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| PX > SEC Filings for PX > Form 8-K on 10-Dec-2008 | All Recent SEC Filings |
10-Dec-2008
Costs Associated with Exit or Disposal Activities, Regulation FD Disclosure, Financia
On December 9, 2008, Praxair Inc. (the company) issued a press release announcing that it has initiated actions in response to the substantial slowdown in demand in the fourth quarter 2008.
The actions will result in a pre-tax charge to earnings of approximately $120 million comprised of about $55 million of severance costs for the termination of about 1,600 employees and about $65 million related to the closure or sale of underperforming and non-core product lines and businesses. The expected cash expenditures relating to these actions are approximately $55 million.
The company expects the actions and related cash payments will be completed by the end of 2009.
The December 9, 2008 press release also announced that the company would incur charges of approximately $55 million related to the settlement of a social tax case in Brazil dating back to the 1980's and increases in accruals reflecting recent developments for other cases. The company also issued revised earnings guidance for the fourth quarter and full year of 2008.
The text of the press release is furnished herein as exhibit 99.1. The
information in Exhibit 99.1 shall not be deemed "filed" for purposes of
Section 18 of the Securities and Exchange Act of 1934, as amended, and shall not
be deemed incorporated by reference into any filing under the Securities Act of
1933, as amended.
(d) Exhibits 99.1 - Press release issued by the company dated December 9, 2008
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