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): September 8, 2009
USG Corporation
(Exact name of registrant as specified in its charter)
| Delaware | 1-8864 | 36-3329400 | ||
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 550 West Adams Street, Chicago, Illinois |
60661-3676 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (312) 436-4000
| (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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 2 – Financial Information
Item 2.05 Costs Associated with Exit or Disposal Activities.
As a further step in the Registrant’s ongoing adjustment of its operations and staffing to adapt to market conditions, the Registrant’s subsidiary, L&W Supply Corporation, has determined that it will close approximately 30 additional distribution centers at the beginning of the fourth quarter of this year.
The Registrant will record charges of approximately $25 million in the current and future fiscal quarters related to these closures. These charges include approximately $8 million for termination benefits, approximately $13 million related to equipment and distribution center lease terminations and approximately $4 million for associated costs, including inventory write-offs. The Registrant estimates that it will incur cash expenditures of approximately $20 million in the current and future fiscal quarters in connection with the closures.
SIGNATURE
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.
| USG CORPORATION | ||
| Registrant | ||
Date: September 10, 2009
|
By: D. Rick Lowes | |
| D. Rick Lowes | ||
| Senior Vice President and Controller |