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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
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Date of Report (Date of earliest
event reported) September 18, 1996
Tambrands Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-8714 (13-1366500)
(State of (Commission File Number) (IRS Employer
incorporation) Identification No.)
777 Westchester Avenue, White Plains, New York 10604
(Address of principal executive offices) (Zip Code)
(914) 696-6000
(Registrant's telephone number,
including area code)
N/A
(Former name or former address, if changed since last report)
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Items 1-4. Not Applicable.
Item 5. Other Events.
The Company issued a press release on September 18, 1996.
Information Concerning Forward-Looking Statements.
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Statements contained in the above-mentioned press release other than
matters of historical fact are forward-looking statements, and are made based on
management's expectations and beliefs concerning future developments and their
potential effect on the Company. There can be no assurance that future
developments will be in accordance with management's expectations or that the
effect of future developments on the Company will be those anticipated by
management. Among the factors that could cause actual results to differ
materially from such forward-looking statements are the following:
- the market reception given the Company's new products,
including TAMPAX NATURALS;
- competitive pressures, including new product developments
or increased advertising or promotional activity by
existing or new competitors or growth in the private
label tampon segment;
- changes in the market for raw or packaging materials,
which could impact the Company's manufacturing costs;
- changes in the pricing of the products of the Company or
its competitors;
- changes in consumer preferences affecting the usage of
tampons;
- the loss of a significant customer;
- the costs and uncertainties associated with implementation
of actions resulting from the Company's ongoing evaluation
of its business strategies and organizational structures;
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- production delays or inefficiencies;
- the costs and other effects of legal and administrative
cases and proceedings, settlements and investigations;
- real or perceived safety or quality issues with respect
to the Company's products, whether arising from tampering
or otherwise; and
- changes in U.S. or international economic or political
conditions, such as inflation or fluctuations in interest
or foreign exchange rates.
While the Company periodically reassesses material trends and
uncertainties affecting the Company's results of operations and
financial condition in connection with its preparation of management's
discussion and analysis of results of operations and financial
condition contained in its quarterly and annual reports, the Company
does not intend to review or revise any particular forward-looking
statement in light of future events.
Item 6. Not Applicable.
Item 7. Exhibits.
99.1 Press Release of the Company dated
September 18, 1996.
Item 8. Not Applicable.
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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 thereunto duly authorized.
Tambrands Inc.
By /s/ SUSAN J. RILEY
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Name: Susan J. Riley
Title: Senior Vice President and
Chief Financial Officer
Date: September 18, 1996
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EXHIBIT INDEX
Sequentially
Exhibit No. Description Numbered Page
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99.1 Press Release of the Company
dated September 18, 1996
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[LOGO]
TAMBRANDS News Release
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Tambrands Inc. - 777 Westchester Avenue . White Plains, NY 10604
Investor Contact: Media Contact:
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Kathy Brooks Makrakis Janey M. Loyd
(914) 696-6509 (914) 696-6330
FOR IMMEDIATE RELEASE (Wednesday, September 18, 1996)
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TAMBRANDS ADOPTS SINGLE GLOBAL STRUCTURE AND RATIONALIZES
PRODUCTION FACILITIES TO SUPPORT GLOBAL GROWTH STRATEGY
Promotes Senior Executives;
Will Take $46 Million Pre-Tax Charge In Third Quarter
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WHITE PLAINS, NY, September 18, 1996 -- Tambrands Inc. (NYSE: TMB)
today announced two senior executive promotions and a wide-ranging
strategic initiative to simplify its organizational structure and
rationalize its production facilities around the world to support its
global growth strategy for Tampax tampons.
Edward T. Fogarty, 60, who joined Tambrands as President and Chief
Executive Officer in 1994, will assume the additional position of Chairman
of the Board, succeeding Howard B. Wentz, Jr., 66, a long-time outside
director who has been Chairman since 1993. Wentz will remain a director.
Thomas J. Mason, 51, Group Vice President - International will become
Executive Vice President and Chief Operating Officer, a new position.
Tambrands is combining its Americas and International groups --
currently independent and parallel organizations -- into a single global
organization to increase efficiency, eliminate administrative duplication,
improve decision-making, and get new and improved products to the global
market more quickly. As part of this organizational streamlining, Mason
will assume day-to-day responsibility for worldwide Tambrands operations.
Tambrands also plans to phase out four of its nine worldwide
manufacturing facilities while upgrading and consolidating production in
the other five facilities. Plants expected to be closed are in Rutland,
Vermont; Tours,
more
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[LOGO]
TAMBRANDS
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France; Tipperary, Ireland; and St. Petersburg, Russia. Manufacturing
facilities in Auburn, Maine and Havant, England will be expanded to
become hub locations. Tambrands will offer comprehensive severance
packages to those employees who are unable to relocate or who cannot
be placed in new positions.
As a result of these actions, Tambrands will take a charge of $46
million pre-tax, or $1.00 per share after-tax, in the third quarter of 1996. The
new global structure and plant consolidation will result in a net reduction of
approximately 600 jobs, or 17% of Tambrands' worldwide work force. This net
reduction includes the elimination of approximately 1,100 jobs as well as the
addition of some 500 new jobs in the upgraded manufacturing facilities and in
expanded marketing and new product development capabilities. These
organizational initiatives are expected to result in approximately $20 million
(pre-tax) in recurring annual savings to be fully phased in by the beginning of
1998.
"My stewardship as Chairman is now complete," said Wentz. "Tambrands has
a powerful market position and a strong management team. The new global
structure will further strengthen the Company in order to meet its growth goals.
I intend to remain an active Board member, and am confident that Tambrands has a
bright future ahead of it."
"Tampax is already a global megabrand, but in order to accelerate our
growth we must become an even more effective global competitor," said Fogarty.
"If we are to keep winning against much larger companies, we need to be leaner,
faster and more efficient in building the Tampax brand with new products,
product improvements, education and advertising. We are fully committed to the
long-term growth of this unique global franchise, and these initiatives will
enhance our ability to realize our full growth potential."
Tambrands has manufactured Tampax(R) tampons for 60 years, and today is
the worldwide market leader. Tampax tampons are sold in over 150 countries and
are used with confidence by millions of women.
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