Current Report Filing (8-k)
October 27 2017 - 8:01AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 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) October 27, 2017
COLGATE-PALMOLIVE
COMPANY
(Exact
name of registrant as specified in its charter)
Delaware
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1-644
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13-1815595
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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300 Park Avenue, New York, NY
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10022
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code
(212) 310-2000
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))
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
§240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 27, 2017, Colgate-Palmolive Company (the “Company”) issued a
press release announcing its earnings for the quarter ended September
30, 2017. This press release is attached as Exhibit 99 and is
incorporated herein by reference.
The information in Item 2.02 of this Current Report is being furnished
and shall not be deemed “filed” for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that Section. The information in Item 2.02 of this
Current Report shall not be incorporated by reference into any
registration statement or other document pursuant to the Securities Act
of 1933, as amended.
Item 2.05. Costs Associated with Exit or Disposal Activities.
Building on the successful implementation of the Global Growth and
Efficiency Program to date, on October 26, 2017, the Company’s Board of
Directors approved an expansion of the Global Growth and Efficiency
Program and an extension of the program through December 31, 2019 to
take advantage of further opportunities to streamline the Company’s
operations.
The initiatives under the expanded Global Growth and Efficiency Program
continue to be focused on the following areas:
-
Expanding Commercial Hubs – Building on the success of the hub
structure already implemented around the world, streamlining
operations in order to drive smarter and faster decision making,
strengthen capabilities available on the ground and improve cost
structure.
-
Extending Shared Business Services and Streamlining Global Functions –
Optimizing the Company’s shared service organizational model in all
regions of the world and continuing to streamline global functions to
improve cost structure.
-
Optimizing Global Supply Chain and Facilities – Continuing to optimize
manufacturing efficiencies, global warehouse networks and office
locations for greater efficiency, lower cost and speed to bring
innovation to market.
As a result of the expansion, cumulative pretax charges related to the
Global Growth and Efficiency Program, once all projects are approved and
implemented, are now estimated to be $1,730 million to $1,885 million
($1,280 million to $1,380 million aftertax), increased from $1,500
million to $1,585 million ($1,120 million to $1,170 million
aftertax). It is now expected that substantially all charges related to
the Global Growth and Efficiency Program will be incurred by December
31, 2019.
These pretax charges are currently estimated to be comprised of the
following: employee-related costs, including severance, pension and
other termination benefits (50%); asset-related costs, primarily
incremental depreciation and asset impairments (10%); and other charges,
which include contract termination costs, consisting primarily of
implementation-related charges resulting directly from exit activities
(20%) and the implementation of new strategies (20%). Over the course
of the Global Growth and Efficiency Program, it is currently estimated
that approximately 80% of the charges will result in cash expenditures.
Charges related to the Global Growth and Efficiency Program will
continue to be recorded in the Corporate segment as these decisions are
predominantly centrally directed and controlled and are not included in
internal measures of segment operating performance. It is expected that
the cumulative pre-tax charges, once all projects are approved and
implemented, will relate to initiatives undertaken in North America
(15%), Europe (20%), Latin America (5%), Asia Pacific (5%),
Africa/Eurasia (5%), Hill’s Pet Nutrition (10%) and Corporate (40%),
which includes substantially all of the costs related to the
implementation of new strategies, noted above, on a global basis.
This Current Report on Form 8-K contains forward-looking statements
about the Global Growth and Efficiency Program. These statements are
made on the basis of the Company’s views and assumptions as of this time
and the Company undertakes no obligation to update these statements
unless required by law. These statements are not guarantees of future
performance; they involve risks and uncertainties and actual events or
results may differ materially from these statements. Potential risks
and uncertainties that could cause actual results to differ from
expected results include, among others, whether the Company will be able
to implement the Global Growth and Efficiency Program as planned,
whether the expected amount of the costs associated with the Global
Growth and Efficiency Program will exceed the Company’s forecasts and
whether the Company will be able to realize the full amount of estimated
savings from the Global Growth and Efficiency Program. Investors should
consult the Company’s filings with the Securities and Exchange
Commission (including the information set forth under the caption “Risk
Factors” in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2016) for information about certain other factors that
could cause such differences. Copies of these filings may be obtained
upon request from the Company’s Investor Relations Department or on the
Company’s website at http://www.colgatepalmolive.com.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits
. The
following exhibit is filed with this document:
Exhibit Number
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Description
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99
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Press release, dated October 27, 2017, issued by Colgate-Palmolive
Company
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EXHIBIT INDEX
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.
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COLGATE-PALMOLIVE COMPANY
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Date:
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October 27, 2017
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By:
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/s/ Dennis J. Hickey
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Name:
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Dennis J. Hickey
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Title:
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Chief Financial Officer
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5
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