Current Report Filing (8-k)

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): July 31, 2014




XERIUM TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)



Delaware	001-32498	42-1558674
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)


14101 Capital Boulevard, Youngsville, NC 27596
(Address of Principal Executive Offices)(Zip Code)

Registrant's telephone number, including area code: (919) 526-1400

(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 (see General Instruction A.2. below):
£ 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 2.05	Costs Associated with Exit or Disposal Activities.

On July 31, 2014, Xerium Technologies, Inc. (the “Company”) announced that it had initiated closure proceedings with union representatives at its machine clothing facility in João Pessoa, Brazil in order to continue to address the Company's cost structure. Because the closure is subject to negotiation with the local union, the Company is unable to reasonably estimate the total costs that it would expect to incur in connection with the proposed action or when the proposed action will be complete. A copy of the press release ("Press Release") announcing this action is attached to this Current Report on Form 8-K as Exhibit 99.1.

Certain of the above statements regarding the facility closure constitute “forward-looking statements.” These statements are protected by the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. There can be no assurance that these forward-looking statements will be accurate since they are based on many assumptions which involve risks and uncertainties, both known and unknown. The following important factors could cause the estimated results to differ: changes in economic or industry conditions; issues arising from rationalization of operations; prolonged negotiations with the union and other risks identified in the Company's Securities and Exchange Commission reports and public announcements. Any forward-looking statements included in this report are as of the date made and the Company does not intend to update them if its views later change. These forward-looking statement should not be relied upon as representing the Company's views as of any date subsequent to the date of this report.



Item 9.01	Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are filed herewith.



Exhibit No.		Description
99.1		Press release dated July 31, 2014.

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.



		XERIUM TECHNOLOGIES, INC.

Date:	July 31, 2014	By:	/s/ Clifford E. Pietrafitta
		Name:	Clifford E. Pietrafitta
		Title:	Executive Vice President and CFO

INDEX TO EXHIBITS



Exhibit No.		Description
99.1		Press release dated July 31, 2014.

Exhibit 99.1

XERIUM ANNOUNCES PLANNED CLOSURE OF BRAZILIAN PMC FACILITY

YOUNGSVILLE, N.C., July 31, 2014 (GLOBE NEWSWIRE) -- Xerium Technologies, Inc. (NYSE:XRM), a leading global provider of industrial consumable products and services, today announced that it has initiated closure proceedings with the representative union officials at its PMC facility in João Pessoa, Brazil. Production following the closure will be transferred to the Company's PMC facility in Piracicaba, Brazil where there is sufficient capacity to handle João Pessoa’s order volume and is strategically located with the ability to better serve the South American market from a logistics standpoint. Due to the nature of the proceedings with the local union, the Company is not able to provide a full estimate of the anticipated restructuring expenses at this time.

"We continue to take the required steps to achieve our multi-year repositioning plan to improve our sales, Adjusted EBITDA and share price. These initiatives are well under way and we are pleased with the actions to date and the confidence restored in Xerium both internally and externally. These actions will further strengthen our global responsiveness and competitive edge. These changes require difficult decisions that affect great people but these are very necessary actions given the economic realities of the markets we serve. As with our previous restructuring efforts, we have firm plans to save as many jobs as possible under these circumstances," said Harold Bevis, Xerium's President and Chief Executive Officer. "We believe these actions will increase our competitiveness in South America, without sacrificing quality or our position in the market."

ABOUT XERIUM

Xerium Technologies, Inc. (NYSE:XRM) is a leading global provider of industrial consumable products and services. Xerium utilizes a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products integral to production, all designed to optimize performance and reduce operational costs. Xerium has 27 manufacturing facilities in 12 countries around the world and employs approximately 3,200 employees.

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements”, including those regarding the planned facility closure. Forward-looking statements involve risks and uncertainties, both known and unknown, that may cause the proposed closure and actual results to differ materially from those indicated. These risks and uncertainties include the following items: (1) prolonged negotiations with the workforce or changes in Brazilian employment law may materially increase the difficulty and/or costs of these workforce reductions and the closing of the facility; and (2) the other risks and uncertainties discussed elsewhere in this press release, our Form 10-K for the year ended December 31, 2013 filed on March 4, 2014 and our other SEC filings. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement in this press release reflects our current views with respect to future events. Except as required by law, we assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise. As discussed above, we are subject to substantial risks and uncertainties related to current economic conditions, and we encourage investors to refer to our SEC filings for additional information. Copies of these filings are available from the SEC and in the investor relations section of our website at www.xerium.com.

Contacts

Xerium Technologies, Inc.

Phillip Kennedy

Investor Relations

919-526-1444

IR@xerium.com

Source: Xerium Technologies, Inc.

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