SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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, 2004
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ONEIDA LTD.
(Exact name of Registrant as specified in its charter)
NEW YORK 1-5452 15-0405700
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
163-181 KENWOOD AVENUE, ONEIDA, NEW YORK 13421
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (315) 361-3000
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Former name or former address, if changed since last report N/A
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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:
[ ] 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 September 8, 2004, Oneida Ltd.'s (the "Company") Board of
Directors approved the closure of the Company's flatware
manufacturing facility located in Sherrill, New York. The
Company determined that closing the Sherrill, New York
manufacturing facility was necessary because of unsustainably
high operating costs that have heavily contributed to
substantial losses within the Company. It is anticipated that
the closure will be completed during the first calendar
quarter of 2005.
In conjunction with the Sherrill factory closure, the Company
has not yet been able to make a good faith determination of
either the total amount of cash costs associated with the
announced closure or the amounts of the major types of cash
costs associated with the closure. These major types of cash
costs will include severance costs, incentive payments to
employees and other exit costs, including those associated
with decommissioning the factory after production has ceased.
As also described in Item 2.06, below, the Company incurred a
non-cash asset impairment charge of approximately $34 million
dollars during its fiscal quarter ended July 31, 2004 in
connection with the announced Sherrill factory closure.
A copy of the Company's September 9, 2004 press release
announcing the closure of the Sherrill factory is attached
hereto as Exhibit 99.1 and is incorporated herein by
reference.
ITEM 2.06. MATERIAL IMPAIRMENTS.
On September 8, 2004, Oneida Ltd.'s (the "Company") Board of
Directors approved the closure of the Company's flatware
manufacturing facility located in Sherrill, New York. The
Company determined that closing the Sherrill, New York
manufacturing facility was necessary because of unsustainably
high operating costs that have heavily contributed to
substantial losses within the Company. It is anticipated that
the closure will be completed during the first calendar
quarter of 2005.
In conjunction with the Sherrill factory closure, the Company
will incur a non-cash asset impairment charge of approximately
$34 million dollars during its fiscal quarter ended July 31,
2004 in connection with the announced Sherrill factory
closure.
A copy of the Company's September 9, 2004 press release
announcing the closure of the Sherrill factory is attached
hereto as Exhibit 99.1 and is incorporated herein by
reference.
ITEM 9.01. FINANCIAL STATEMENTS & EXHIBITS.
(c.) Exhibits
EXHIBIT 99.1 Press Release dated September 9, 2004.
SIGNATURES
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.
ONEIDA LTD.
By: /s/ PETER J. KALLET
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Peter J. Kallet
Chairman of the Board, President &
Chief Executive Officer
Dated: September 14, 2004