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: November 2, 1994
UNOCAL CORPORATION
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-(Exact name of registrant as specified in its charter)
Delaware 1-8483 95-3825062
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification
No.)
1201 West Fifth Street, Los Angeles, California 90017 --------
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of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (213) 977-7600
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Item 5. Other Events
On November 2, 1994, the following news release was issued:
UNOCAL ANNOUNCES REDUCTION IN CORPORATE STAFF -------------
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Los Angeles, November 2 -- Unocal said today that it expects to
reduce its corporate staff by about 630 positions over the next two years.
The reductions represent about a 40 percent cut in corporate staff
employees. When the reductions are complete, the company expects to
realize pre-tax savings of approximately $50 million per year.
The company expects to take a one-time pretax charge of
approximately $25 million in the fourth quarter 1994 for costs
associated with the staff
reductions that will occur over the next 12 months. This charge
represents essentially all of the costs associated with the company's
corporate staff reductions.
The company made the announcement today following a four-month-long
internal study of Unocal's corporate staff. The study involved
approximately 1,540 employees.
"We've downsized the company considerably over the past few years
as we have focused on fewer operating businesses," said Roger C. Beach,
Unocal chief executive officer. "Now we are reorganizing the support
groups to reflect Unocal's current operating structure."
Beach went on to say, "We deeply regret that we have to eliminate
jobs. Employee reductions are always difficult because they affect the
lives of people who
have contributed much to Unocal's success. However, we felt we needed to
take these aggressive steps to improve Unocal's competitive position."
Beach noted that the study identified two ways to reduce overhead
costs. First, the company will eliminate or reduce certain services.
Second, some services will be outsourced, to reduce costs or increase
flexibility.
Most employees whose jobs are eliminated will be eligible for a new
redeployment program established by the company. This program ensures
that employees with at least two years of service remain on the payroll
for a period of time while they attempt to find new jobs either with
Unocal or outside employers. Following the redeployment program period,
employees who have not been placed elsewhere at Unocal would be eligible
for the company's normal severance package.
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SIGNATURE
Pursuant to the requirement 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.
UNOCAL CORPORATION ----------------
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(Registrant)
Dated: November 2, 1994 By: CHARLES S. MCDOWELL
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Charles S. McDowell,
Vice President and Comptroller
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