<PAGE>   1
 
================================================================================
 
                       SECURITIES AND EXCHANGE COMMISSION
 
                             WASHINGTON, D.C. 20549
                             ---------------------
 
                                   FORM 10-K
 
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
    OF 1934
 
                    For the fiscal year ended March 31, 1997
                                       or
 
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934
             For the Transition period from           to
                         Commission File Number 0-5240
 
                             ---------------------
 
                            VERSA TECHNOLOGIES, INC.
             (Exact name of registrant as specified in its charter)
 
<TABLE>
<S>                                                         <C>
                      DELAWARE                                                   39-1143618
           (State or other jurisdiction of                                    (I.R.S. Employer
           incorporation or organization)                                    Identification No.)
               9301 WASHINGTON AVENUE                                            53408-5012
                   P.O. BOX 085012                                               (Zip Code)
                  RACINE, WISCONSIN
      (Address of principal executive offices)
</TABLE>
 
                             ---------------------
 
              Registrant's telephone number, including area code:
                                 (414) 886-1174
 
           SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT
                                      None
 
           SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT
 
                              TITLE OF EACH CLASS
 
                          COMMON STOCK, $.01 PAR VALUE
                             ---------------------
 
     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or such shorter period that the Registrant
was required to file such reports), and (2) has been subject to such filing
requirements for at least the past 90 days. Yes [X]  No [ ]
 
     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in a definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
10-K. [X]
 
     Aggregate market value of Versa Technologies, Inc. Common Stock, held by
non-affiliates as of May 30, 1997, was $73,006,612.
 
     Indicate the number of shares outstanding of each of the issuer's classes
of Common Stock as of May 30, 1997: 5,580,610 shares of Common Stock, $.01 par
value.
 
                      DOCUMENTS INCORPORATED BY REFERENCE
 
1. Portions of Versa Technologies, Inc. 1997 Annual Report to Shareholders
   (Parts I, II and IV of Form 10-K)
 
2. Portions of Versa Technologies, Inc. Notice of Annual Meeting and Proxy
   Statement dated June 16, 1997 (Parts I and III of Form 10-K)
 
================================================================================
<PAGE>   2
 
                                     PART I
 
ITEM 1 BUSINESS
 
(a) General Development of Business
 
     Versa Technologies, Inc. (The "Company") was organized under Wisconsin law
in November 1970, as the result of the consolidation of Plastics Corporation of
America, Inc. (a Minnesota corporation formed in 1960) and Milwaukee Cylinder
Corporation (a Wisconsin corporation formed in 1967). In July 1986, the Company
changed its state of incorporation from Wisconsin to Delaware.
 
     The Company comprises three business segments serving diverse markets. The
Electronics Segment designs and manufactures custom electronic and electrical
systems for a broad range of applications. The Engineered Materials Segment
fabricates custom components from elastomers for special applications requiring
a high degree of engineering expertise and product quality. The Fluid Power
Segment manufactures custom engineered cylinders; hydraulic devices that raise,
lower, stabilize, or level semitrailers, trucks, recreational vehicles and a
variety of off-highway vehicles and equipment; and electrically powered systems
that serve as drive mechanisms for slideout rooms on trailers and recreational
vehicles.
 
(b) Financial Information About Industry Segments
 
     The sales and operating income of each industry segment and the
identifiable assets attributable to each industry segment for the three years
ended March 31, 1997, are set forth in Note 14 of the Notes to Consolidated
Financial Statements on pages 23 and 24 of the Company's 1997 Annual Report to
Stockholders, which note is incorporated herein by reference.
 
(c) Narrative Description of Business
 
                          ENGINEERED MATERIALS SEGMENT
 
     The Company's Engineered Materials Segment is comprised of two silicone
businesses, Mox-Med (medical applications) and Moxness Products (industrial
applications). These businesses share extensive design and process capabilities
for the custom fabrication of silicone rubber components. Abilities in chemical
engineering provide customers with specially formulated materials for unique
applications. Molding capabilities include compression and transfer molding,
injection molding with millable liquid silicones, and liquid injection molding.
Expertise in silicone extrusion includes the production of flat tapes, shapes
and profiles, co-extrusions, and tubing.
 
     Key to the Segment's success is the sophistication of its manufacturing and
quality control facilities, its in-house tooling and compounding capabilities,
and the expertise of its engineering staff who assist customers in product
design and selection of appropriate materials. To enhance its capabilities, the
Company has invested heavily in state-of-the-art manufacturing, research and
testing equipment. The Company completed the installation of a class 100,000
industrial clean room at its East Troy, Wisconsin plant to allow for the
manufacture of parts with higher cleanliness standards for industrial
applications.
 
