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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) May 1, 1997
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THE GEON COMPANY
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(Exact name of registrant as specified in charter)
Delaware 1-11804 34-1730488
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
One Geon Center, Avon Lake, Ohio 44012
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 216-930-1241
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Not Applicable
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
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The Geon Company Company announced the appointment of Thomas A. Waltermire as
Executive Vice President and Chief Operating Officer. Replacing Mr. Waltermire
as Vice President and Chief Financial Officer is W. David Wilson.
The Company also announced a reduction in force and taking of a $15,000,000
charge against earnings in the second quarter.
Item 7(c). Financial Statements, Pro Forma Financial Information and
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Exhibits
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Exhibit 99.1 Press Release of May 1, 1997 announcing a new Chief Operating
Officer and a new Chief Financial Officer.
Exhibit 99.2 Press Release of May 2, 1997 announcing staff reductions.
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 hereunto duly authorized.
THE GEON COMPANY
By /s/ Gregory L. Rutman
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Gregory L. Rutman
Secretary
Dated May 6, 1997
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
GEON NAMES WALTERMIRE CHIEF OPERATING OFFICER
AVON LAKE, Ohio -- May 1, 1997 -- The Board of Directors of The Geon
Company (NYSE:GON) has approved the appointment of Thomas A. Waltermire as
executive vice president and chief operating officer, effective immediately.
In the newly created position, Waltermire will be responsible for
day-to-day operations as well as related support activities of Geon's
businesses, which include vinyl resins, compounds, and intermediates. He
formerly was senior or vice president and chief financial officer of the
Company.
Waltermire will continue to report to William F. Patient, Geon's chairman,
president and chief executive officer. The move will allow Patient to focus more
on longer-term strategic issues in Geon's effort to strengthen its position as
a world leader in the vinyl industry.
Replacing Waltermire as vice president and chief financial officer is
W. David Wilson, who also will report to Patient. Wilson previously was
director of business management, resins.
"Managing the operations of a highly competitive business such as ours
requires focused time and attention, and Tom has demonstrated the talents and
leadership ability necessary to succeed in this new position," said Patient.
"His role will be both an important and a challenging one as Geon continues to
improve productivity, reduce costs and take advantage of opportunities as
worldwide vinyl demand continues to grow.
"In addition, Dave's extensive financial background, coupled with his
expert knowledge of the vinyl business from his experiences in North America and
Australia, will make him a valuable contributor to our management team as chief
financial officer," said Patient.
Waltermire joined The BFGoodrich Company, the former parent company of
Geon, in 1974 as a financial analyst. He subsequently held several positions
with BFGoodrich and its Chemical Group, including vice president of commercial
services for the group and president of the elastomers and latex division. In
1989, he became vice president of investor relations and assistant to the
chairman of BFGoodrich. He became senior vice president and chief financial
officer of Geon in 1993, when the Company was spun off from BFGoodrich in an
initial public offering. He received a bachelor's degree in biological sciences
from The Ohio State University and a master's of business administration degree
from Harvard University.
(more)
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Wilson joined BFGoodrich in 1978 as a financial analyst and served in a
variety of financial management positions within the Chemical Group. He was
named controller of the Geon vinyl division in 1985 and later became director
of marketing. He was general manager for Auseon Limited, Geon's wholly owned
Australian subsidiary, for four years before returning to be director of Geon's
vinyl resin business. He received a bachelor's degree from DePauw University and
a master's degree in international management from The American Graduate School
of International Management (Thunderbird).
The Geon Company is one of the largest suppliers of polyvinyl chloride
(PVC) resins in North America and is the world's largest provider of PVC
compounds. Headquartered in Avon Lake, Olio, The Geon Company has 13
manufacturing plants in the United States, Canada and Australia, and joint
ventures in Europe and Southeast Asia.
# # #
Contact: Dennis Cocco
Director of Corporate & Investor Affairs
216-930-1538
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EXHIBIT 99.2
FOR IMMEDIATE RELEASE
GEON ANNOUNCES STAFF REDUCTION
AVON LAKE, Ohio -- May 2, 1997 -- The Geon Company (NYSE:GON) announced
today that it will eliminate more than 15 percent of its headquarters positions
as part of an ongoing effort to streamline the Company's overhead and reduce
costs. Most of the reductions will occur through a voluntary early retirement
plan to eligible employees.
Positions will be eliminated primarily at the Company's Avon Lake
headquarters, where it currently employs about 450 people, and will be phased in
over the next year and a half. When completed, the changes will result in annual
savings of approximately $11 million in 1999 and thereafter. Geon will report a
$15 million pre-tax charge against second-quarter 1997 earnings, primarily for
employee separation costs.
"Continuous improvement is the key to profitable growth and maintaining our
leadership in the worldwide vinyl industry," said William F., Patient,
chairman, president and chief executive officer, "To remain competitive in a
tough industry, we must be able to make these difficult decisions when they are
necessary. This action is one of many steps we are taking to become even more
cost competitive."
The Geon Company is one of the largest suppliers of polyvinyl chloride
(PVC) resins in North America and is the world's largest provider of PVC
compounds. Headquartered in Avon Lake, Ohio, The Geon Company has 13
manufacturing plants in the United States, Canada and Australia, and joint
ventures in Europe and Southeast Asia.
CONTACT: Dennis Cocco
Director of Corporate & Investor Affairs
216/930-1538
