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| BLL > SEC Filings for BLL > Form 8-K on 30-Oct-2008 | All Recent SEC Filings |
30-Oct-2008
Results of Operations and Financial Condition, Costs Associated with Exit or Disposal A
On October 30, 2008, Ball Corporation (the "Company") issued a press release announcing its third quarter earnings for 2008, which results are set forth in the press release dated October 30, 2008, and attached hereto as Exhibit 99.1.
Earnings information regarding the third quarter for 2008, as well as information regarding the use of non-GAAP financial measures, are set forth in the attached press release.
The information in this Report shall not be deemed to be "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange
Act") or otherwise subject to the liability of that section, and shall not be
deemed incorporated by reference in any filing under the Securities Act of 1933,
as amended, or the Exchange Act, except as shall be expressly set forth by
specific reference in such filing.
On October 30, 2008, the Company issued a press release, attached hereto as Exhibit 99.2, announcing the closure of its metal beverage packaging manufacturing plants in Kansas City, Missouri, and in Guayama, Puerto Rico. As a result of the closures, an after-tax charge of approximately $32 million will be recorded in the company's results. The charges include $19.2 million for employee severance, pension and other employee benefit costs and $32.6 million primarily related to accelerated depreciation and the write down to net realizable value of certain fixed assets and related spare parts and inventory. These charges will be offset by tax recoveries of approximately $20 million. Approximately $28 million of the charge is expected to be recorded in the fourth quarter of 2008 with the remainder recorded in the first quarter of 2009. Cost reductions associated with these plant closings are expected to exceed $30 million in 2009 and to be $9 million cash positive on final disposition of the assets.
(d) Exhibits.
The following are furnished as exhibits to this report:
Exhibit 99.1 Ball Corporation Press Release dated October 30, 2008.
Exhibit 99.2 Ball Corporation Press Release dated October 30, 2008.
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