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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: September 26, 1995
THE DIAL CORP
(Exact name of registrant as specified in its charter)
DELAWARE 001-11015 36-1169950
(State or other jurisdiction of (Commission File (IRS Employer
incorporation or organization) Number) Identification No.)
DIAL TOWER, PHOENIX, ARIZONA 85077
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (602) 207-4000
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Item 5. Other Events.
In a press release dated September 26, 1995, The Dial Corp
("Dial") announced that it is planning restructuring and other
one-time charges in the third quarter to provide for a business-
based reorganization of its consumer products group through plant
closings, workforce reductions, asset write-downs and correction
of certain product lines. Additionally, carrying values of
certain Premier Cruise Lines' assets and intangibles will be
adjusted. Preliminary estimates of the charges are approximately
$130 million after-tax (equal to $1.47 per share), comprised of
$94 million for consumer products items and $36 million for
Premier Cruise Lines, in light of current conditions in its
cruise market. Final determination of the charges will be
completed in the third quarter closing.
A copy of the press release issued by Dial is attached as Exhibit
20 to this report.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit
No. Title
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20 Dial Press Release
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.
THE DIAL CORP
By: s/Richard C. Stephan
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Richard C. Stephan
Date: October 11, 1995 Vice President-Controller
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Exhibit 20
Dial Press Release
NEWS The Dial Corp
RELEASE 1850 North Central Avenue
Phoenix, AZ 85004
phone 602-207-5600
contact:
William H. Peltier
602-207-5812
THE DIAL CORP TO RESTRUCTURE AND TAKE
ONE-TIME CHARGES IN THIRD QUARTER
PHOENIX, Ariz., September 26, 1995 -- The Dial Corp (DL:NYSE) is planning
restructuring and other one-time charges to provide for a business-based
reorganization of its consumer products group that includes plant closings,
workforce reductions, asset writedowns and correction of certain product
lines. Additionally, there will be an adjustment of carrying values of
certain Premier Cruise Lines' assets.
The planned restructuring of Dial's consumer products group is a
continuation of Dial's focus on increasing growth for future profitability by
assuring the competitiveness of Dial's brands. The consumer products group is
closing six plants and reducing its workforce by approximately 15 percent, or
700 people.
John W. Teets, chairman and CEO of The Dial Corp, said, "To improve our
competitiveness in the consumer products business, we are restructuring,
reducing our costs, and consolidating our product lines. While Dial's
business continues to be good, our commitment to continue to be the low-cost
producer today, tomorrow and in the future, necessitates making these changes
to improve efficiencies and protect our brands in the marketplace."
Preliminary estimates of the charges, including charges to reduce the
carrying value of Premier Cruise Lines' assets and intangibles, are
approximately $130 million after tax (equal to $1.47 per share). This is
comprised of $94 million for consumer products items and
$36 million for Premier Cruise Lines, in light of current conditions in its
cruise market.
According to Andrew S. Patti, president and COO of The Dial Corp, the
actions come as a result of studies to determine reductions in manufacturing,
distribution and other organization costs and in certain product lines, such
as bleach, microwaveable meals and the hair-care business. Final
determination of the charges will be completed in the third-quarter closing.
Also, Dial consumer products group is completing its previously reported
program to effect reductions of trade customers' inventories on an accelerated
basis in the third quarter.
Teets said savings resulting from these actions are expected to make
positive contributions to the continued growth of the company over the coming
years.
The Dial Corp is a $3.5 billion consumer products and services company.