     Silicone elastomers are a broad family of synthetic polymers that are
partly organic and partly inorganic. These materials are characterized by low
surface tension, chemical inertness, excellent water repellency, good electrical
properties and weatherability, and extreme temperature tolerance. In addition,
the service life of silicone rubber is far superior to other elastomers under
any conditions. These characteristics make silicone the best alternative for a
wide variety of challenging applications in diverse markets.
 
                                        2
<PAGE>   3
 
MOXNESS PRODUCTS
 
     Since 1952, Moxness has served the industrial marketplace with molded and
extruded parts for the automotive, appliance, aerospace, and business equipment
markets. Automotive applications include diaphragms and seals used in
"under-the-hood" applications and buttons used on remote control transmitters
inside the vehicle. Silicone rollers are used in high volume laser printers and
laminating equipment. Tubing and gaskets are produced for commercial ovens and
refrigeration systems, and are used as seals in computers and business
equipment. Mox-Tape(R), a self-adhering silicone tape, is used in a variety of
applications requiring environmental insulation. It is wrapped around wire
harnesses in aircraft, covers splices and terminations on power cables, and used
to insulate motor and generator coils.
 
MOX-MED
 
     One of the most significant areas for the application of silicone rubber is
the medical device market. In July 1983, the Company established a separate unit
to expand the marketing of silicone rubber components to the medical device
market. Manufacturers recognize that silicone rubber offers distinct advantages
over other elastomers and polymers. Silicone rubber has many physical properties
critical to the health care industry including biocompatibility, radiation and
heat resistance, chemical and fluid resistance, tear resistance, cohesion and
flexibility. Properly formulated and cured silicone rubber is odorless and
tasteless. It will not support bacterial growth and does not irritate the skin
or other organs. Because of its superior resistance to chemicals and temperature
extremes, silicone rubber can withstand common sterilization methods.
 
     Mox-Med extrudes silicone tubing for a wide range of applications,
including drug delivery systems, peristaltic pumps, surgical and wound drains,
intravenous and enteral feeding lines, dialysis tubes, catheters, and blood
sampling lines. The company produces tubing in an unlimited number of sizes and
configurations. Diameters range from 0.01" to several inches. Other silicone
extrusions include vessel loops and surgical paws used to identify and clamp off
blood vessels during surgery, and tapes used in the manufacture of check valves
for a variety of applications. Molded silicone parts include diaphragms which
provide precise metering or regulation of fluid and air flow in intravenous
pumps, dialysis machines and respirators; duck bills and check valves used to
control fluid or gas in intravenous lines and anesthetic equipment; and infusion
sleeves and test chambers which are used in cataract surgery.
 
     The engineering, manufacturing and marketing of silicone rubber components
for the medical device market requires special expertise to ensure that exacting
regulatory standards, notably those of the Food and Drug Administration, are
met. Careful manufacturing practices must be performed under clean room
conditions to prevent impurities from accidentally contaminating the silicone
product. Mox-Med's manufacturing facility in Portage, Wisconsin has a controlled
manufacturing environment designed to meet the highest standards for
cleanliness.
 
     Mox-Med received ISO 9002 certification early in fiscal 1997. ISO 9002 is
an internationally recognized guide for development of a comprehensive quality
system. ISO 9002 standards related to manufacturing and the associated support
functions. The company is working on certification to ISO 9001, which includes
product design control. This certification will enhance Mox-Med's competitive
position in the medical device market.
 
MARKETING
 
     Both Moxness and Mox-Med market their capabilities nationwide.
Approximately 90% of sales are by internal sales personnel. The balance of sales
are through independent manufacturers' representative organizations.
 
     The Segment's strategy is to focus its sales and engineering efforts on
those market niches that demand a higher level of product quality and
engineering expertise.
 
                                        3
<PAGE>   4
 
COMPETITION
 
     The Engineered Materials Segment competes directly with a number of
manufacturers who provide silicone rubber components and competes indirectly
with manufacturers of parts from other elastomers. The major portion of
production is manufactured for specific customers. The Segment differentiates
itself by providing exceptional quality and service and expert assistance in the
design of component parts, production tooling, and material selection and/or
formulation. Silicone rubber is most commonly used in applications where its
unique properties are either essential or afford a significant advantage over
less expensive elastomers. Competition may also take the form of certain
customers developing their own in-house capability to produce silicone rubber
components.
 
CUSTOMERS
 
     Industrial customers, which represent approximately 50% of this Segment's
sales, are manufacturers who incorporate the components into products they
produce such as business machines, automobiles, and electronic equipment. This
Segment's medical customers are primarily manufacturers of medical devices. This
Segment had no customers which exceeded 10% of the Company's consolidated sales.
 
ORDER BACKLOG
 
     As of March 31, 1997, the order backlog was $8,741,000 compared to
$12,356,000 one year ago. Included in the backlog figure a year ago was
$3,096,000 related to two plastics businesses which were disposed of during
fiscal 1997. It is anticipated that the order backlog is firm and will be filled
within the current fiscal year.
 
