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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</p>
<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Washington, D.C. 20549</p>
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<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 8-K</p>
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<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT</p>
<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</p>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="FIS_UNIDENTIFIED_TABLE"></a>&#160;</p>
<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date of Report (Date of earliest event reported)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight:bold;">April 2, 2015 (April 1, 2015)</font></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">KMG Chemicals, Inc.</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(IRS Employer</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">File Number)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Identification No.)</p></td>
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<p style="line-height:0pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">9555 W. Sam Houston Parkway S., Suite 600, Houston, Texas</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">77099</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Address of principal executive offices)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Zip Code)</p></td>
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<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Registrant&#8217;s telephone number, including area code <font style="font-weight:bold;">713-600-3800</font></p>
<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
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<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Former name or former address, if changed since last report.)</p>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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:</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p></td>
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<p style="text-align:center;Background-color:#010101;margin-top:8pt;line-height:2pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"><a name="eolPage2"></a>&nbsp;</p>

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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="FIS_CHANGE_IN_ACCOUNTANT"></a>Item 1.01<font style="margin-left:36pt;">Entry into a Material Definitive Agreement</font></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April 1, 2015, KMG Chemicals, Inc. (the &#8220;Company&#8221;) entered into an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) with Valves Incorporated of Texas (&#8220;Val-Tex&#8221;), a privately held Texas corporation, pursuant to which the Company will acquire Val-Tex in a merger transaction. Val-Tex manufactures and distributes industrial sealants and lubricants, primarily to the oil and gas storage, pipeline and gas distribution markets, as well as related products, such as lubrication equipment and fittings. In addition to the lubricants business, Val-Tex also owns 606,875 shares of the Company&#8217;s common stock. Additional parties to the Merger Agreement include KMG Victoria I, LLC and KMG Victoria II, LLC, both subsidiaries of the Company formed to facilitate the merger, and the two principal shareholders of Val-Tex, Fred C. Leonard III and Jason Councill. Mr. Leonard is the majority shareholder, president and chief executive officer of Val-Tex. He is also a director of the Company. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Under the terms of the Merger Agreement, Val-Tex will become a wholly owned subsidiary of the Company, and the current shareholders of Val-Tex will receive a combination of cash and common stock of the Company in exchange for all of the outstanding shares of Val-Tex. The merger consideration is $23.5 million in cash plus 606,875 shares of common stock of the Company. The 606,875 shares of the Company now owned by Val-Tex will be cancelled at the time of the merger, and no additional net shares of the Company will be outstanding after the completion of the merger. The Company will pay an additional amount in cash for the value of inventory at closing in excess of estimated inventory of $1.5 million. The Company will also assume liabilities of approximately $0.5 million. The selling shareholders of Val-Tex will distribute cash, accounts receivable and accounts payable of Val-Tex prior to the merger. The acquisition is expected to close in May 2015, and is subject to certain closing conditions. A copy of the Merger Agreement is attached as Exhibit 10.35 to this Current Report on Form 8-K and is incorporated herein by reference.&nbsp;&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A copy of the press release announcing the acquisition is attached as Exhibit 99.1 to this Current Report on Form 8&#8209;K and is incorporated herein by reference.</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"><a name="FIS_FINANCIAL_STATEMENTS_AND_EXHIBITS"></a>&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 9.01 <font style="margin-left:36pt;">Financial Statements and Exhibits</font></p>
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<p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)</p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Agreement and Plan of Merger dated as of April 1, 2015, among KMG Chemicals, Inc., Valves Incorporated of Texas, KMG Victoria I, LLC, KMG Victoria II, LLC and the Principal Shareholders and the Shareholders&#8217; Representative named therein.</p></td></tr></table></div>
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<p style="margin-top:0pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Press Release, dated April 1, 2015.</p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"><a name="FIS_SIGNATURES"></a>&nbsp;</p>
<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES</p>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.7pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ Christopher T. Fraser</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:60.7pt;;text-indent:-10pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date: April 2, 2015</p></td>
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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)
April 2, 2015 (April 1, 2015)
KMG Chemicals, Inc.
(Exact name of registrant as specified in its charter)
TEXAS
001-35577
75-2640529
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
9555 W. Sam Houston Parkway S., Suite 600, Houston, Texas
77099
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
713-600-3800
(Former name or former address, if changed since last report.)
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:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement
On April 1, 2015, KMG Chemicals, Inc. (the "Company") entered into an Agreement and Plan of Merger (the "Merger Agreement") with Valves Incorporated of Texas ("Val-Tex"), a privately held Texas corporation, pursuant to which the Company will acquire Val-Tex in a merger transaction. Val-Tex manufactures and distributes industrial sealants and lubricants, primarily to the oil and gas storage, pipeline and gas distribution markets, as well as related products, such as lubrication equipment and fittings. In addition to the lubricants business, Val-Tex also owns 606,875 shares of the Company's common stock. Additional parties to the Merger Agreement include KMG Victoria I, LLC and KMG Victoria II, LLC, both subsidiaries of the Company formed to facilitate the merger, and the two principal shareholders of Val-Tex, Fred C. Leonard III and Jason Councill. Mr. Leonard is the majority shareholder, president and chief executive officer of Val-Tex. He is also a director of the Company.
Under the terms of the Merger Agreement, Val-Tex will become a wholly owned subsidiary of the Company, and the current shareholders of Val-Tex will receive a combination of cash and common stock of the Company in exchange for all of the outstanding shares of Val-Tex. The merger consideration is $23.5 million in cash plus 606,875 shares of common stock of the Company. The 606,875 shares of the Company now owned by Val-Tex will be cancelled at the time of the merger, and no additional net shares of the Company will be outstanding after the completion of the merger. The Company will pay an additional amount in cash for the value of inventory at closing in excess of estimated inventory of $1.5 million. The Company will also assume liabilities of approximately $0.5 million. The selling shareholders of Val-Tex will distribute cash, accounts receivable and accounts payable of Val-Tex prior to the merger. The acquisition is expected to close in May 2015, and is subject to certain closing conditions. A copy of the Merger Agreement is attached as Exhibit 10.35 to this Current Report on Form 8-K and is incorporated herein by reference.
A copy of the press release announcing the acquisition is attached as Exhibit 99.1 to this Current Report on Form 8‑K and is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits.
10.
35
Agreement and Plan of Merger dated as of April 1, 2015, among KMG Chemicals, Inc., Valves Incorporated of Texas, KMG Victoria I, LLC, KMG Victoria II, LLC and the Principal Shareholders and the Shareholders' Representative named therein.
99.1
Press Release, dated April 1, 2015.
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.
KMG Chemicals, Inc.
By:
/s/ Christopher T. Fraser
Date: April 2, 2015
Christopher T. Fraser,
President and Chief Executive Officer