-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PPSTpjOgWTLt3ubU+x1GoATnK+H/mH1h/QZCnfeA4h2IQC+iDOo6nTPa9a8k46uy 23ja+ByqSYtsfRJb8J10Fw== 0000029915-09-000032.txt : 20090701 0000029915-09-000032.hdr.sgml : 20090701 20090701103745 ACCESSION NUMBER: 0000029915-09-000032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090701 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Material Impairments FILED AS OF DATE: 20090701 DATE AS OF CHANGE: 20090701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNION CARBIDE CORP /NEW/ CENTRAL INDEX KEY: 0000100790 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 131421730 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01463 FILM NUMBER: 09920994 BUSINESS ADDRESS: STREET 1: 1254 ENCLAVE PARKWAY CITY: HOUSTON STATE: TX ZIP: 77077 BUSINESS PHONE: 281-966-2727 MAIL ADDRESS: STREET 1: 1254 ENCLAVE PARKWAY CITY: HOUSTON STATE: TX ZIP: 77077 FORMER COMPANY: FORMER CONFORMED NAME: UNION CARBIDE CHEMICALS & PLASTICS CO INC DATE OF NAME CHANGE: 19940502 FORMER COMPANY: FORMER CONFORMED NAME: UNION CARBIDE CORP DATE OF NAME CHANGE: 19890806 FORMER COMPANY: FORMER CONFORMED NAME: UNION CARBIDE & CARBON CORP DATE OF NAME CHANGE: 19710317 8-K 1 ucc_2q098-k.htm ucc_2q098-k.htm

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):
June 30, 2009
 
 
UNION CARBIDE CORPORATION
(Exact name of registrant as specified in its charter)
 
 
New York
(State or other jurisdiction of
incorporation)
 
 
 
1-1463
(Commission file number)
 
 
 
 
13-1421730
(I.R.S. Employer Identification No.)
 
 
 
 
 
1254 ENCLAVE PARKWAY, HOUSTON, TEXAS  77077
(Address of principal executive offices)  (Zip Code)
 
 
Registrant's telephone number, including area code:  281-966-2727
 
 
Not applicable
(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:
 
[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


 
 
 
 

Section 2 - Financial Information

Item 2.05 Costs Associated with Exit or Disposal Activities.

On June 30, 2009, the Board of Directors of Union Carbide Corporation (the “Corporation”) approved a restructuring plan to improve the cost effectiveness of the Corporation’s global operations. The plan includes the shutdown of certain manufacturing facilities as described in Item 2.06 below which are planned to be completed by early 2011, abandonment of related capital projects, and a workforce reduction which is closely linked to the asset shutdown decisions and will be completed over the same time frame. Approximately 60 jobs will be eliminated as a result of these actions.

The Corporation will record a charge of approximately $4 million in the second quarter of 2009 for severance costs associated with the restructuring plan.

All severance costs associated with these activities will result in future cash expenditures.


Item 2.06 Material Impairments.

On June 30, 2009 the Board of Directors of the Corporation approved a restructuring plan to improve the cost effectiveness of the Corporation’s operations. The plan includes the shutdown of certain facilities that produce ethylene as well as ethylene oxide/ethylene glycol in Hahnville, Louisiana. These actions are being taken as a result of continued weakness in the global economy and the need to optimize facilities. In addition, due to the expected loss on the United States Federal Trade Commission (“FTC”) required sale of certain specialty latex assets, the Corporation will recognize an impairment of those assets in the second quarter of 2009. As a consequence of these actions, the Corporation will record a charge in the range of $175 million to $225 million in the second quarter of 2009 for asset write-offs, capital project write-offs and the impairment of specialty latex assets to be divested in compliance with the FTC order.

None of the costs related to the write-down or write-off of assets will result in future cash expenditures.


 
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SIGNATURE
 
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.

 
UNION CARBIDE CORPORATION
  
Registrant

 
Date:
July 1, 2009
  

 
/s/  WILLIAM H. WEIDEMAN
  
 
William H. Weideman
  
 
Vice President and Controller
  
 
The Dow Chemical Company
  
 
Authorized Representative of
  
 
Union Carbide Corporation
  
 
 




 
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