MISCELLANEOUS DATA
 
     Raw materials for the Engineered Materials Segment are available from a
limited number of non-affiliated suppliers.
 
     The Segment does not have a reliance upon patents, trademarks, licenses,
franchises or concessions in the conduct of their business.
 
     Business is not seasonal and does not require significant amounts of
working capital. Terms of sale are net 30 days. Inventory of raw material not
committed to a specific job is minimal.
 
     Sales to the U.S. Government which could be subject to re-negotiation
represent an immaterial portion of Engineered Materials Segment's business.
 
                              FLUID POWER SEGMENT
 
     The Company's Fluid Power Segment is comprised of two operating units.
Milwaukee Cylinder manufactures specially engineered cylinders, pressure
boosters, valves and fluid power products, as well as a standard line of
hydraulic and pneumatic cylinders. Power Gear(R) manufactures hydraulically-and
electrically-powered proprietary systems.
 
MILWAUKEE CYLINDER
 
     Cylinders convert liquid or air pressure into mechanical force. There are
several variables in cylinder design, such as bore (diameter of the cylinder),
stroke (length of the piston rod in extended and retracted positions) and
pressure application. Milwaukee Cylinder's standard line of cylinders include
bore variables from 1 1/8 inches up to 16 inches, stroke of up to 14 feet, and
pressure capacity of up to 5,000 pounds per square inch. The company stocks
cylinder parts within its standard range of variables allowing for the rapid
assembly and prompt delivery of cylinders to customer specifications.
Approximately 60% of the sales of fluid power components is attributable to
standard hydraulic and pneumatic cylinders and replacement parts. Remaining
sales consist of hydraulic and pneumatic
 
                                        4
<PAGE>   5
 
cylinders and other fluid power components custom engineered and manufactured to
meet customer specifications.
 
     Cylinders are used in a wide variety of applications including automated
production lines, machine tools, cotton baling machinery, food processing
equipment, boat drives and material handling. Pressure boosters produced by the
company are devices used in conjunction with a cylinder to increase output
force. They are used primarily in testing equipment, special metal working
equipment and specialty presses. Milwaukee Cylinder also designs and
manufactures highly specialized cylinders such as servo-actuators which are high
cycle rate cylinders used in vibration and fatigue life testing.
 
     The company's ability to offer strong engineering assistance, fast and
reliable delivery and high performance products enables it to meet its
customers' specific technological demands. The company has many long-standing
relationships with customers, built on years of service and the quality of its
products.
 
POWER GEAR(R)
 
     In 1981 Versa/Tek purchased the Power Gear product line. It consisted of a
single device, a hydraulic jack designed to raise and lower a truck trailer to
dock height. This system remains a mainstay in Power Gear's sales mix. However,
Power Gear's expertise in hydraulic systems has since been applied to a broad
range of new applications and new customers.
 
     Power Gear's line of hydraulically powered devices are used to level and
stabilize a variety of on and off-the-road vehicles, as well as rail and cargo
containers. Off-the-road applications include portable cement and asphalt
factories which are set up at the site of major construction projects. Power
Gear is the exclusive supplier to most manufacturers of this type of equipment.
 
     During fiscal 1994, Power Gear entered the recreational vehicle market. Its
initial offering was a specially designed leveling system for the high-end
motorhome market. These fully featured homes on wheels demand leveling to within
3 degrees of fully horizontal to ensure optimal performance of all systems.
Power Gear is the exclusive supplier of these systems to two of the country's
largest manufacturers of upscale motorhomes.
 
     During fiscal 1996, Power Gear introduced its new product line,
"slide-outs," for the RV industry. These electrically-powered systems act as the
drive mechanism for slide-out rooms on trailers and motor homes. Manufacturers
are offering trailers and motor homes with 8' to 16' long rooms that can
automatically telescope outward, expanding the room an additional 3 feet when
the vehicle is parked. This feature has become extremely popular, with
manufacturers now offering more than one slide-out on an individual trailer or
motor home.
 
MARKETING
 
     Milwaukee Cylinder's fluid power components, which represent approximately
34% of this Group's sales, are marketed primarily in the Midwest where there is
a heavy concentration of machine tool, materials handling and heavy equipment
manufacturing. The balance of the company's sales occur nationwide with a
nominal portion in Canada and the United Kingdom. Milwaukee Cylinder has
representation agreements with 46 active fluid power sales engineering firms
which maintain offices in the United States, Canada and the European Common
Market. Direct sales account for approximately 30% of fluid power component
sales.
 
     Power Gear's product line is marketed directly and through two independent
manufacturers' representative organizations to end users or original equipment
manufacturers in the United States and Canada. Regular advertising is placed in
trade journals.
 
