Ferro 8-K 2007
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Item 2.02 Results of Operations and Financial Condition.
On November 1, 2007, Ferro Corporation announced it would discontinue porcelain enamel frit manufacturing in Rotterdam, The Netherlands by the summer of 2008, and that it would consolidate frit manufacturing at other European sites. As a result of the manufacturing consolidation, the Company expects to record a pre-tax charge of $5.9 million in the quarter ended September 30, 2007, pursuant to an agreement reached with workers' representatives on September 20, 2007. Each employee was notified on October 15, 2007. The charge includes approximately $4.0 million in employee severance and pension costs and approximately $1.9 million in asset impairment costs. The charge is expected to reduce diluted earnings per share in the 2007 third quarter by approximately 10 cents.
Item 2.05 Costs Associated with Exit or Disposal Activities.
The information set forth under Item 2.02 of this Current Report on From 8-K is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit 99.1: Press release
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.