-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, S9iZzyzcEzF1njcT2SaHCTjOLAe0Ph3qGKz4lgmPmM7v6Bj49hTeI81xDyN9qCxe /Ah3qqvweKAR/cKFaWguNA== 0000107889-94-000002.txt : 19940125 0000107889-94-000002.hdr.sgml : 19940125 ACCESSION NUMBER: 0000107889-94-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940119 ITEM INFORMATION: 5 FILED AS OF DATE: 19940124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WITCO CORP CENTRAL INDEX KEY: 0000107889 STANDARD INDUSTRIAL CLASSIFICATION: 2860 IRS NUMBER: 131870000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 34 SEC FILE NUMBER: 001-04654 FILM NUMBER: 94502407 BUSINESS ADDRESS: STREET 1: 520 MADISON AVE CITY: NEW YORK STATE: NY ZIP: 10022-4236 BUSINESS PHONE: 2126053800 FORMER COMPANY: FORMER CONFORMED NAME: WITCO CHEMICAL CORP DATE OF NAME CHANGE: 19851117 FORMER COMPANY: FORMER CONFORMED NAME: WITCO CHEMICAL CO INC DATE OF NAME CHANGE: 19681203 8-K 1 FORM 8K FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 * * * * * Date of Report (Date of earliest event reported): January 19, 1994 WITCO CORPORATION (Exact name of registrant as specified in its charter) Delaware 1-4654 13-1870000 (State or other jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 520 Madison Avenue, New York, New York 10022-4236 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 605-3800 Item 5. Other Events On January 19, 1994, Witco Corporation announced that it will take a $92.6 million charge ($60.1 million after tax, or $1.10 per common share) against earnings in the fourth quarter which ended December 31, 1993. The complete text of the press release issued by Witco Corporation is attached. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits (20) Press Release dated January 19, 1994 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. (Registrant) WITCO CORPORATION (Signature) /s/ Michael D. Fullwood Michael D. Fullwood Executive Vice President and Chief Financial Officer (Date) January 24, 1994 Exhibit Index Exhibit No. Exhibit Page No. (20) Press release of the Registrant 5 dated January 19, 1994 EX-20 2 PRESS EXHIBIT 20 For Immediate Release Contact: C. R. Soderlind 212 605-3813 Senior Vice President S. L. Levy 212 605-3815 Manager Public Relations WITCO SETS CHARGE FOR DIVESTITURE, RESTRUCTURING, AND ENVIRONMENTAL PROJECTS NEW YORK, NY, January, 19, 1994 -- Witco Corporation (NYSE:WIT) announced that it will take a $92.6 million charge ($60.1 million after tax, or $1.10 per common share) against earnings in the fourth quarter which ended December 31, 1993. The charge covers environmental remediation and future compliance costs, expected losses from the disposition of certain operations, reduction of work force, and other matters. Approximately $53 million of the charge will be applied to increase environmental reserves for remediation and future compliance costs, as well as for expenses related to projects to enhance high environmental standards at Witco's plants worldwide. Witco's Chairman and Chief Executive Officer William R. Toller observed, "these environmental charges reflect Witco's assessment of its future remediation costs in light of all available information and the Securities and Exchange Commission's Staff Accounting Bulletin 92. Our goal is to fully meet regulatory requirements, such as those in the Clean Air Act, and to take steps today to meet the standards of tomorrow. Witco's firm environmental commitment is important to the communities in which it operates, and we will ensure that our plants reflect best practice in this regard." Witco also announced its intention to sell its Battery Parts Division and to effect a reduction of approximately four percent in its worldwide employee population of more than 8,000. Approximately $32 million of the charge would be applied to these actions. "1993 has been a year of transition for us," Mr. Toller noted. "We continue the strategic realignment and the reorganization of our businesses. Both appropriate divestitures and a tight focus on costs remain key components of this strategy. The step that we are taking today should allow us to concentrate on moving our business forward in 1994." Witco Corporation is a Fortune 250 company which manufactures specialty chemical and petroleum products worldwide. The company's 1993 revenues will approximate $2.2 billion. It operates 64 manufacturing facilities in 12 countries and sales offices that span the globe. # # # 94-010p.r. 1/19/94 -----END PRIVACY-ENHANCED MESSAGE-----