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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) June 25, 1997
WITCO CORPORATION
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(Exact name of Registrant as Specified in its Charter)
Delaware 1-4654 13-1870000
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
One American Lane, Greenwich, Connecticut 06831
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(Address of Principal Executive Officers) (Zip Code)
(203) 552-2000
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(Registrant's telephone number, including area code)
Page 1 of 5
Exhibit Index is on Page 4
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Item 5. Other Events
As disclosed in the Quarterly Report on Form 10-Q of Witco Corporation
(the "Company") for the quarter ended March 31, 1997, effective January 1, 1997,
the Company realigned its business segments into four groups. The Company's net
sales and operating income (loss) from continuing operations by industry segment
for the quarters ended March 31, 1996, June 30, 1996, September 30, 1996 and
December 31, 1996, respectively, and for the year ended December 31, 1996 have
been reclassified to reflect such changes. Exhibit 99 hereto contains the net
sales and operating income (loss) from continuing operations by industry segment
of the Company and subsidiary companies for such periods.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(c) Exhibits
99 Witco Corporation and Subsidiary Companies Net Sales and
Operating Income (Loss) from Continuing Operations by
Industry Segment.
Page 2 of 5
Exhibit Index is on Page 4
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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: Senior Vice President, General Counsel
and Corporate Secretary
Dated: June 25, 1997
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Exhibit Index
Exhibit No. Exhibit Page No.
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99 Witco Corporation and Subsidiary Companies 5
Net Sales and Operating Income (Loss) from
Continuing Operations by Industry Segment
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Exhibit 99
The following is a summary of the Company's Net Sales and Operating Income
(Loss) from Continuing Operations by industry segment:
<TABLE>
<CAPTION>
(thousands of dollars) Three Months Ended Year Ended
March 31, June 30, September 30, December 31, December 31,
1996 1996 1996 1996 1996
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Sales
Oleochemicals & Derivatives $ 109,834 $ 107,675 $ 109,145 $ 98,064 $ 424,718
Performance Chemicals 224,592 213,886 201,332 204,841 844,651
Polymer Chemicals 129,988 136,584 141,135 126,241 533,948
OrganoSilicones 112,930 113,313 110,437 111,249 447,929
Other (a) 12,081 - - - 12,081
------------ ------------ ------------ ------------ ------------
Net Sales $ 589,425 $ 571,458 $ 562,049 $ 540,395 $2,263,327
============ ============ ============ ============ ============
Operating Income (Loss) from
Continuing Operations
Oleochemicals & Derivatives $ 6,739 $ 7,793 $ 5,109 $ (14,600) $ 5,041
Performance Chemicals 21,804 16,813 13,863 (254,655) (202,175)
Polymer Chemicals 15,135 13,488 15,076 (42,414) 1,285
OrganoSilicones 17,749 16,056 11,497 13,049 58,351
Corporate and Unallocated (2,163) (5,984) (6,294) (110,119) (124,560)
------------ ------------ ------------ ------------ ------------
Operating Income (Loss)
from Continuing Operations 59,264 48,166 39,251 (408,739) (262,058)
------------ ------------ ------------ ------------ ------------
Other expense - net (973) (901) (931) (726) (3,531)
Interest expense - net (15,201) (15,321) (15,695) (14,003) (60,220)
------------ ------------ ------------ ------------ ------------
Income (Loss) from Continuing
Operations before Income $ 43,090 $ 31,944 $ 22,625 $ (423,468) $ (325,809)
Taxes ============ ============ ============ ============ ============
</TABLE>
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The following table presents a reconciliation of year ended December 31, 1996
operating income (loss) from continuing operations on a segment basis detailing
unusual or infrequently occurring items:
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<TABLE>
<CAPTION>
Oleochemicals Performance Polymer Organo- Corporate &
& Derivatives Chemicals Chemicals Silicones Unallocated Total
------------ ------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Operating income (loss) from
continuing operations $ 16,457 $ 69,217 $ 51,890 $ 58,351 $ (21,857) $ 174,058
Restructuring charge (10,724) (237,853) (43,178) - (53,375) (345,130)
Other charges (692) (33,539) (7,427) - (49,328) (90,986)
------------ ------------ ------------ ------------ ------------ -----------
Operating income (loss) from
continuing operations $ 5,041 $(202,175) $ 1,285 $ 58,351 $ (124,560) $(262,058)
============ ============ ============ ============ ============ ===========
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</TABLE>
(a) Net sales related to Witco Israel, disposed of at the end of the first
quarter 1996.
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Exhibit Index is on Page 4
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