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): May 17, 2010
__________________________________________
Lakeland
Industries, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
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0-15535
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13-3115216
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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701 Koehler Avenue, Suite 7,
Ronkonkoma, New York 11779-7410
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (631)
981-9700
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Not Applicable
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(Former
Name or Former Address, if Changed Since Last Report)
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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)
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o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
1.01
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Entry
into a Material Definitive
Agreement
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Christopher J.
Ryan, CEO of Lakeland Industries, Inc., (“Lakeland”) announced that effective
May 17, 2010, the commercial relationship between E.I. du Pont de Nemours and
Company (“DuPont”) and Lakeland will change with regard to the sale of Tyvek®
and Tychem®.
Historically,
Lakeland pursuant to a Trademark License Agreement with DuPont
utilized DuPont trademark logos to market DuPont Tyvek® and Tychem® fabrics made
into garments by Lakeland. Lakeland bought all its Tyvek® and Tychem® fabrics
from DuPont directly and processed these fabrics into protective garments.
Pursuant to new contracts with DuPont, Lakeland will no longer buy fabrics from
DuPont to make garments, but has agreed to buy instead finished garments
directly from DuPont
and
market and sell DuPont garments
as a wholesale distributor.
Nonetheless,
in certain instances where Lakeland makes customized garments, not made by
DuPont, DuPont will continue to sell Tyvek® and Tychem® fabrics to Lakeland.
These new agreements are transition agreements until Lakeland sells the
remainder of its Tyvek® and Tychem® raw material and finished goods inventories,
estimated to be by this year end. Thereafter, DuPont and Lakeland intend to sign
a multi-year agreement which would be similar to the above arrangement with
potential modifications between the parties based upon experience during this
interim period.
Item
9.01
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Financial
Statements and Exhibits.
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(a)
Financial Statements: Not applicable.
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(b)
Exhibits: Not
applicable.
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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.
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LAKELAND
INDUSTRIES, INC. |
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Date: May
21, 2010 |
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By:
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/s/ Christopher
J. Ryan |
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Christopher
J. Ryan |
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President
& CEO |
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