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
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Date of Report (Date of earliest event reported): December 18, 2008 |
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MINERALS TECHNOLOGIES INC. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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1-3295 |
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25-1190717 |
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(State or other jurisdiction |
(Commission File |
(IRS Employer |
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405 Lexington Avenue, New York, NY |
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10174-0002 |
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(Address of principal executive offices) |
(Zip Code) |
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(212) 878-1800 |
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(Registrant's telephone number, including area code) |
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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. |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
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Item 8.01 |
Other Events. |
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On December 18, 2008, Minerals Technologies Inc. issued a press release announcing that it is making further reductions in its work force and expects fourth quarter earnings to fall short of Wall Street expectations. A copy of the press release is included as Exhibit 99.1 and is incorporated into this Item 8.01 by reference. |
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Item 9.01 |
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Financial Statements and Exhibits. |
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(c) |
Exhibits |
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99.1 |
Press Release dated December 18, 2008 |
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SIGNATURES
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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. |
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MINERALS TECHNOLOGIES INC. |
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(Registrant) |
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By: |
/s/ Kirk G. Forrest |
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Name: |
Kirk G. Forrest |
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Vice President, General Counsel and Secretary |
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Date: December 18, 2008 |
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MINERALS TECHNOLOGIES INC.
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EXHIBIT INDEX |
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Exhibit No. |
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Subject Matter |
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99.1 |
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Press Release dated December 18, 2008 |
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EXHIBIT 99.1
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| News | ||
| For Immediate Release | Contact: | |
| December 18, 2008 | Rick B. Honey | |
| (212) 878-1831 | ||
MINERALS TECHNOLOGIES TO REDUCE WORK FORCE
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Company Expects Fourth Quarter Earnings to Fall Short of Wall Street Expectations
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NEW YORK, December 18 - Minerals Technologies Inc. (NYSE: MTX) announced today that it is making further reductions in its work force, including hourly and salaried employees - a process that began last month. This reduction of approximately 340 represents 12 percent of the employee population, and reflects both permanent reductions as well as layoffs.
"These actions have become necessary because of the deepening economic downturn that is causing our customers - primarily in the steel, paper, automotive and construction industries - to curtail or shut down operations, resulting in a significant drop in demand for our products," said Joseph C. Muscari, chairman and chief executive officer. "The resulting shortfall in sales is greater than we had forecast at the end of the third quarter, and, as a result, we expect our fourth quarter earnings, excluding special items, to be significantly below the current Wall Street projections of $0.63 per share."
In addition, the company will record a restructuring charge of approximately $6 million to $7 million, primarily related to severance and associated costs.
"The actions the company took one year ago to restructure and realign its businesses, have better positioned us to effectively manage through this recession. However, additional action was needed because business volumes are far below our expectations. Minerals Technologies continues to have a strong balance sheet, good cash flow, leaner operations, and we will make the adjustments necessary to keep pace with changes in our customers' requirements and to remain profitable," said Mr. Muscari.
Minerals Technologies Inc. is a global resource- and technology-based growth company that develops, produces and markets worldwide a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. The company recorded sales of $1.08 billion in 2007.
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For further information about Minerals Technologies Inc. look on the Internet at http://www.mineralstech.com/