SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
/X/ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED] for the fiscal year ended December 31, 1999
or
/ / TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED] for the transition period from
to
---------- ----------
COMMISSION FILE NUMBER 1-12716
A. Full title of the plan and address of the plan, if different from that
of the issuer named below:
KOPPERS INDUSTRIES, INC.
SAVINGS PLAN FOR UNION HOURLY EMPLOYEES
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive offices:
KOPPERS INDUSTRIES, INC.
436 Seventh Avenue
Pittsburgh, Pennsylvania 15219-1800
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REQUIRED INFORMATION
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Koppers Industries, Inc.
Savings Plan for Union Hourly Employees
Statement of Net Assets Available for Benefits (Unaudited)
December 31, 1999
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ASSETS
Investments at fair value:
Putnam Income Fund $ 81,718
Putnam Voyager Fund 566,582
Putnam New Opportunities Fund 476,705
Putnam Asset Allocation: Growth Portfolio 159,427
Putnam Asset Allocation: Balanced Portfolio 151,293
Putnam Asset Allocation: Conservative Portfolio 62,922
Putnam S&P 500 Index Fund 471,320
Putnam International Growth Fund 128,888
Putnam New Value Fund 13,906
Putnam Stable Value Fund 333,899
Company Stock Fund 9,383
------------
Total investments 2,456,043
Employer's contribution receivable 15,117
Employee contribution receivable 52,972
------------
Net assets available for benefits $2,524,132
============
See accompanying notes.
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<TABLE>
<CAPTION>
Koppers Industries, Inc.
Savings Plan for Union Hourly Employees
Statement of Changes in Net Assets Available for Benefits (Unaudited)
Year ended December 31, 1999
<S> <C>
Additions to net assets attributed to:
Investment income:
Net realized/unrealized appreciation in fair
value of investments $ 376,502
Interest and dividends 133,352
-------------
509,854
Contributions:
Employer 94,677
Employee 298,468
-------------
393,145
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Total additions 902,999
Investment fees (150)
Benefit payments (60,574)
Transfer from other affiliated plans 1,037,463
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Net increase in assets available 1,879,738
Net assets available for benefits at beginning of year 644,394
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Net assets available for benefits at end of year $2,524,132
=============
See accompanying notes.
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Koppers Industries, Inc.
Savings Plan for Union Hourly Employees
Notes to Financial Statements (Unaudited)
December 31, 1999
1. SUMMARY OF ACCOUNTING POLICIES
DESCRIPTION OF THE PLAN
The Koppers Industries, Inc. Savings Plan for Union Hourly Employees was amended
as of January 1, 1999 and is a defined contributions profit sharing and savings
plan, with a 401(k) salary reduction feature. Effective January 1, 1999, the
Koppers Industries, Inc. Employees Savings Plan for the Hourly Employees of the
Monessen Coke Plant, Koppers Industries, Inc. Employees Savings Plan for the
Union Hourly Woodward Employees, Koppers Industries, Inc. Employees Savings Plan
for the Union Hourly Employees of the Denver Plant and Koppers Industries, Inc.
Employees Savings Plan for the Union Hourly Employees of the Gainesville Plant
were merged into the Koppers Industries Inc. Savings Plan for Hourly Employees
of the Clairton Plant. As a result of the mergers, the Plan was renamed the
Koppers Industries, Inc. Savings Plan for Union Hourly Employees (the Plan). In
connection with the mergers, net assets of $1,037,463 were transferred to the
Plan during 1999.
Collective-bargaining employees of Koppers Industries, Inc. (the Company) are
eligible to participate in the Plan once eligibility requirements are met. The
Plan is subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA). Participants should refer to the summary plan description for a
more complete description of the Plan's provisions.
CONTRIBUTIONS
Employee contributions can range from 1% to 16% of their annual compensation
subject to Internal Revenue Code limitations. Matching contributions vary based
on the plant location of the participant.
ROLLOVER CONTRIBUTIONS
Participants are allowed to make rollover contributions (contributions
transferred to the Plan from other qualified retirement plans) with the consent
of the Board of Directors' Administrative Committee, subject to certain
requirements.
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PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's contributions and
allocations of the Company's contributions and plan earnings. The benefit to
which a participant is entitled is the benefit that can be provided from the
participant's account.
1. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
VESTING
Participants are 100% vested in the value of all contributions upon retirement,
death, involuntary termination, or permanent disability.
PARTICIPANT DISTRIBUTIONS
At the election of the participant, distributions may be paid using one or more
of the following methods:
o a single payment; or
o installments over a period not exceeding the life expectancy of the
participant or the joint life and last survivor expectancy of the
participant and his designated beneficiary.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates that affect the
amounts reported in the financial statements and accompanying notes. Actual
results could differ from those estimates.
INVESTMENTS VALUATION
Mutual funds are valued at quoted market prices which represent the net asset
values of shares held by the Plan at year-end. Shares of Koppers Industries,
Inc. common stock are valued at fair value based upon an independent valuation
obtained by management.
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2. INVESTMENTS
The net appreciation (depreciation) in investments by investment type is
summarized as follows:
NET CHANGES IN
FAIR VALUE
----------------
DECEMBER 31
1999
----------------
Investments at fair value as determined by quoted
market prices:
Registered investment companies $374,157
Company stock 2,345
----------------
$376,502
================
3. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of plan termination, the
interests of all affected participants will become fully vested.
4. INCOME TAX STATUS
The Plan applied for but has not received a determination letter from the
Internal Revenue Service stating that the Plan is qualified under Section 401(a)
of the Internal Revenue Code. However, the plan administrator believes that the
Plan is qualified and, therefore, the related trust is exempt from taxation.
EXHIBITS
None.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Administrative Committee for the Koppers Industries, Inc. Savings Plan for
Union Hourly Employees has duly caused this annual report to be signed on
its behalf by the undersigned thereunto duly authorized.
KOPPERS INDUSTRIES, INC. SAVINGS
PLAN FOR UNION HOURLY EMPLOYEES
Date: JUNE 16, 2000 By: /s/ Randall D. Collins
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Randall D. Collins
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