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): February 14, 1994
DOW CORNING CORPORATION
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(Exact name of registrant as specified in its charter)
Michigan 1-7518 38-0495575
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(State or other (Commission (IRS Employer
jurisdiction of file number) Identification No.)
incorporation)
2200 West Salzburg Road, Midland, Michigan 48686-0994
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (517)496-4000
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ITEM 5. OTHER EVENTS
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The following is the text of a press release issued by
Dow Corning Corporation on February 14, 1994:
DOW CORNING TO PARTICIPATE IN PROPOSED GLOBAL SETTLEMENT
Midland, Mich. - Dow Corning Corporation today said it is
prepared to participate in a proposed global settlement of claims
relating to silicone gel breast implants, once terms and
conditions have been finalized in line with a preliminary
agreement that has been reached between representatives of
plaintiffs and manufacturers.
"We are pleased that substantial progress has been made
toward funding the settlement," said Gary E. Anderson, executive
vice president of Dow Corning. "We continue to believe that this
settlement is the most responsible way to move from a divisive
situation to one that can bring closure to the issue. It
provides women with reasonable and timely options to resolve
their claims through a court-supervised structure. It also
allows women to preserve their privacy and still resolve their
claims over the next 30-plus years.
"Despite a growing body of valid scientific evidence
pointing toward a lack of connection between implants and
disease, the issue remains controversial, and many women still
have questions about their implants. Dow Corning will continue
to fund research to respond to these remaining questions about
implants, as well as contribute approximately $2 billion over
more than 30 years as one of the funders of the proposed
settlement.
"We will work diligently with the mediators appointed by
U.S. District Court Judge Sam C. Pointer and the other parties
involved in the settlement to finalize the terms of the
agreement," Anderson continued.
In anticipation of its contribution to such a settlement as
well as other related costs, Dow Corning recorded a pre-tax
charge of $640 million ($415 million after tax) for the fourth
quarter of 1993 as its best estimate of its potential liability,
net of expected insurance recovery, related to breast implants.
Where appropriate under accounting rules, amounts in the pre-tax
charge were determined on a present value basis.
Dow Corning Corporation, world leader in the production of
silicones, is a Michigan corporation with shares equally owned by
The Dow Chemical Company and Corning Inc.
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SIGNATURES
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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.
DOW CORNING CORPORATION
Date: February 14, 1994 R. A. Hazleton
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R. A. Hazleton
President and
Chief Executive Officer
Date: February 14, 1994 J. W. Churchfield
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J. W. Churchfield
Vice President for Planning
and Finance and Chief
Financial Officer
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