-----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, KjyW2SZplHn7XoLdowox/UJTADyYYr5i2VCJt1uAYhQ9UstleJJi5x+YBb5PnkfF opRL1alo9qkRk+HzOztD8A== 0000079326-97-000035.txt : 19971218 0000079326-97-000035.hdr.sgml : 19971218 ACCESSION NUMBER: 0000079326-97-000035 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971217 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971217 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: POLAROID CORP CENTRAL INDEX KEY: 0000079326 STANDARD INDUSTRIAL CLASSIFICATION: PHOTOGRAPHIC EQUIPMENT & SUPPLIES [3861] IRS NUMBER: 041734655 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-04085 FILM NUMBER: 97739897 BUSINESS ADDRESS: STREET 1: 549 TECHNOLOGY SQ CITY: CAMBRIDGE STATE: MA ZIP: 02139 BUSINESS PHONE: 6175772000 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 December 17, 1997 ------------------- (Date of Report) December 16, 1997 --------------------- (Date of earliest event reported) POLAROID CORPORATION ------------------------ (Exact name of registrant as specified in its charter) Delaware ---------- (State or other jurisdiction of incorporation) 1-4085 -------- (Commission File Number) 04-1734655 ------------ (IRS Employer Identification No.) 549 Technology Square, Cambridge, Massachusetts 02139 ------------------------------------------------------ (Address of principal executive offices) (Zip Code) (617) 386-2000 -------------- (Registrant's telephone number, including area code) Item 5. Other Events. On December 16, 1997, Polaroid Corporation issued a press release which announced a broad-based program to streamline operations and enhance earnings by consolidating and selling manufacturing facilities and significantly reducing overhead structure. A copy of the press release is attached as exhibit 99 and incorporated herein by reference. Item 7 (c) Exhibits Exhibit 99.1 Polaroid Press Release dated December 16, 1997 -2- 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. POLAROID CORPORATION By /S/ William J. O'Neill, Jr. __________________________ Name William J. O'Neill, Jr. Title: Executive Vice President and Chief Financial Officer Dated: December 17, 1997 -3- EX-99 2 EXHIBIT 99.1 Exhibit 99.1 ------------ Corporate Public Relations Polaroid Corporation 549 Technology Square Cambridge, MA 02139 617 386-2000 617 386-3125 Fax Media Contact: Investor Contact: Bob Guenther Phil Ruddick (781) 386-3112 (781) 386-6638 email: guenthr@polaroid.com ruddicp@polaroid.com For Immediate Release ------------------------- POLAROID ANNOUNCES BROAD-BASED INITIATIVE TO STREAMLINE GLOBAL OPERATIONS CAMBRIDGE, Mass., -- December 16, 1997 -- Polaroid Corporation (NYSE: PRD) today announced a broad-based program to streamline operations and enhance earnings by consolidating and selling manufacturing facilities and significantly reducing overhead structure. The streamlining program will result in a total pre-tax charge of approximately $310 million in the fourth quarter of 1997 and the elimination of about 1,500 positions on a worldwide basis, in overhead and manufacturing; the sale of chemical manufacturing operations in Freetown, Mass.; and write-downs in plant and equipment. Of the total charge, about $180 million will be related to plant and equipment and other assets and $130 million to severance costs. The program will require about 18 months to implement fully, and will generate annual savings of approximately $110 million upon completion. - more - Polaroid to Streamline Global Operations -- 2 Gary T. DiCamillo, chairman and chief executive officer, said, "These actions, developed over the past six months, are a critical part of our ongoing transformation of Polaroid into the global imaging company of the future. When completed, we expect to have reduced overhead to less than 30 percent of sales. These reductions will be made without curtailing our product development, technology and brand-building investments. The new Polaroid will be lean enough to compete profitably against the world's best technology companies in traditional and digital imaging markets and robust enough to seize quickly new market opportunities. "As a result of major changes we've made over the last two years, we are now in a position to alter fundamentally how we conduct our business around the world," said DiCamillo. "We will have in place a new structure that enables us to create a sustainable stream of new products at a faster pace with lower costs in 1998 and beyond." Polaroid embarked on a major cost-cutting initiative in 1995 when DiCamillo joined the company. Since then the company has developed a new growth-focused strategy, streamlined its product development process and brought in a new management team that has created market-focused strategic plans across all the business units. Simultaneously, Polaroid has instituted a substantial number of new partnerships, alliances and sourcing agreements in research, product design and development, manufacturing and information systems. For example, Polaroid has completed a number of off-shore manufacturing partnerships and is establishing product design centers outside the United States, as well as a software development center in India. - more - Polaroid to Streamline Global Operations -- 3 As part of the streamlining program, Polaroid has agreed to sell its underutilized chemical manufacturing operations in Freetown, Mass., to International Specialty Products Inc. (NYSE:ISP) of Wayne, New Jersey, for an undisclosed amount of cash. Under the terms of the agreement, ISP will supply the company on a long-term basis with certain specialty chemicals used to manufacture Polaroid instant photographic film. Polaroid's decision to sell the Freetown plant reflects the corporation's ongoing efforts to reduce costs, improve operating efficiencies, and make more effective use of assets. The transaction is subject to regulatory approvals and is expected to be finalized in the first quarter of 1998. The corporation also will take a charge of approximately $100 million to write down plant and equipment at its New Bedford coating facility and will be considering strategic options for the future use of the plant. Polaroid Corporation, with sales of $2.3 billion, is the worldwide leader in instant imaging. Polaroid supplies instant photographic cameras and films; digital imaging hardware, software and media; medical diagnostic imaging media; secure identification systems; graphics imaging systems; sunglasses; polarizers; and holographic films to markets worldwide. # # # -----END PRIVACY-ENHANCED MESSAGE-----