-----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, NpWbslaRVtTi7yN8GcqIWAWG3CewL6JDiTU4dJjiZZaXXXTTFgIQo4DA/cXI1NRO W3RdY9stFWm3EebD+OB33A== 0000950157-96-000018.txt : 19960119 0000950157-96-000018.hdr.sgml : 19960119 ACCESSION NUMBER: 0000950157-96-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960116 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960118 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WITCO CORP CENTRAL INDEX KEY: 0000107889 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 131870000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04654 FILM NUMBER: 96505209 BUSINESS ADDRESS: STREET 1: ONE AMERICAN WAY CITY: GREENWICH STATE: CT ZIP: 06831 BUSINESS PHONE: 2126053800 MAIL ADDRESS: STREET 1: ONE AMERICAN LANE CITY: GREENWICH STATE: CT ZIP: 06831 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 8-K 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 January 16, 1996 --------------------------------- (Date of earliest event reported) WITCO CORPORATION ------------------------------------------------------ (Exact name or registrant as specified in its charter) Delaware 1-4654 13-1870000 --------------- ----------- ---------------- (State or other (Commission (I.R.S. Employer jurisdiction or File Identification organization) Number) Number) One American Way Greenwich, Connecticut 06831 ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) (203) 552-2000 ---------------------------------------------------- (Registrant's telephone number, including area code) Page 1 of 6 Exhibit Index is on page 4 Item 5. Other Events On January 16, 1996, Witco Corporation announced that it will record a $58.7 million charge ($38.1 million after-tax, or $.67 per common share) against earnings in the fourth quarter which ended December 31, 1995, related to plant consolidation, environmental remediation and litigation. 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 99 Press Release dated January 16, 1996. Page 2 of 6 Exhibit Index is on Page 4 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. WITCO CORPORATION /s/ Dustan E. McCoy ------------------------------ Name: Dustan E. McCoy Title: Vice President, General Counsel and Secretary Date: January 18, 1996 Page 3 of 6 Exhibit Index is on Page 4 Exhibit Index Exhibit No. Exhibit Page No. ----------- ------------------------------- -------- 99 Press release of the registrant 5 dated January 16, 1996. Page 4 of 6 Exhibit Index is on Page 4 EXHIBIT 99 Contact: C.R. Soderlind 203 552-2224 Senior Vice President S.L. Levy 203 552-2266 Manager Public Relations For Immediate Release WITCO ANNOUNCES FOURTH QUARTER 1995 CHARGES GREENWICH, CT, January 16, 1996 -- Witco Corporation (NYSE:WIT) announced today that the company will record a fourth quarter 1995 pre-tax charge of $58.7 million ($38.1 million after-tax, or $.67 per common share) related to plant consolidation, environmental remediation and litigation reserves. Nearly $34 million of the charges relate to plant consolidation as the company moves forward to close five manufacturing facilities. The affected plants are in Santa Fe Springs, California; Brainards and Newark, New Jersey; Quito, Ecuador; and Scarborough (Upton Road), Ontario, Canada. Chairman and Chief Executive Officer William R. Toller said, "Witco's capital expenditure program for plant improvements has enabled us to consolidate operations to serve our customers more effectively at larger and more efficient facilities. We can and will become more competitive globally. This rationalization program for 1996 will be followed by additional consolidation in 1997 and 1998." Witco expects that annual earnings of the corporation will improve by an estimated 13 cents per common share by 1997 once these plant closures are completed. The remaining $25 million of charges ($5.4 million attributable to discontinued operations) relate to litigation and environmental remediation. This is consistent with Witco's commitment to maintain high environmental standards at its plants worldwide. Mr. Toller said, "1995 was a year of refocusing our business efforts on our global specialty chemical business as we completed a divestiture program, acquired OSi Specialties, and announced the intention to sell our Lubricants Group. We are optimistic that we are positioned for aggressive expansion in the worldwide marketplace in a way that will add value to our customers as well as our shareholders." Page 5 of 6 Exhibit Index is on Page 4 Witco is a manufacturer of specialty chemical and petroleum products with 1994 annual sales of approximately $2.2 billion. The company currently operates 57 manufacturing facilities in 12 countries around the world. After the sale of the Lubricants Group, which is expected in the second quarter of 1996, and these plant closures, Witco will operate 41 manufacturing facilities. 96-002p.r. 1/16/96 Page 6 of 6 Exhibit Index is on Page 4 -----END PRIVACY-ENHANCED MESSAGE-----