8-K: Current report filing
Published on December 17, 1998
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
December 10, 1998
(Date of earliest event reported)
Commission file number 1-7349
BALL CORPORATION
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(Exact name of Registrant as specified in its charter)
Indiana 1-7349 35-0160610
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(State of (Commission (IRS Employer
Incorporation) File No.) Identification No.)
10 Longs Peak Drive, P.O. Box 5000, Broomfield, CO 80021-2510
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(Address of principal executive offices, including zip code)
(303) 469-5511
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
Ball Corporation
Current Report on Form 8-K
Dated December 17, 1998
Item 5. Other Events.
On December 10, 1998, Ball Corporation, an Indiana corporation (the "Company" or
"Ball"), announced that it will close four plants that produce metal cans, two
in the United States and two in the People's Republic of China (PRC), and will
supply customers of the closed facilities from other Ball plants. The plant
closings are part of the Company's comprehensive program to improve profits and
operating efficiencies.
The plant closings in the U.S. will be accounted for as part of Ball's
acquisition in August, 1998 of the North American beverage can manufacturing
assets of Reynolds Metals Company and, therefore, will not result in a charge to
earnings. The plants are expected to be closed during the first quarter of 1999
and include a beverage can manufacturing plant in Hayward, California, and a
beverage can lid manufacturing plant in Rocklin, California. The Company also
stated that additional capacity rationalization and cost savings will likely
occur in North America in 1999 as the Company continues to integrate the assets
acquired from Reynolds.
The PRC plant closings and other actions in China are being taken to improve
overall profitability and cash flow through headcount reductions and lower
manufacturing costs. The Company expects that these actions in the PRC will
result in a fourth quarter pretax charge of approximately $56 million
(approximately $31 million after tax or 95 cents per share on a diluted basis).
The plants to be closed in the PRC include one beverage can plant and one food
can plant and are expected to occur in the early part of 1999.
The text of the press release disseminated by the Company on December 10, 1998
is filed with this report as Exhibit 99.1.
Ball Corporation
Current Report on Form 8-K
Dated December 17, 1998
EXHIBIT INDEX
Description Exhibit
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Text of Press Release Disseminated by the Registrant on
December 10, 1998 (Filed herewith) EX-99.1
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.
Ball Corporation
(Registrant)
By: /s/ R. David Hoover
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Name: R. David Hoover
Title: Vice Chairman and
Chief Financial Officer
Date: December 17, 1998