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): August 19, 2011
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 to adapt to market conditions, the Registrant’s subsidiary, L&W Supply Corporation, has determined that it will close eight additional distribution branches and its Nevada custom door and frames business before the end of the third quarter of this year.
The Registrant will record charges of approximately $7 - $8 million in the current and future fiscal quarters related to these closures. These charges include approximately $5 - $6 million related to equipment and distribution branch lease terminations, approximately $1 million for termination benefits and approximately $1 million for associated costs, including inventory write-offs. The Registrant estimates that it will incur cash expenditures of approximately $6 - $7 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: August 25, 2011
By: /s/ Richard H.
Fleming
Richard H. Fleming
Executive Vice President
and Chief Financial
Officer