-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EiduEadKzv9n+cKVjpVg5lR6hiUdn39iM1awVvtSfDMNC46xB0PNZk0+HIJJ1S1R OqHhWF6KwJX/Ozujc2Ox1w== 0001157523-06-002832.txt : 20060320 0001157523-06-002832.hdr.sgml : 20060320 20060320121256 ACCESSION NUMBER: 0001157523-06-002832 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060317 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060320 DATE AS OF CHANGE: 20060320 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Rock-Tenn CO CENTRAL INDEX KEY: 0000230498 STANDARD INDUSTRIAL CLASSIFICATION: PAPERBOARD CONTAINERS & BOXES [2650] IRS NUMBER: 620342590 STATE OF INCORPORATION: GA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12613 FILM NUMBER: 06697939 BUSINESS ADDRESS: STREET 1: 504 THRASHER STREET CITY: NORCROSS STATE: GA ZIP: 30071 BUSINESS PHONE: (770) 448-2193 MAIL ADDRESS: STREET 1: PO BOX 4098 CITY: NORCROSS STATE: GA ZIP: 30091 FORMER COMPANY: FORMER CONFORMED NAME: ROCK TENN CO DATE OF NAME CHANGE: 19931223 8-K 1 a5104626.txt ROCK-TENN COMPANY 8-K ------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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): March 17, 2006 ROCK-TENN COMPANY (Exact name of registrant as specified in its charter) Georgia 0-23340 62-0342590 - ------------------------ ---------------------- ------------------- (State of Incorporation) Commission File Number (IRS employer identification no.) 504 Thrasher Street, Norcross, Georgia 30071 - -------------------------------------------- ------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (770) 448-2193 Not Applicable (Former name or former address, if changed since last report) 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) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ------------------------------------------------------------------------------- Item 2.05 - Costs Associated with Exit or Disposal Activities. On March 17, 2006, Rock-Tenn Company ("Rock-Tenn") issued a press release (the "March 17 Press Release") that announced Rock-Tenn's decision to close its Kerman, California folding carton plant in the third quarter of fiscal 2006. The March 17 Press Release and this Current Report on Form 8-K disclose the following information: In connection with the closing of the Kerman plant, Rock-Tenn expects to incur pre-tax restructuring and other costs of approximately $3.7 million during the second quarter of fiscal 2006, an aggregate of $1.1 million in the remainder of fiscal 2006, and an aggregate of $0.4 million primarily over the next two fiscal years. Rock-Tenn also expects to incur operating costs of $0.3 million in the second quarter of fiscal 2006 associated with inventory write-off. The aggregate restructuring and other costs include charges of approximately $1.8 million for equipment impairment, $1.2 million for severance and other employee costs, $0.9 million for facility lease and carrying costs net of sublease rentals, $0.6 million for equipment relocation, and $0.7 million for other miscellaneous costs. The Company estimates that approximately $2.1 million of the operating costs and restructuring and other costs will be non-cash charges. A copy of the March 17 Press Release is attached hereto as Exhibit 99.1 and hereby incorporated herein. Item 9.01 - Financial Statements and Exhibits. (c) Exhibits 99.1 March 17 Press Release SIGNATURES 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. Date: March 17, 2006 ROCK-TENN COMPANY By: /s/ Steven C. Voorhees ---------------------------------------------- Name: Steven C. Voorhees Title: Executive Vice-President and Chief Financial Officer (Principal Financial Officer, Principal Accounting Officer and duly authorized officer) INDEX TO EXHIBITS Exhibit Number and Description - ------------------------------ 99.1 March 17 Press Release EX-99.1 2 a5104626ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 Rock-Tenn Company Announces Closure of Kerman Folding Carton Facility NORCROSS, Ga.--(BUSINESS WIRE)--March 17, 2006--Rock-Tenn Company (NYSE: RKT) announced today that it will close its Kerman, California folding carton plant in the third quarter of fiscal 2006. Rock-Tenn expects to transfer a substantial portion of the business from the Kerman plant to its Greenville, Texas plant. Mike Kiepura, Executive Vice President - Folding Carton division, stated, "The Kerman closure is the next step in attaining our operating synergy target from the Gulf States paperboard and packaging business acquisition. We relocated underutilized equipment acquired in the acquisition to our Greenville, Texas plant, creating the opportunity to consolidate these two locations. Greenville is the larger of the two plants and is much closer to our bleached paperboard mill acquired from Gulf States. We expect the Kerman closure to generate approximately $2 million of annualized savings that will contribute to the $30 million of synergies that we expect to realize following our acquisition of Gulf States' paperboard and packaging businesses." Rock-Tenn Company expects to incur cash operating and restructuring costs of approximately $3 million, which will include severance, facility lease and carrying costs net of sublease rentals and equipment relocation costs, and to incur asset impairment costs of approximately $2 million. Rock-Tenn Company provides a wide range of marketing and packaging solutions to consumer products companies at low costs, with combined pro forma net sales of $2.1 billion and operating locations in the United States, Canada, Mexico, Argentina and Chile. The Company is one of North America's leading manufacturers of packaging products, merchandising displays and bleached and recycled paperboard. Statements herein regarding, among others, expectations regarding the transfer of current production from the closed facility; the impact of the facility closure on the operations of other Company facilities; restructuring costs, including cash expenditures; operating costs and synergies constitute forward-looking statements within the meaning of the federal securities laws. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. With respect to these statements, the Company has made assumptions regarding, among other things, the amounts of asset impairment, severance costs, relocation costs, and other costs associated with the closure as well as capacity utilization and production efficiencies. The forward-looking statements are subject to certain risks including, among others, that the foregoing assumptions will prove to be inaccurate. Such risks are more particularly described in the Company's filings with the Securities and Exchange Commission, including under the caption "Business -- Forward-Looking Information" and "Risk Factors" in the Company's Annual Report on Form 10-K for the most recently ended fiscal year. Management believes its estimates are reasonable; however, undue reliance should not be placed on such estimates, which are based on current expectations. The information contained herein speaks as of the date hereof and the Company does not undertake any obligation to update such information as future events unfold. CONTACT: Rock-Tenn Company David Rees, 770-448-2193 -----END PRIVACY-ENHANCED MESSAGE-----