UNITED STATES
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
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Date of Report: August 13, 2011
(Date of earliest event reported)
TEMPLE-INLAND INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
001-08634 |
75-1903917 |
(State or Other Jurisdiction |
(Commission |
(IRS Employer |
1300 MoPac Expressway South, 3rd Floor
Austin, Texas 78746
(Address of Principal Executive Offices, including Zip code)
(512) 434-5800
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. |
Other Events. |
Bogalusa Paper Mill
On Saturday, August 13, 2011, Temple-Inland Inc.’s (“Temple-Inland”) paper mill located in Bogalusa, Louisiana suspended operations as predictive testing for Biochemical Oxygen Demand (BOD) indicated the mill would exceed its maximum daily permit levels for discharge to the Pearl River due to an operational upset at the mill. Temple-Inland currently estimates that the downtime from the operating issues and outage at the Bogalusa mill have resulted in costs (including downtime) of approximately $7 million to date and will result in approximately $700,000 in additional costs (including downtime) per additional day during which the mill is not operational.
On August 17, 2011, Temple-Inland issued a press release related to the situation at the Bogalusa mill. The press release is attached as Exhibit 99.1 and incorporated herein by reference.
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits.
99.1 Press release issued by Temple-Inland Inc. on August 17, 2011.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TEMPLE-INLAND INC.
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Date: August 17, 2011 |
By: |
/s/ J. Bradley Johnston |
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Name: |
J. Bradley Johnston |
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Title: |
Chief Administrative Officer |
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EXHIBIT INDEX
Exhibit Description
Number
99.1 Press release issued by Temple-Inland Inc. on August 17, 2011.
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NEWS
RELEASE_______________________________________________
(512) 434-3766
TEMPLE-INLAND PROVIDES UPDATE ON BOGALUSA PAPER MILL
AUSTIN, TX – August 17, 2011 –Temple-Inland Inc. (NYSE: TIN) today provided an update on the shutdown of its Bogalusa, Louisiana paper mill following an operational issue at the mill and its waste-water treatment facility.
Predictive testing for Biochemical Oxygen Demand (BOD) indicated that the Bogalusa mill would exceed its maximum daily permit levels for discharge to the Pearl River from the mill’s waste-water treatment facility. The Company believes that this exceedance may have depleted the oxygen level in part of the river below that necessary to sustain a healthy fish population and resulted in a fish kill.
On Saturday, August 13, 2011, upon receiving the results of predictive testing, Temple-Inland immediately shut down the mill. The Company promptly informed the Louisiana Department of Environmental Quality (DEQ) of the situation and began taking corrective actions to restore the water quality of the River.
Temple-Inland’s Chairman and CEO Doyle R. Simons said, “The health of the Pearl River and surrounding communities are our utmost concerns. Temple-Inland has a strong environmental record and we sincerely regret this incident, which is contrary to our culture of good community stewardship as both an employer and a resident of Bogalusa and the State of Louisiana.
“We never lose sight that we are members and supporters of the Bogalusa area and apologize for the impact this issue at the mill has had on the Pearl River, its aqua culture and surrounding communities. We are working diligently and expeditiously to remove the fish kill and restore the quality of the River,” Simons concluded.
About Temple-Inland Inc.
Temple-Inland Inc. is a manufacturing company focused on corrugated packaging and building products. The fully integrated corrugated packaging operation consists of 7 mills and 58 converting facilities. The building products operation manufactures a diverse line of building products for new home construction, commercial and repair and remodeling markets. Temple-Inland's address on the World Wide Web is www.templeinland.com.
Cautionary Statement on Forward-Looking Statements
Forward-looking statements are made throughout this release. These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may," or similar expressions elsewhere in this release. All forward-looking statements are subject to a number of important factors, risks, uncertainties, and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors and risks include, but are not limited to, future events relating to costs and other matters related to the matters referred to in this release, IP’s unsolicited offer, general economic conditions, demand for new housing, accuracy of certain accounting assumptions, changes in actual or forecasted cash flows, competitive pressures, future sales volume, significant increases in the costs of certain commodities, timely implementation of price increases, successful execution of cost saving strategies, changes in tax laws, integration risks associated with recent acquisitions, changes in weighted average shares for diluted EPS, increases in transportation costs, and other financial, operational, and legal risks and uncertainties detailed from time to time in Temple-Inland’s cautionary statements contained in its filings with the SEC. Temple-Inland disclaims and does not undertake any obligation to update or revise any forward-looking statement in this release except as required by law. Temple-Inland notes that forward-looking statements made in connection with a tender offer are not subject to the safe harbors created by the Private Securities Litigation Reform Act of 1995. Temple-Inland is not waiving any other defenses that may be available under applicable law.