                                        5
<PAGE>   6
 
COMPETITION
 
     Milwaukee Cylinder has several large competitors for fluid power components
and many competitors of comparable size. In addition, the company also faces
competition from manufacturers of fluid power substitutes. Milwaukee Cylinder's
sales to its diverse customer base remains strong. The company has many
long-term relationships with customers built on its reputation for engineering
expertise, product quality and ability to respond quickly.
 
     The Company is not aware of any other manufacturers of hydraulically
operated Power Gear systems for the transportation industry. There are several
competitors for Power Gear's slide-out systems for the recreational vehicle
market.
 
CUSTOMERS
 
     There was one significant customer for the Segment's fluid power products
in fiscal 1997, 1996, and 1995. As a percent of total Segment sales, this
customer accounted for 33% in fiscal 1997, 26% in fiscal 1995, and 22% in fiscal
1995.
 
ORDER BACKLOG
 
     As of March 31, 1997, the order backlog for the Fluid Power Segment was
$4,416,000 compared to $4,392,000 one year earlier. All of the order backlog is
firm and will be filled within the current fiscal year.
 
MISCELLANEOUS DATA
 
     Raw materials are readily available from several alternate sources.
 
     Business is not seasonal and working capital requirements are not
significant. Terms of sales are net 30 days.
 
     Sales to the U.S. Government which could be subject to negotiation
represent an immaterial portion of the business of the Fluid Power Group.
 
                              ELECTRONICS SEGMENT
 
     The Company acquired Eder Industries, Inc. ("Eder") on October 30, 1996.
Eder designs and manufactures electronic systems and wired panel assemblies for
original equipment manufacturers. Broad application experience and expertise in
both electronic and mechanical design give Eder the ability to offer customers
complete system development, from design to product testing to engineering
support.
 
     Eder's electronics are used in a broad range of applications in diverse
markets. Electronic products are used in factory automation and machine control,
systems for fire control, in controls for top-of-the-line whirlpools and
showers, and on material handling equipment. Eder's products are used in flow
monitoring systems used in water purification systems, in controls on packaging
equipment, and in computer-based instruments for medical applications.
 
     The strength of this Segment comes from the strong partnerships Eder has
built with its customers, many of whom are leaders in their respective
industries. Today as large companies are focusing on their core competencies,
they are outsourcing more products and services. As a result, Eder has become
the electronics arm for many of its customers, providing the engineering
expertise and manufacturing capabilities necessary to design and produce their
electronic systems.
 
     Eder's manufacturing capabilities include a high degree of vertical
integration which enables the company to target opportunities where they can add
value. Eder will populate the printed circuit board and add value to the
assembly by producing a complete electronic control system. Sophisticated
equipment for assembling printed circuit boards is used to automate procedures
and improve product
 
                                        6
<PAGE>   7
 
quality. The company's commitment to a total quality environment is reflected in
its ISO 9001 certification.
 
MARKETING
 
     Eder's sales and marketing efforts have been primarily in the midwest.
Ninety percent of Eder's sales are generated through direct sales
representatives. A manufacturers' representative organization has been
cultivating opportunities in the midwest. Future sales are expected to bring
this ratio closer to 75% direct sales versus 25% sales by manufacturers'
representatives.
 
COMPETITION
 
     Eder Industries has several competitors within the midwest that service the
same niche of contract electronics manufacturing. Eder positions itself by
offering a high degree of vertical integration and value-added capabilities that
sets the Company apart from its competitors.
 
CUSTOMERS
 
     Customers are original equipment manufacturers (OEM's) that incorporate
electronic/electro-mechanical sub-assemblies into applications which require a
high degree of reliability. There were no customers for this Segment which
exceeded 10% of the Company's consolidated sales.
 
ORDER BACKLOG
 
     As of March 31, 1997, the order backlog for the Electronics Segment was
$17,065,000 compared to $16,703,000 on the date of acquisition. Approximately
$2,500,000 of the backlog at March 31, 1997 was anticipated to be filled after
fiscal 1998.
 
MISCELLANEOUS DATA
 
     Most electronic components are available from alternate sources. There are,
however certain components which are sourced with a single supplier. A
catastrophic event at a supplier's facility might result in a lack of supply. In
addition, some electronic components have a short product life cycle, which can
result in the discontinuance of production for that component. In each of these
instances Eder engineers work with customers to redesign the electronic system
or to find a substitute component.
 
     Business is not seasonal and working capital requirements are not
significant. Terms of sales are net 30 days. Inventory of raw materials not
committed to a specific job is minimal.
 
                            THE BUSINESS IN GENERAL
 
     The Company does maintain a corporate research and development department
specifically related to one product line. The total amount spent during fiscal
1997 was not material. At the business units, research and development
expenditures are a function of the respective engineering departments and are
specific to customer projects. Costs associated with these projects are combined
with the overall engineering department costs.
 
