FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): May 23, 1995
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Zenith Electronics Corporation
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(Exact name of registrant as specified in its charter)
Delaware 1-4115 36-1996520
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(State or jurisdiction (Commission File (IRS Employer
of incorporation) Number) identification No.)
1000 Milwaukee Avenue
Glenview, Illinois 60025
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code (708) 391-7000
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Not applicable
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(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
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On May 23, 1995, Zenith Electronics Corporation issued a press
release announcing that the second-quarter 1995 results will
include a charge of about $9 million for severance costs related
to employment reductions, primarily in its U.S. salaried workforce,
and that these moves, together with other initiatives, are expected
to reduce annual costs by about $20 million. The press release is
attached as Exhibit 20 hereto and is incorporated by reference
herein.
Item 7. Financial Statements, Pro forma Financial Information and Exhibits.
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(c) The following exhibit is included as part of this report:
Exhibit 20 - Zenith Electronics Corporation Press Release dated
May 23, 1995.
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.
ZENITH ELECTRONICS CORPORATION
By: /s/ David S. Levin
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David S. Levin, Secretary
Date: May 23, 1995
<PAGE>
Exhibit Index
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Exhibit
Number Exhibit Description
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20 Press Release dated May 23, 1995.
EXHIBIT 20
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[ LOGO ]
NEWS RELEASE FOR IMMEDIATE RELEASE
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ZENITH REFOCUSES WORKFORCE, SKILLS
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Expects Related $9 Million
Second-Quarter Severance Charge
GLENVIEW, Ill., May 23, 1995 -- Zenith Electronics Corporation's
second-quarter results will include a charge of about $9 million
for severance costs related to employment reductions, primarily in
its U.S. salaried workforce, the company said today.
"We are taking steps to assure that, throughout the company,
we have an organization that is totally focused on our goals and a
workforce that is equipped to achieve them," said Al Moschner,
president and chief executive officer.
The company said that, as a major part of that effort, it expects
to reduce its 2,000-person U.S. salaried workforce by about 200
positions, in part through a special voluntary early retirement
program. Together with other initiatives, these moves are expected
to reduce annual costs by about $20 million, the company said.
In a letter to employees, Moschner said: "We will continue to
step-up our training efforts. We will be redeploying our talents.
We will be bringing in skills where we're lacking. And, where
skills no longer fit our new approaches to running the business,
we will be eliminating some positions and letting some people go.
"The fact is, to improve our competitiveness, we must have the
people with the right skills in the right jobs to carry us
forward," he said.
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MEDIA CONTACT: John Taylor (708) 391-8181
INVESTOR CONTACT: Bill McNitt (708) 391-7713
