UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December , 2003
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Commission File Number: 001-13196
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DESC, S.A. DE C.V.
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(Translation of registrant's name into English)
PASEO DE LOS TAMARINDOS 400-B, BOSQUES DE LAS LOMAS, 05120 MEXICO, D.F., MEXICO
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(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F __
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes |_| No |X|
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-___________
The following is included in this report on Form 6-K:
Item
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1. Press Release, dated December 15, 2003, announcing the
resignation of the Registrant's Executive Vice President
and the start of the Registrant's administrative
restructuring
[Desc Logo] Item 1
[Photograph of Desc's Corporate Building]
Contacts:
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In Mexico: In New York:
Arturo D'Acosta Ruiz Melanie Carpenter
Alejandro de la Barreda Gomez Phone: 212-406-3693
Tel: (5255) 5261-8037 mcarpenter@i-advize.com
alejandro.delabarreda@desc.com.mx -----------------------
www.desc.com.mx
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DESC ANNOUNCES THE RESIGNATION OF ITS EXECUTIVE VICE PRESIDENT
AND THE START OF ITS ADMINISTRATIVE RESTRUCTURE
Mexico City, December 15, 2003 - DESC, S.A. de C.V. (NYSE: DES; BMV: DESC)
announced today that Luis Tellez will resign as Executive Vice President of Desc
effective December 31, 2003.
Tellez has accepted a position at an investment fund beginning January of 2004.
Fernando Senderos, Chief Executive Officer and Chairman of the Board of Desc,
appreciates his contributions and acknowledges his performance within the
Company's Executive Committee.
Luis Tellez will remain a member of the Board of Directors.
Fernando Senderos M. has decided that due to this resignation, and as part of
the Company's cost-reduction program, a replacement for the position of
Executive Vice President will not be named.
Mr. Senderos will perform the duties of the Executive Vice President and will
propose eliminating the Executive Committee at the next Shareholders' Meeting.
In the next few days, the Company will announce a new administrative and
operating structure that will allow Desc to be a more efficient, competitive and
flexible company according to the current business environment.
Mr. Senderos stated, "These are challenging years and we are certain that with
these measures we will be able to successfully face and achieve the Company's
main objectives, which are to have a profitable company and to give value to our
shareholders. With respect to Luis' decision, I wish him great success in his
new position, and I am certain that we will continue to work together within
Desc's Board in creating value for its shareholders."
DESC, S.A. DE C.V. IS ONE OF MEXICO'S LARGEST INDUSTRIAL GROUPS WITH SALES OF
APPROXIMATELY US$ 2 BILLION DURING 2002, AND OVER 16,000 EMPLOYEES. THROUGH ITS
SUBSIDIARIES, THE COMPANY IS A LEADING OPERATOR IN THE AUTOPARTS, CHEMICAL, FOOD
AND REAL ESTATE SECTORS.
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This press release contains "forward-looking statements" (within the meaning
of the Private Securities Litigation Reform Act of 1995) that reflect the
current views of Desc's management with respect to future events. The words
"anticipate," "believe," "estimate," "expect," "intend," "may," "plan,"
"project," and "should" and similar expressions generally are intended to
identify forward-looking statements. These statements are subject to risks,
uncertainties and changes in circumstances. Actual results may differ
materially from present expectations as a result of many factors, including,
but not limited to, changes in global and domestic political, economic,
business, competitive, market and regulatory factors, the cyclicality of the
autoparts and chemicals industries and other factors which are described under
the heading "Risk Factors" in Desc's most recent Annual Report on Form 20-F
filed with the Securities and Exchange Commission. Desc does not assume any
obligation to update these forward-looking statements. Any forward-looking
statement speaks only as of the date on which it is made.
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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, thereunto duly authorized.
Desc, S.A. de C.V.
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(Registrant)
Date: December 15, 2003 By /s/ Arturo D'Acosta Ruiz
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Name: Arturo D'Acosta Ruiz
Title: Chief Financial Officer