     It is the opinion of management that compliance with Federal, State and
local provisions which regulate the discharge of materials into the environment,
or relate to the protection of the environment, will not require significant
capital expenditures or materially affect future earnings.
 
     The Company had minimal foreign sales and has no foreign operations.
 
                                        7
<PAGE>   8
 
                              SIGNIFICANT CUSTOMER
 
     There was one customer which accounted for more than 10% of the Company's
consolidated sales. This customer's percentage of the Company's consolidated
sales during fiscal 1997, 1996 and 1995 were 18%, 14% and 9.6% respectively.
 
                                   EMPLOYEES
 
     As of March 31, 1997, the Company had 702 active full-time employees.
 
                      EXECUTIVE OFFICERS OF THE REGISTRANT
 
At March 31, 1997, the names and ages of all executive officers of the Company
and all positions and offices held with the Company are listed below. There are
no family relationships between such persons.
 
<TABLE>
<CAPTION>
                                                                                          FIRST
                                                                                         ELECTED
                NAME                                       OFFICES                       OFFICER   AGE
                ----                                       -------                       -------   ---
<S>                                    <C>                                               <C>       <C>
James E. Mohrhauser..................  Chief Executive Officer & Chairman of the Board    1970     74
                                       of Directors of the Company
Thomas J. Magulski...................  President & Chief Operating Officer of the         1993     53
                                       Company
Robert M. Sukalich...................  Vice President Finance Treasurer & Assistant       1992     38
                                       Secretary of the Company
David J. McKendrey...................  President and Chief Operating Officer of the       1982     59
                                       Company's Fluid Power Segment
Richard H. Marks.....................  President and Chief Operating Officer of the       1996     59
                                       Company's Electronics Segment
Michael W. Garvey....................  President and Chief Operating Officer of the       1996     52
                                       Company's Engineered Materials Segment
</TABLE>
 
     All officers are elected annually by the Board of Directors at the first
Board meeting following each annual meeting of the stockholders. There are no
agreements between any of the officers and any other person pursuant to election
as an officer.
 
     Mr. Mohrhauser's, Mr. McKendrey's and Mr. Mark's occupations for the past
five years have been stated in the above table. Mr. Magulski was elected
President and Chief Operating Officer of the Company during December 1993. Mr.
Magulski worked as a business consultant for the Company from March 1992 through
September 1993. Prior to his involvement with the Company, he was Vice President
of Intertech Resources, Inc. Mr. Sukalich was elected Vice President of Finance
for the Company during July 1993. From July 1992 to July 1993, Mr. Sukalich was
Treasurer and Assistant Secretary for the Company. From January 1992 to July
1992, Mr. Sukalich was Controller and Assistant Treasurer for the Company. Mr.
Garvey was elected President and Chief Operating Officer of Moxness Products and
Mox-Med during December 1996. From April 1996 to December 1996 Mr. Garvey was
Vice President of Operations for this segment. Prior to his involvement with the
Company he was an Industry Manager with The Tech Group.
 
                                        8
<PAGE>   9
 
ITEM 2 PROPERTIES
 
     The following table sets forth certain information with respect to the
Company's principal facilities as of March 31, 1997:
 
<TABLE>
<CAPTION>
                                     SQUARE
                                     FEET OF
           LOCATION                FLOOR SPACE                DESCRIPTION AND PRINCIPAL USE
           --------                -----------                -----------------------------
<S>                                <C>            <C>
Racine, WI(1)..................      62,000       Sprinklered brick and cement block building located on
                                                  approximately three acres of land. Industrial silicone
                                                  rubber products manufacturing and general office.
East Troy, WI(1)...............      22,350       Sprinklered steel building on five acres of land.
                                                  Industrial silicone rubber products manufacturing.
Wausau, WI(1)..................      21,600       Sprinklered steel building on five acres of land.
                                                  Industrial silicone rubber products manufacturing.
Portage, WI(1).................      50,000       Sprinklered steel and brick building on eleven acres
                                                  of land. Medical silicone rubber products
                                                  manufacturing.
Cudahy, WI(1)..................      68,250       Sprinklered brick and steel building on five acres of
                                                  land. Fluid power products manufacturing and offices.
                                                  The Company owns an additional fifteen acres of
                                                  adjacent vacant land.
Beaver Dam, WI(1)..............      32,300       Sprinklered steel building located in an industrial
                                                  park. Power Gear manufacturing and offices.
Beaver Dam, WI(2)..............      14,400       Steel building located in an industrial park. Power
                                                  Gear manufacturing.
Oak Creek, WI(1)...............      33,400       Sprinklered steel building on seven acres of land.
                                                  Electronics Segment's manufacturing and offices.
Milwaukee, WI(3)...............      22,500       Brick building located in industrial area. Electronics
                                                  manufacturing.
Sturtevant, WI(1)..............       6,000       Sprinklered one story brick office building located on
                                                  approximately three acres of land. Corporate
                                                  headquarters.
Sturtevant, WI(1)..............       6,650       Sprinklered two story block building located on
                                                  approximately three acres of land. Silicone research
                                                  and development center and Information services.
</TABLE>
 
---------------
(1) The Company owns these facilities. There are no debts secured by these
    properties.
 
