UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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Explanatory Note
Venator Materials PLC (the "Company") is filing this Amendment to its Current Report on Form 8-K filed with the SEC on December 15, 2020 in order to clarify that the referenced closure comprises only the decommissioning of some existing equipment in a section of the Company’s Duisburg facility and related restructuring. No other changes to the information furnished with the original Form 8-K have been made.
Item 2.05 Costs Associated with Exit or Disposal Activities.
Effective December 9, 2020, the Board of Directors of the Company approved a plan to implement a restructuring program at certain of its manufacturing facilities in Germany as part of its recently announced 2020 Business Improvement Program. As a result of these actions, the Company expects to incur approximately $60 to $80 million of pre-tax charges, consisting of approximately $35 to $40 million of cash charges that it expects to incur through 2022, primarily related to employee severance for approximately 280 associates. The remaining costs consist of non-cash charges primarily related to impairment of fixed assets which the Company expects to incur in the fourth quarter of 2020. The Company expects the 2020 Business Improvement Program, of which this restructuring plan is a part, to result in approximately $45 to $50 million of cash charges and approximately $55 million of annual savings once fully implemented, as disclosed in the Company’s third quarter 2020 Form 10-Q.
The foregoing contains statements that are not historical and are forward-looking statements. These statements are based on management’s current beliefs and expectations. The forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company’s operations, markets, products, services, prices and other factors. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. For information regarding other factors that could cause the Company’s results to vary from expectations, please see the “Risk Factors” section of the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update publicly any forward-looking statement, except as otherwise required by applicable laws.
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.
VENATOR MATERIALS PLC | |
/s/ SEAN PETTEY | |
Assistant Secretary |
Dated: December 16, 2020
Cover |
Dec. 09, 2020 |
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Cover [Abstract] | |
Document Type | 8-K/A |
Amendment Flag | false |
Document Period End Date | Dec. 09, 2020 |
Entity File Number | 001-38176 |
Entity Registrant Name | Venator Materials PLC |
Entity Central Index Key | 0001705682 |
Entity Tax Identification Number | 98-1373159 |
Entity Incorporation, State or Country Code | X0 |
Entity Address, Address Line One | Titanium House |
Entity Address, Address Line Two | Hanzard Drive |
Entity Address, Address Line Three | Wynyard Park |
Entity Address, City or Town | Stockton-On-Tees |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | TS22 5FD |
Country Region | 44 |
City Area Code | 1740 |
Local Phone Number | 608 001 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Ordinary Shares, par value $0.001 per share |
Trading Symbol | VNTR |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |