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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): October 5, 1994
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BORDEN, INC.
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(Exact name of registrant as specified in its charter)
New Jersey I-71 13-0511250
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) file number) Identification No)
180 East Broad St., Columbus, OH 43215
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: 614-225-4000
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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
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On October 5, 1994 Borden, Inc. issued a press release (attached as
Exhibit 99) announcing pretax charges of $150 to $200 million to be recorded in
the third quarter. The text of the press release is incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
99. Press Release.
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: October 5, 1994 /s/ James C. Van Meter
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James C. Van Meter
Executive Vice President and
Chief Financial Officer
(Principal Financial
Officer & Duly Authorized
Signing Officer)
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EXHIBIT INDEX
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EXHIBIT
NO.
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99. Press Release
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EXHIBIT 99
CONTACTS: Philip J. Keuper Nicholas R. Iammartino
Keuper Public Relations Borden, Inc.
212/573-4280 614/225-4485
212/207-1576
BORDEN TO RECORD CHARGES IN THIRD QUARTER
COLUMBUS, Ohio, October 5, 1994 -- Borden, Inc. (NYSE: BN) today said
that it expects to record pretax charges of $150 million to $200 million in its
third quarter 1994 results, scheduled to be announced October 26.
Approximately $95 million of the amount relates to less-than-estimated
proceeds from the divestiture of discontinued operations. In its results for
the fourth quarter of 1993, Borden had recorded an aggregate pretax charge of
$637.4 million for estimated losses on these business disposals.
The 1994 third quarter charges include approximately $50 million for
transaction fees and other expenses, most of which relate to previously
disclosed fees to Kohlberg Kravis Roberts & Co., in connection with the
proposed merger with a KKR affiliate.
Third quarter results will also include charges for the writedown of
certain impaired assets, and the reversal of the unused portion of the 1993
restructuring charge for business re-engineering. Management reviewed the 1993
restructuring program in light of recent events and determined that a portion
of the reserve for this project would not be utilized.
Borden said that the charges would lead to a net loss for the third
quarter of 1994.
Aggregate cash flows from divestitures are expected to be essentially
in line with the amounts announced in January due to the anticipated sales of
non-core assets in addition to those included in discontinued operations.
These sales are expected to generate a small aggregate net gain.
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