(2) Leased facility. Lease expires in August 1998.
 
(3) Leased facility. Lease expires in October, 1997.
 
     All facilities are in good condition and, in the opinion of management,
suitable and adequate for their intended uses.
 
ITEM 3 LEGAL PROCEEDINGS
 
     There are no material proceedings pending to which the Company is a party,
or to which any of its property is subject.
 
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
 
     No matters were submitted to a vote of security holders in the fourth
quarter.
 
                                        9
<PAGE>   10
 
                                    PART II
 
     All information for this Part is incorporated by reference to the Company's
1997 Annual Report to Shareholders, as follows:
 
<TABLE>
<CAPTION>
ITEM                    CAPTION                    INFORMATION INCORPORATED BY REFERENCE TO:
----                    -------                    -----------------------------------------
<C>    <S>                                         <C>
 5.    MARKET FOR THE COMPANY'S COMMON STOCK AND   Annual Report, page 34
       RELATED SECURITY HOLDER MATTERS
 6.    SELECTED FINANCIAL DATA                     Annual Report, pages 30 and 31
 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF     Annual Report, pages 26 through 29
       FINANCIAL CONDITION AND RESULTS OF
       OPERATIONS
 8.    FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA  Annual Report, pages 13 through 25 and 32
 9.    CHANGES IN AND DISAGREEMENTS WITH           Not applicable
       ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
       DISCLOSURE
</TABLE>
 
                                    PART III
 
     All information for this part, except that set forth under the sub-heading
Executive Officers of the Registrant in Item 1(c) Part I, is incorporated by
reference to the Company's Proxy Statement for the 1997 Annual Meeting of
Shareholders as follows:
 
<TABLE>
<CAPTION>
ITEM                    CAPTION                    INFORMATION INCORPORATED BY REFERENCE TO:
----                    -------                    -----------------------------------------
<C>    <S>                                         <C>
10.    DIRECTORS AND EXECUTIVE OFFICERS OF THE     Proxy Statement, pages 2 through 4; and
       REGISTRANT                                  Form 10-K Item 1(c) Part I, page 8
11.    EXECUTIVE COMPENSATION                      Proxy Statement, pages 6 through 10
12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
       (a) Security ownership of certain beneficial owners and management is presented on
       pages 4 and 5 of the Company's Proxy Statement for the 1997 Annual Meeting of
           Shareholders, which data is incorporated herein by reference.
       (b) The Company knows of no contractual arrangements which may, at a subsequent date,
           result in a change in control of the Company.
13.    CERTAIN RELATIONSHIPS AND RELATED           Not applicable
       TRANSACTIONS
</TABLE>
 
                                    PART IV
 
ITEM 14 EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
 
(a) The following documents are filed as part of this report:
 
     1) The consolidated financial statements together with the report thereon
        of Deloitte & Touche LLP presented on pages 13 through 25 of the
        Company's 1997 Annual Report to Shareholders, incorporated herein by
        reference.
 
     2) Financial Statement Schedules--
 
        Schedule II Valuation and Qualifying Accounts
 
                                       10
<PAGE>   11
 
        Independent Auditors' Report on Financial Statement Schedules
 
        All other schedules are omitted as they are not required, or the
        required information is shown in the consolidated financial statements
        or notes thereto.
 
        Financial statements of the Registrant are omitted because it is
        primarily an operating company and all the subsidiaries included in the
        consolidated financial statements are wholly-owned.
 
