-----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, Obyi675mOM+tSOXKsrtcdi5gkT3cPZePv8EvsZCYNvYM1wsEBJ3kl+UnNWTrVUi4 Y8nkuTcRFzZ4Q6f2WTkXwQ== 0001036050-97-000811.txt : 19971008 0001036050-97-000811.hdr.sgml : 19971008 ACCESSION NUMBER: 0001036050-97-000811 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971006 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971007 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARCO CHEMICAL CO CENTRAL INDEX KEY: 0000819544 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 510104393 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-09678 FILM NUMBER: 97691587 BUSINESS ADDRESS: STREET 1: 3801 WEST CHESTER PIKE CITY: NEWTOWN SQUARE STATE: PA ZIP: 19073 BUSINESS PHONE: 2153592000 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 Date of Report (Date of earliest event reported): October 6, 1997 --------------- ARCO CHEMICAL COMPANY - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware - -------------------------------------------------------------------------------- (State or other jurisdiction of incorporation) 1-9678 51-0104393 - -------------------------------------------------------------------------------- (Commission File Number) (IRS Employer Identification No.) 3801 West Chester Pike, Newtown Square, Pennsylvania 19073-2387 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (610) 359-2000 --------------- Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events. - ------ ------------ On October 6, 1997, ARCO Chemical Company (the "Company") announced that it will take a pretax charge to earnings of $175 million ($116 million after tax; $1.20 per share) in the third quarter 1997 to cover the costs associated with its restructuring program and other actions. See also the Company's Press Release, dated October 6, 1997, filed as Exhibit 99 to this Report. Item 7. Financial Statements and Exhibits. - ------ --------------------------------- (c) Exhibits: 99 Press Release, dated October 6, 1997. -2- SIGNATURE --------- 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. ARCO CHEMICAL COMPANY /s/ Van Billet ----------------------------- Van Billet Vice President and Controller October 7, 1997 -3- EXHIBIT INDEX Exhibit Number Description - ------- ----------- 99 Press Release, dated October 6, 1997 EX-99 2 PRESS RELEASE, DATED OCTOBER 6, 1997 EXHIBIT 99 ---- ARCO Chemical Company [LOGO] PUBLIC AFFAIRS NEWS 3801 West Chester Pike Newtown Square, PA 19073-2387 FOR RELEASE: Immediately ARCO CHEMICAL COMPANY WILL TAKE $175 MILLION PRETAX CHARGE IN THIRD QUARTER TO COVER RESTRUCTURING AND OTHER COSTS Newtown Square, PA, October 6, 1997 -- ARCO Chemical (NYSE:RCM) announced today that it will take a pretax charge of $175 million ($116 million after tax; $1.20 per share) in the third quarter 1997 to cover the costs associated with its previously announced restructuring program and other actions. Included in the charge are costs related to work force reductions, facility closures, and asset write downs. ARCO Chemical's restructuring program, initiated in June 1997, will result in the phased elimination of between 800 and 1,100 employee and contractor positions in the company's worldwide operations. Alan R. Hirsig, Chief Executive Officer, noted that ARCO Chemical's restructuring plan, which will be substantially in place by the end of 1998, is on track to achieve its goal of reducing the company's controllable costs by 20 percent, or $150 million annually. "We remain dedicated to increasing shareholder value. The steps we are taking are (more) designed to strengthen our competitiveness and increase profitability. Our restructuring program, along with other shareholder value initiatives, including significant stock ownership requirements for our executives and directors, are clearly focused on one objective: to build value for our shareholders," Hirsig said. ARCO Chemical is a leading worldwide manufacturer and marketer of PO and derivatives and other intermediate chemicals. Its products are used in a wide range of consumer and industrial goods, including automotive components, home furnishings, paints and coatings, plastics, engine coolants, and reformulated gasoline. # # # # # Contact: Sami Ahmad, Investor Relations (610) 359-3171, or Sallie Anderson, Media Relations (610) 359-5773 -----END PRIVACY-ENHANCED MESSAGE-----