-----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, ZWiCG3SyZz+IlVpOLjbh/D5X3kVnuwrcHj+/P1zdTdbX9WZe8N4XBkxfPdDkSVLN 218i21ecJQGAuQCRSPVTHA== 0000716039-94-000076.txt : 19941104 0000716039-94-000076.hdr.sgml : 19941104 ACCESSION NUMBER: 0000716039-94-000076 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941102 ITEM INFORMATION: Other events FILED AS OF DATE: 19941102 SROS: MSE SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNOCAL CORP CENTRAL INDEX KEY: 0000716039 STANDARD INDUSTRIAL CLASSIFICATION: 2911 IRS NUMBER: 953825062 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08483 FILM NUMBER: 94557330 BUSINESS ADDRESS: STREET 1: 1201 W FIFTH ST CITY: LOS ANGELES STATE: CA ZIP: 90017 BUSINESS PHONE: 2139777600 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: November 2, 1994 UNOCAL CORPORATION ----------------------------------------------------------------------- -(Exact name of registrant as specified in its charter) Delaware 1-8483 95-3825062 - ------------------------------------------------------------------------ (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification No.) 1201 West Fifth Street, Los Angeles, California 90017 -------- - ----------------------------------------------------------------(Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (213) 977-7600 Item 5. Other Events On November 2, 1994, the following news release was issued: UNOCAL ANNOUNCES REDUCTION IN CORPORATE STAFF ------------- -------------------------------- Los Angeles, November 2 -- Unocal said today that it expects to reduce its corporate staff by about 630 positions over the next two years. The reductions represent about a 40 percent cut in corporate staff employees. When the reductions are complete, the company expects to realize pre-tax savings of approximately $50 million per year. The company expects to take a one-time pretax charge of approximately $25 million in the fourth quarter 1994 for costs associated with the staff reductions that will occur over the next 12 months. This charge represents essentially all of the costs associated with the company's corporate staff reductions. The company made the announcement today following a four-month-long internal study of Unocal's corporate staff. The study involved approximately 1,540 employees. "We've downsized the company considerably over the past few years as we have focused on fewer operating businesses," said Roger C. Beach, Unocal chief executive officer. "Now we are reorganizing the support groups to reflect Unocal's current operating structure." Beach went on to say, "We deeply regret that we have to eliminate jobs. Employee reductions are always difficult because they affect the lives of people who have contributed much to Unocal's success. However, we felt we needed to take these aggressive steps to improve Unocal's competitive position." Beach noted that the study identified two ways to reduce overhead costs. First, the company will eliminate or reduce certain services. Second, some services will be outsourced, to reduce costs or increase flexibility. Most employees whose jobs are eliminated will be eligible for a new redeployment program established by the company. This program ensures that employees with at least two years of service remain on the payroll for a period of time while they attempt to find new jobs either with Unocal or outside employers. Following the redeployment program period, employees who have not been placed elsewhere at Unocal would be eligible for the company's normal severance package. -1- SIGNATURE Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. UNOCAL CORPORATION ---------------- -- (Registrant) Dated: November 2, 1994 By: CHARLES S. MCDOWELL - ------------------------ ------------------------------ Charles S. McDowell, Vice President and Comptroller -2- -----END PRIVACY-ENHANCED MESSAGE-----