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
February 10, 2000
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(Date of earliest event reported)
SAFETY-KLEEN CORP.
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(Exact name of Registrant as specified in its charter)
Delaware 001-8368 51-0228924
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(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
1301 Gervais Street, Suite 300,
Columbia, South Carolina 29201
(Address of principal executive offices, including zip code)
(803) 933-4200
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(Registrant's telephone number, including area code)
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 February 10, 2000, Safety-Kleen Corp. (NYSE:SK) announced that it
disbanded the Special Committee of the Board of Directors formed September 13,
1999 for the purpose of considering the implications of the announced change in
Laidlaw Inc.'s time horizon for divesting its 44% common share ownership of the
Company. The full text of the announcement is reproduced below.
For Immediate Release
SAFETY-KLEEN SPECIAL COMMITTEE OF THE BOARD DISBANDS
Columbia, S.C.--February 10, 2000--Safety-Kleen Corp. (NYSE: SK)
announced today that it disbanded the Special Committee of the Board of
Directors formed September 13, 1999 for the purpose of considering the
implications of the announced change in Laidlaw Inc.'s time horizon for
divesting its 44% common share ownership of the Company.
The Special Committee noted that following its review of the alternatives
available to Safety-Kleen in light of discussions with potential buyers and
given its recent operating performance and stock price the Company has
determined that further action regarding a potential sale of the Company is
unwarranted at this time.
Safety-Kleen Corp. is the leading industrial waste service company for both
hazardous and non-hazardous waste streams. From collection through recycle and
disposal, the Company provides comprehensive waste management services to over
400,000 customers in North America.
For further information contact:
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Kenneth W. Winger, President and Chief Executive Officer - (803) 933-4212
Paul R. Humphreys, Senior Vice President, Finance and Chief Financial Officer -
(803) 933-4261
Safety-Kleen Investor Relations - (803) 933-4285
Private Securities Litigation Reform Act:
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Sections of this release constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, including
financial, operating and other projections. These statements are based on
current plans and expectations of the Company and involve a number of risks and
uncertainties that could cause actual future activities and results of
operations to be materially different from those set forth in the
forward-looking statements.
Important factors that could cause actual results to differ include, among
others: risks associated with acquisitions and fluctuations in operating results
because of acquisitions; impact of new and existing competitors; successful
integration of the former Laidlaw Environmental Services and Safety-Kleen
industrial sales forces; implementation of a common operational management
information system in the industrial services and treatment and disposal lines
of business; general level of economic activity in North America remaining
constant; the ability of the Company to effectively introduce new product
offerings; the ability of the Company to increase cash collections of accounts
receivable; changes in applicable government regulations (environmental and
other); prices for petroleum-based products; the impact of litigation and other
factors described in Part I, Item 1 of the Company's Annual Report on Form 10-K
for the Twelve Months Ended August 31, 1999 and in the Company's subsequent
filings.
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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.
SAFETY-KLEEN CORP.
By: /s/ Kenneth W. Winger
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Name: Kenneth W. Winger
Title: President and Chief Executive Officer
Date: February 11, 2000
