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): March 16, 1994
CHESAPEAKE CORPORATION
Virginia 1-3203 54-0166880
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1021 East Cary Street, Richmond, VA 23219
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 804/697-1000
Page 1 of 2 pages.
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Item 5. Other Events.
On March 16, 1994, Chesapeake Corporation (the "Company")
announced that its Chesapeake Paper Products Company and
Chesapeake Forest Products Company subsidiaries are offering a
voluntary enhanced retirement program to a total of 55 eligible
salaried employees. For employees who elect to participate in
the voluntary program, the effective date of retirement will be
September 1, 1994. Chesapeake expects to record a pre-tax charge
of approximately $4 million relating to this program in the
second quarter of 1994.
The program is intended to enhance the Company's competitive
position by reducing operating costs for the subsidiaries, which
currently have a total of approximately 400 salaried employees.
The Company anticipates that the program will reduce pre-tax
operating costs by approximately $3 million on an annualized
basis.
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.
CHESAPEAKE CORPORATION
Date: March 22, 1994 By /s/ Andrew J. Kohut
Andrew J. Kohut
Vice President-Finance &
Chief Financial Officer
