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): October 27, 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 2.02 Results of Operations and Financial Condition.
On October 27, 2005, Paxar Corporation (the "Company") announced its financial
results for the third quarter ended September 30, 2005.
Item 2.05 Costs Associated with Exit or Disposal Activities
On October 18, 2005, the Company's Board of Directors adopted a realignment
plan, which it first announced to its employees on October 27, 2005. The primary
goal of the Company's realignment plan is to better service its customers,
reduce costs, increase its market share and optimize the utilization and
capacity of its operations. As a part of its plan, the Company will be
realigning its North American and European manufacturing operations. The Company
expects to largely complete its realignment plan by December 31, 2007.
The Company estimates that the total cash costs and expenses associated with its
realignment plan will be approximately $25 to $30 million. The Company
anticipates that non-cash charges, comprising severance, facility consolidation
costs and related asset write-offs in its domestic operations, will range from
$10 to $14 million.
At this time, the Company is unable in good faith to make a determination of the
specific estimates or ranges of estimates required by paragraphs (b) and (d) of
this Item 2.05 with respect to its realignment plan. As permitted by Item 2.05
of Form 8-K, the Company will file an amendment to this Report within four
business days after the Company's determination of such estimates or ranges of
estimates.
A copy of the press release in connection with the above disclosures is
furnished as Exhibit 99.1 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
----------- -----------
99.1 Press Release issued by Paxar Corporation on
October 27, 2005.
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: October 27, 2005 By: /s/ Richard A. Maue
---------------------------------
Richard A. Maue
Vice President and Controller
Exhibit Index
Exhibit No. Description
----------- -----------
99.1 Press Release issued by Paxar Corporation on
October 27, 2005.