     3) Exhibits
 
<TABLE>
         <S>      <C>
          3.1     Certificate of Incorporation of Versa Technologies, Inc. as
                  amended and in effect on March 31, 1988 (incorporated by
                  reference to Form 10-K for fiscal year ended March 31,
                  1988).
          3.2     By-Laws of Versa Technologies, Inc., as in effect on March
                  31, 1992 (incorporated by reference to Form 10-K for fiscal
                  year ended March 31, 1992).
         10.2     Copy of Versa Technologies, Inc. 1982 Employee Incentive
                  Stock Option Plan as amended (incorporated by reference to
                  Form 10-K for fiscal year ended March 31, 1988).
         10.6     Copy of Supplemental Pension Agreement with Mr. James E.
                  Mohrhauser, as amended through December 1, 1980
                  (incorporated by reference to Form 10-K, for fiscal year
                  ended March 31, 1981).
         10.9     Copy of Versa Technologies, Inc. Divisional Executive Bonus
                  Plan, as amended effective April 1, 1994 (incorporated by
                  reference to Form 10-K for fiscal year ended March 31,
                  1994).
         10.10    Copy of Versa Technologies, Inc. 1992 Employee Incentive
                  Stock Option Plan as amended (incorporated by reference to
                  Form S-8 filed with the SEC on December 2, 1996, file No.
                  333-17135).
         10.12    Copy of Deferred Compensation Plan for Executives which
                  became effective April 1, 1994 (incorporated by reference to
                  Form 10-K for fiscal year ended March 31, 1994).
         10.15    Copy of Versa Technologies, Inc.'s Stock Purchase and
                  Dividend Reinvestment Plan (incorporated by reference to
                  Form 10-K for fiscal year ended March 31, 1996).
         10.16    Copy of 1996 Employee Stock Purchase and Payroll Savings
                  Plan (incorporated by reference to Form S-8 filed with the
                  SEC on December 2, 1996, file No. 333-17137).
         10.17    Copy of Employment Agreement with Mr. Richard H. Marks. The
                  agreement is for the period December 1, 1996 through
                  November 30, 1999 (incorporated by reference to Form 10-Q
                  for quarter ended September 30, 1996 filed with the SEC on
                  November 13, 1996).
         10.18    Copy of Stock Purchase Agreement dated October 30, 1996
                  between the shareholders of Eder Industries, Inc. and Versa
                  Technologies, Inc. (incorporated by reference to Form 10-Q
                  for the quarter ended September 30, 1996, filed with the SEC
                  in November 13, 1996)
         13.      Pages from the 1997 Annual Report to Stockholders which were
                  incorporated by reference to Form 10-K.
         21.      Subsidiaries of Versa Technologies, Inc.
         23.      Consent of Independent Auditors.
         27.      Financial Data Schedule.
</TABLE>
 
(b) Reports on Form 8-K:
 
     A Form 8-K, dated October 30,1996 relating to the acquisition of Eder
Industries, Inc. was filed on January 8, 1997.
 
                                       11
<PAGE>   12
 
                   VERSA TECHNOLOGIES, INC. AND SUBSIDIARIES
 
                 SCHEDULE II--VALUATION AND QUALIFYING ACCOUNTS
                   YEARS ENDED MARCH 31, 1997, 1996 AND 1995
 
<TABLE>
<CAPTION>
                                                                                 DEDUCTIONS
                                                                 ADDITIONS     (FOR BAD DEBTS
                                                   BALANCE AT    CHARGED TO     WRITTEN OFF
                                                   BEGINNING     COSTS AND      OR INVENTORY      BALANCE AT
DESCRIPTION                                        OF PERIOD      EXPENSES      DISPOSED OF)     END OF PERIOD
-----------                                        ----------    ----------    --------------    -------------
<S>                                                <C>           <C>           <C>               <C>
Deducted from receivables account in the
  balance sheets--
  Allowance for losses in collection, year
     ended:
     March 31, 1997............................     $261,501*     $ 26,288        $ 56,789         $231,000
     March 31, 1996............................      161,881        91,902          47,282          206,501
     March 31, 1995............................      189,000        51,529          78,648          161,881
Deducted from inventories account in the
  balance sheets--
  Reserve for obsolete inventory
     March 31, 1997............................     $215,000*     $160,000        $    -0-         $375,000
     March 31, 1996............................      148,000        36,000         184,000              -0-
     March 31, 1995............................      314,000       148,000         314,000          148,000
</TABLE>
 
---------------
* Includes $55,000 and $215,000, related to receivables and inventories
  respectively, on Eder Industries, Inc.'s balance sheet at the date of
  acquisition, October 30, 1996.
 
                                       12
<PAGE>   13
 
DELOITTE & TOUCHE LOGO                  ----------------------------------------
                                        411 East Wisconsin Avenue     Telephone:
                                        (414) 271-3000
                                        Milwaukee, Wisconsin 53202-4496
 
                          INDEPENDENT AUDITORS' REPORT
 
To the Board of Directors and
  Shareholders of Versa Technologies, Inc.:
 
     We have audited the consolidated financial statements of Versa
Technologies, Inc. and subsidiaries as of March 31, 1997 and 1996, and for each
of the three years in the period ended March 31, 1997, and have issued our
report thereon dated May 9, 1997; such consolidated financial statements and
report are included in your 1997 Annual Report to Shareholders and are
incorporated herein by reference. Our audits also included the consolidated
financial statement schedule of Versa Technologies, Inc. and subsidiaries,
listed in Item 14. This consolidated financial statement schedule is the
responsibility of the Company's management. Our responsibility is to express an
opinion based on our audits. In our opinion, such consolidated financial
statement schedule, when considered in relation to the basic consolidated
financial statements taken as a whole, presents fairly in all material respects
the information set forth therein.
 
