-----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, CDbthsOd/7OFOg+LwIXQxvC/v7m++s2YQds6uQxuY4b5OJpXSNsGPw+Wwgg2pn19 47Lu9LQSt04aDF6UQokhfw== 0001193125-07-002236.txt : 20070105 0001193125-07-002236.hdr.sgml : 20070105 20070105163025 ACCESSION NUMBER: 0001193125-07-002236 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20061229 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities FILED AS OF DATE: 20070105 DATE AS OF CHANGE: 20070105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMC CORP CENTRAL INDEX KEY: 0000790070 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER STORAGE DEVICES [3572] IRS NUMBER: 042680009 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09853 FILM NUMBER: 07514402 BUSINESS ADDRESS: STREET 1: 176 SOUTH STREET CITY: HOPKINTON STATE: MA ZIP: 01748-9103 BUSINESS PHONE: 5084351000 MAIL ADDRESS: STREET 1: 176 SOUTH STREET CITY: HOPKINTON STATE: MA ZIP: 01748-9103 8-K 1 d8k.htm FORM 8-K Form 8-K

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

Date of report (Date of earliest event reported): December 29, 2006

 

EMC CORPORATION

(Exact Name of Registrant as Specified in Charter)

 

 

Massachusetts   1-9853   No. 04-2680009

(State or Other Jurisdiction

of Incorporation)

   (Commission File Number)  

(I.R.S. Employer

Identification No.)

 

176 South Street, Hopkinton, MA   01748
(Address of Principal Executive Offices)   (Zip code)

Registrant’s telephone number, including area code: (508) 435-1000

N/A

(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 (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 2.05. Costs Associated with Exit or Disposal Activities.

On October 17, 2006, EMC announced plans to implement consolidation efforts designed to deliver a more unified experience to customers through the further integration of EMC and most of the 21 acquisitions made over the past three years by improving efficiencies across the company’s business. As of such date, the actions were expected to result in the departure of approximately 1,250 employees worldwide by the end of 2007. The plan was expected to result in a pre-tax charge in the fourth quarter of 2006 of between $150 million and $175 million or $0.06 per diluted share to cover the cost of the consolidation efforts.

On December 29, 2006, EMC management approved a final consolidation plan as follows:

 

  •   The number of affected employees will be approximately 1,350. The affected employees are expected to depart by the end of December 2007. Termination benefits payable as a result of the final plan are expected to be approximately $130 million, which includes cash payments of approximately $119 million.

 

  •   The elimination of excess facilities and the termination of other contracts which are expected to be approximately $15 million, all of which will require a cash outlay.

 

  •   The write-off of certain assets for which the company has determined it will no longer derive any benefits, which are expected to be approximately $30 million.

The total pre-tax charge is approximately $175 million, or $0.06 per diluted share, which will be recognized in the fourth quarter of 2006.

 

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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.

 

EMC CORPORATION
By:  

/s/ David I. Goulden

  David I. Goulden
  Executive Vice President and
  Chief Financial Officer

Date: January 5, 2007

 

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