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): January 18, 2005
Paxar Corporation
(Exact name of registrant as specified in its charter)
New York 1-9493 13-5670050
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
105 Corporate Park Drive
White Plains, New York 10604
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (914) 697-6800
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
(a) On January 18, 2005, Paxar Corporation (the "Company") announced to its
workforce in Hillsville, Virginia that, as a part of its continuing effort to
create a more efficient woven label manufacturing operation, the Company plans
to close the manufacturing operations at the woven label plant located there. As
a part of this restructuring, the current manufacturing operations at the
Hillsville plant will be consolidated into the Company's Weston, West Virginia
facility. The Company anticipates that the closure of the Hillsville facility
will be completed by December 31, 2005.
(b) The Company estimates that the closure of the Hillsville plant will result
in (i) a charge of approximately $1,345,000 for severance benefits for the
Company's 140 manufacturing employees and 30 customer service and administrative
personnel, (ii) a charge of approximately $388,000 for the relocation of the
machinery and equipment currently located at the Hillsville plant and (iii) a
charge of approximately $524,000 for other related costs, which include the
costs associated with the manufacturing facility, the termination of the lease
thereof and outplacement services for the Hillsville plant's employees.
(c) Accordingly, the Company expects that the estimated total cost
associated with the closure of the Hillsville plant operation will be
approximately $2,257,000.
(d) The Company estimates that the closure of the Hillsville plant will result
in approximately $1,900,000 of cash expenditures.
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.
PAXAR CORPORATION
(Registrant)
Date: January 24, 2005 By: /s/ Robert S. Stone
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Robert S. Stone
Vice President & Secretary