JPS Industries Inc. plans to deregister its common stock and end its reporting obligations under the Securities Exchange Act of 1934 on Aug. 31 because of increasing financial costs and time spent managing regulations.
Once the maker of extruded urethanes, polyurethanes and mechanically formed gas substrates for specialty industrial applications fills out the proper forms at the end of August, the process will begin. Deregistration probably will become final 90 days after that, according to Charles J. Tutterow, executive vice president and chief financial officer.
After JPS stops filling out Securities and Exchange Commission-required forms, its stock will be pulled from Nasdaq. JPS anticipates that its common stock will be traded over the counter, although Tutterow said it cannot guarantee that will happen. The company said it will continue to report results to shareholders and the public on an annual and quarterly basis.
The Greenville, S.C.-based firm ``determined that the increasing financial cost and commitment of management's time to ever-increasing regulatory requirements have become an extensive burden that will only grow over time,'' said Michael L. Fulbright, JPS chairman, president and chief executive officer.
JPS' specialty industrial goods are used in a variety of applications, including printed electronic circuit boards, advanced composite materials, aerospace components, filtration and insulation products, surfboards, construction substrates, plasma display screens, athletic shoes, commercial and institutional roofing, reservoir covers, and medical, automotive and industrial components. Operations are in Slater, S.C.; Westfield, N.C.; and Easthampton, Mass.