DELOITTE & TOUCHE
 
Deloitte & Touche LLP
May 9, 1997
 
DELOITTE TOUCHE TOHMATSU INTERNATIONAL LOGO
 
                                       13
<PAGE>   14
 
                                   SIGNATURES
 
     Pursuant to the requirements of Section 13 or 15(d) of the Securities Act
of 1934, Versa Technologies, Inc. has duly caused this Form 10-K to be signed on
its behalf by the undersigned, thereunto duly authorized.
 
                                          Versa Technologies, Inc.
 
                                          by /s/ JAMES E. MOHRHAUSER
 
                                            ------------------------------------
                                            James E. Mohrhauser
                                            Chairman & Chief Executive Officer
 
                                          by /s/ ROBERT M. SUKALICH
 
                                            ------------------------------------
                                            Robert M. Sukalich
                                            Vice President, Treasurer &
                                            Assistant Secretary
                                            (Chief Financial Officer)
 
Date: June 16, 1997
 
     Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-K has been signed below by the following persons on behalf of Versa
Technologies, Inc. and in the capacities and on the dates indicated:
 
<TABLE>
<S>                                                  <C>
/s/ DENIS H. CARROLL                                 /s/ MORRIS W. REID
-----------------------------                        -----------------------------                       
Denis H. Carroll, Director                           Morris W. Reid, Director
June 16, 1997                                        June 16, 1997
 
/s/ HERMAN B. MCMANAWAY                              /s/ JAMES E. MOHRHAUSER
-----------------------------                        -----------------------------                      
Herman B. McManaway, Director                        James E. Mohrhauser, Director
June 16, 1997                                        June 16, 1997
 
/s/ WILLIAM P. KILLIAN                               /s/ THOMAS J. MAGULSKI
----------------------------                         -----------------------------                        
William P. Killian, Director                         Thomas J. Magulski, Director
June 16, 1997                                        June 16, 1997
 
/s/ JOAN R. LLOYD                                    /s/ RICHARD H. MARKS
---------------------------                          -----------------------------                         
Joan R. Lloyd, Director                              Richard H. Marks, Director
June 16, 1997                                        June 16, 1997
</TABLE>
 
                                       14
<PAGE>   15

<TABLE>
<CAPTION>
 
                                                                                                             File No 0-5240
                                         EXHIBIT INDEX

                                                                                       Sequential Page
 Designation of                                                                       Number of Exhibit
   Exhibit                                                                             or Incorporation
(Reg. S-K, Item 601)                Exhibit                                                 Reference
--------------------                -------                                           -----------------   
<S>                            <C>                                                                     <C>
       3.1                     Certification of Incorporation                                          (b)
                               of Versa Technologies, Inc.,
                               as amended

       3.2                     By-Laws of Versa Technologies, Inc.                                     (c)

      10.2                     1982 Employee Incentive Stock                                           (b)
                               Option Plan, as amended

      10.6                     Supplemental Pension Agreement                                          (a)

      10.9                     Divisional Executive Bonus Plan                                         (e)

      10.10                    1992 Employee Incentive Stock Option Plan                               (g)
                                as amended

      10.12                    Deferred Compensation Plan for Executives                               (e)

      10.15                    Versa Technologies, Inc. Stock Purchase and                             (f)
                               Dividend Reinvestment Plan

      10.16                    1996 Employee Stock Purchase and                                        (h)
                                Payroll Savings Plan

      10.17                    Employment Agreement with                                               (i)
                                Mr. Richard H. Marks

      10.18                    Stock Purchase Agreement between the Shareholders                       (i)
                               of Eder Industries, Inc. and Versa Technologies, Inc.

      13                       Pages from the 1997 Annual Report to Shareholders
                               which were incorporated by reference to Form 10-K

      21                       Subsidiaries of Versa Technologies, Inc.

      23                       Consent of Independent Auditors

      27                       Financial Data Schedule
</TABLE>







<PAGE>   16


(a)  Incorporated by reference to Registrant's Form 10-K for fiscal year
     ended March 31, 1981.
  
(b)  Incorporated by reference to Registrant's Form 10-K for fiscal year
     ended March 31, 1988.

(c)  Incorporated by reference to Registrant's From 10-K for fiscal year
     ended March 31, 1992.

(d)  Incorporated by reference to Registrant's Form 10-K for fiscal year
     ended March 31, 1993.

(e)  Incorporated by reference to Registrant's Form 10-K for fiscal year
     ended March 31, 1994.

(f)  Incorporated by reference to Registrant's Form 10-K filed for
     fiscal year ended March 31, 1996.

(g)  Incorporated by reference to Registrant's Form S-8 filed with the SEC on
     December 2, 1996, file No. 333-17135.

(h)  Incorporated by reference to Registrant's Form S-8 filed with the SEC on
     December 2, 1996, file No. 333-17137.

(i)  Incorporated by reference to Registrant's Form 10-Q for the Quarter ended
     September 30, 1996, filed with the SEC on November 13, 1996.