SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
January 16, 1996
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(Date of earliest event reported)
WITCO CORPORATION
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(Exact name or registrant as specified in its charter)
Delaware 1-4654 13-1870000
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(State or other (Commission (I.R.S. Employer
jurisdiction or File Identification
organization) Number) Number)
One American Way
Greenwich, Connecticut 06831
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(Address of principal executive offices) (Zip Code)
(203) 552-2000
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(Registrant's telephone number, including area code)
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Item 5. Other Events
On January 16, 1996, Witco Corporation announced that it
will record a $58.7 million charge ($38.1 million after-tax, or $.67
per common share) against earnings in the fourth quarter which ended
December 31, 1995, related to plant consolidation, environmental
remediation and litigation. The complete text of the press release
issued by Witco Corporation is attached.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits
c. Exhibits
99 Press Release dated January 16, 1996.
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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.
WITCO CORPORATION
/s/ Dustan E. McCoy
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Name: Dustan E. McCoy
Title: Vice President, General
Counsel and Secretary
Date: January 18, 1996
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Exhibit Index
Exhibit No. Exhibit Page No.
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99 Press release of the registrant 5
dated January 16, 1996.
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EXHIBIT 99
Contact: C.R. Soderlind 203 552-2224
Senior Vice President
S.L. Levy 203 552-2266
Manager Public Relations
For Immediate Release
WITCO ANNOUNCES FOURTH QUARTER 1995 CHARGES
GREENWICH, CT, January 16, 1996 -- Witco Corporation (NYSE:WIT)
announced today that the company will record a fourth quarter 1995
pre-tax charge of $58.7 million ($38.1 million after-tax, or $.67 per
common share) related to plant consolidation, environmental
remediation and litigation reserves.
Nearly $34 million of the charges relate to plant consolidation
as the company moves forward to close five manufacturing facilities.
The affected plants are in Santa Fe Springs, California; Brainards and
Newark, New Jersey; Quito, Ecuador; and Scarborough (Upton Road),
Ontario, Canada. Chairman and Chief Executive Officer William R.
Toller said, "Witco's capital expenditure program for plant
improvements has enabled us to consolidate operations to serve our
customers more effectively at larger and more efficient facilities. We
can and will become more competitive globally. This rationalization
program for 1996 will be followed by additional consolidation in 1997
and 1998." Witco expects that annual earnings of the corporation will
improve by an estimated 13 cents per common share by 1997 once these
plant closures are completed.
The remaining $25 million of charges ($5.4 million attributable
to discontinued operations) relate to litigation and environmental
remediation. This is consistent with Witco's commitment to maintain
high environmental standards at its plants worldwide.
Mr. Toller said, "1995 was a year of refocusing our business
efforts on our global specialty chemical business as we completed a
divestiture program, acquired OSi Specialties, and announced the
intention to sell our Lubricants Group. We are optimistic that we are
positioned for aggressive expansion in the worldwide marketplace in a
way that will add value to our customers as well as our shareholders."
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Witco is a manufacturer of specialty chemical and petroleum
products with 1994 annual sales of approximately $2.2 billion. The
company currently operates 57 manufacturing facilities in 12 countries
around the world. After the sale of the Lubricants Group, which is
expected in the second quarter of 1996, and these plant closures,
Witco will operate 41 manufacturing facilities.
96-002p.r. 1/16/96
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