-----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, N62rJl7udAP5xwTGH5/nmZLoZEZiVSeDoX4yDp2H2PP/9fs4QzfnMhc7LHXkUtY7 FN+Uu35slHi7Kqb8tYBdEA== 0000950128-96-000339.txt : 19960613 0000950128-96-000339.hdr.sgml : 19960613 ACCESSION NUMBER: 0000950128-96-000339 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960610 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960610 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTINGHOUSE ELECTRIC CORP CENTRAL INDEX KEY: 0000106413 STANDARD INDUSTRIAL CLASSIFICATION: AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP [3585] IRS NUMBER: 250877540 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00977 FILM NUMBER: 96578958 BUSINESS ADDRESS: STREET 1: WESTINGHOUSE BLDG STREET 2: 11 STANWIX STREET CITY: PITTSBURGH STATE: PA ZIP: 15222 BUSINESS PHONE: 4122442000 FORMER COMPANY: FORMER CONFORMED NAME: WESTINGHOUSE ELECTRIC & MANUFACTURING CO DATE OF NAME CHANGE: 19710510 8-K 1 WESTINGHOUSE ELECTRIC 8-K 1 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 10, 1996 WESTINGHOUSE ELECTRIC CORPORATION --------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 1-977 25-0877540 ------------ ----- ---------- (State or other juris- (Commission File (IRS Employer diction of incorporation) Number) Identification Number) Westinghouse Bldg.; 11 Stanwix St., Pittsburgh, PA. 15222-1384 - --------------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (412) 244-2000 -------------- Page 1 of 5 Pages Exhibit Index on Page 4 2 Item 5. Other Events ------------ On June 10, 1996, the registrant issued a press release, a copy of which is attached hereto as Exhibit 99 and is incorporated in its entirety. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits ------------------------------------------------------------------ (c) Exhibits A press release issued by the registrant on June 10, 1996 is filed as Exhibit 99 to this Report. Page 2 of 5 Pages 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WESTINGHOUSE ELECTRIC CORPORATION (Registrant) By: /s/ FREDRIC G. REYNOLDS ----------------------- Fredric G. Reynolds Executive Vice President and Chief Financial Officer Date: June 10, 1996 Page 3 of 5 Pages 4 EXHIBIT INDEX Exhibit No. Description Sequential Page No. 99 A press release issued by the 5 Company on June 10, 1996. Page 4 of 5 Pages EX-99 2 WESTINGHOUSE ELECTRIC 8-K 1 Exhibit 99 WESTINGHOUSE PROPOSING TO SEPARATE BROADCASTING AND INDUSTRIAL BUSINESSES PITTSBURGH, June 10 -- To enhance the portfolio shift that began with the acquisition of CBS, Michael H. Jordan, chairman and chief executive officer, recommended to the Westinghouse Board of Directors at its May meeting, that the Board consider actions to separate the broadcasting and industrial businesses. The company expects to announce its conclusions during the fourth quarter after addressing remaining legal, financial, tax and human resource issues necessary for a smooth transition. In commenting on the recommendation, Mr. Jordan said, "We are seeking to create the appropriate balance sheet and tax structure for each major sector of our business. In so doing, we will help to ensure the long-term competitiveness and growth of both businesses which will benefit shareholders, customers and employees." During the past several years, Westinghouse has taken major steps to address debt and legacy problems, strengthen core businesses, and refocus its portfolio. The company paid down approximately $7.5 billion in debt prior to the CBS acquisition, and took steps to resolve litigation, environmental, and pension issues. Aggressive cost reduction and new revenue development strategies, particularly in international markets, have enhanced the continued growth and competitiveness of its industrial and technology businesses. The company also shifted its portfolio by dramatically expanding its broadcasting holdings -- the Westinghouse business with the most attractive growth profile - -- by the acquisition of CBS in 1995, and the divestiture of Knoll (furniture division) and the defense electronics business in early 1996. -----END PRIVACY-ENHANCED MESSAGE-----