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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): January 5, 1994
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BORDEN, INC.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
New Jersey I-71 13-0511250
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) file number) Identification No.)
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<S> <C>
277 Park Avenue, New York, NY 10172
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(Address of principal executive offices) (zip code)
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Registrant's telephone number, including area code: 212/573-4000
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On January 5, 1994 Borden, Inc., announced that the Company recorded a fourth
quarter 1993 pretax charge of $752.3 million, $567.4 million after tax, to
provide for a restructuring and business divestiture program. The program
involves the divestment of North American snacks, seafood, jams and jellies and
other businesses, for which a charge of $637.4 million, $490.0 million after
tax, was recorded for estimated losses on disposal. The program also involves
organizational restructuring to achieve cost reductions, including severance
costs for workforce reduction, for which a charge of $114.9 million, $77.4
million after tax, was recorded.
Also in fourth quarter 1993, the Company recorded a pretax charge of $94.1
million, $64.6 million after tax for asset writedowns and changes in accounting
estimates, primarily relating to the cost of consumer and trade promotion.
The Company also announced that it had adopted Statement of Financial
Accounting Standard No. 112 "Employers' Accounting for Postemployment
Benefits," retroactive to January 1, 1993. The cumulative effect of the
accounting change as of January 1, 1993 will reduce first quarter and 1993 net
income by $18.0 million. First quarter operating results will be restated to
reflect the cumulative effect of the accounting change. The effect of the
change on current year results was not material.
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 thereunto duly authorized.
BORDEN, INC.
Date: January 10, 1994 /s/ Lawrence O. Doza
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Lawrence O. Doza
Senior Vice President
and Chief Financial Officer
(Principal Financial
Officer & Duly Authorized
Signing Officer)
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