                    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 duty authorized.
   
   
  Dated: January 30, 1998       Integrated Packaging Assembly Corporation
   
                                By: /s/ Alfred V. Larrenaga
                                   ___________________________________
                                   Alfred V. Larrenaga
                                   Vice President and Chief Financial Officer
  
                                        -3-
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metadata_filer: {"company-data": {"conformed-name": "INTEGRATED PACKAGING ASSEMBLY CORP", "cik": "0000924101", "assigned-sic": "3674", "irs-number": "770309372", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27712", "film-number": "98518628"}, "business-address": {"street1": "2221 OLD OAKLAND RD", "city": "SAN JOSE", "state": "CA", "zip": "95131-1402", "phone": "4083213600"}, "mail-address": {"street1": "2221 OLD OAKLAND ROAD", "city": "SAN HOSE", "state": "CA", "zip": "95131-1402"}}
text: SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, DC 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) January 20, 1998
                                          
                     Integrated Packaging Assembly Corporation
                 -------------------------------------------------
               (Exact name of registrant as specified in its charter)
  
             Delaware                       0-27712               77-0309372
   ------------------------------   ----------------------    ------------------
  (State or other jurisdiction of  (Commission file number)    (I.R.S. Employer 
   incorporation or organization)                             Identification No.)
  
  2221 Old Oakland Road, San Jose, California                     95131-1402
  -----------------------------------------------                 -------------
  (Address of principal executive offices)                        (Zip Code)
  
  Registrant's telephone number, including area code: (408) 321-3600
  
                                        -1-
  ITEM 2. OTHER EVENTS
   
  Integrated Packaging Assembly Corporation (the "Company") entered into a
  Purchase and Sale Agreement dated November 20, 1997, in connection with the sale
  of certain imp roved real property located at 2219-2221 Old Oakland Road, San
  Jose, California (the "Properties") and a Lease Agreement dated January 20,
  1998, for the lease of a building and related property located at 2221 Old
  Oakland Road, San Jose, California. Pursuant to the Purchase and Sale
  Agreement, the Company sold the Properties to Lincoln Property Company N.C.,
  Inc. ("Lincoln"), and pursuant to the terms of the Lease Agreement, Lincoln
  agreed to lease the building and related properties at 2221 Old Oakland Road to
  the Company for a term of 10 years (with options to extend the lease for two
  successive five year periods) at a base rent of $82,390 per month, subject to
  adjustment over the term of the lease. Net proceeds to the Company from the sale
  of the Properties, which closed on January 20, 1998, were $7.3 million, net of
  the transfer of $6.6 million of debt to Lincoln, fees, commissions and closing
  costs. The Company intends to use the net proceeds from this sale for the
  purchase of capital equipment and working capital purposes.
   
   
   
  ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
   
    a. Financial Statements: not applicable
  
    b. Pro Forma Financial Information: not applicable
  
    c. Exhibits:
  
                  10.26  Purchase and Sale Agreement dated November 20, 1997,
                  between the Company and Lincoln Property Company N.C., Inc.
  
                  10.27  Lease Agreement dated January 20, 1998, between the
                  Company and Lincoln Property Company, N.C., Inc.
  
                                        -2-
  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 duty authorized.
   
   
  Dated: January 30, 1998       Integrated Packaging Assembly Corporation
   
                                By: /s/ Alfred V. Larrenaga
                                   ___________________________________
                                   Alfred V. Larrenaga
                                   Vice President and Chief Financial Officer
  
                                        -3-