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): January 20, 1995
DOW CORNING CORPORATION
-----------------------
(Exact name of registrant as specified in its charter)
Michigan 1-7518 38-0495575
--------------- ------------ -------------------
(State or other (Commission (IRS Employer
jurisdiction of file number) Identification No.)
incorporation)
2200 West Salzburg Road, Midland, Michigan 48686-0994
------------------------------------------ ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (517)496-4000
-------------
Page 1 of 3 pages
ITEM 5. OTHER EVENTS
- - ---------------------
The following is the text of a press release issued by Dow Corning
Corporation on January 20, 1995:
DOW CORNING ANNOUNCES CHARGE FOR FOURTH QUARTER 1994
Midland, Mich. - Dow Corning Corp. announced today that it will take a
pre-tax charge of $241 million ($152 million after tax) for the fourth quarter
of 1994 reflecting the company's best current estimate of additional costs to
resolve breast implant litigation and claims outside of the breast implant
settlement approved by Judge Sam C. Pointer, Jr., of the U.S. District Court
for the Northern District of Alabama. The charge also includes provisions for
legal, administrative, and research costs related to breast implants. The
amount of the charge is net of expected insurance recoveries.
The need for this additional charge has been created by the number of
women who have either opted-out of, or are excluded from, the settlement.
Additional facts and circumstances may develop which may require the company
to adjust this estimate.
"We believe that the breast implant settlement offers the best
alternative for the vast majority of women with breast implants, and we will
continue to encourage women who have previously opted-out of the settlement to
rejoin the settlement by the March 1, 1995 date established by the Court,"
said Gary E. Anderson, president. "However, the company will vigorously
defend itself against breast implant litigation and claims filed outside of
the settlement. We have a strong defense supported by current research which
continues to point to a lack of a connection between breast implants and the
diseases often claimed in breast implant lawsuits. This should be reassuring
news to women who may have questions or concerns about their implants."
Dow Corning Corp., a global leader in silicon-based materials, is a
Michigan corporation with shares equally owned by The Dow Chemical Co. and
Corning Inc.
# # #
Page 2 of 3 pages
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 thereunto duly authorized.
DOW CORNING CORPORATION
Date: January 20, 1995 R. A. Hazleton
-------------------- ---------------------------
R. A. Hazleton
Chairman and
Chief Executive Officer
Date: January 20, 1995 J. W. Churchfield
-------------------- ---------------------------
J. W. Churchfield
Vice President for Planning
and Finance and Chief
Financial Officer
Page 3 of 3 pages