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):
March 26, 2001
KANSAS CITY SOUTHERN INDUSTRIES, INC.
-------------------------------------
(Exact name of company as specified in its charter)
DELAWARE 1-4717 44-0663509
- --------------------- ------------- -------------------
(State or other jurisdiction (Commission file (IRS Employer
of incorporation) number) Identification Number)
114 West 11th Street, Kansas City, Missouri 64105
-------------------------------------------------
(Address of principal executive offices) (Zip Code)
Company's telephone number, including area code:
(816) 983 - 1303
Not Applicable
(Former name or former address if changed since last report)
Item 5. Other Events
On March 26, 2001, Kansas City Southern Industries, Inc. ("KCSI" or "Company")
announced that, effective immediately, it will implement a cost reduction plan
that will result in a total workforce reduction of approximately 6% of its 3,000
member workforce. Additionally, KCSI will implement a voluntary, temporary
annual salary reduction for middle and senior management and temporarily suspend
certain benefits for its management employees.
These reductions are not intended to impact the Company's plans to develop
strategic facilities and assets essential to the Company's future. In addition,
KCSI's capital program for safely maintaining the railroad will continue;
however, implementation of a major project to upgrade and modernize the
Company's computer system - MCS - will be put on hold until economic conditions
enable resumption of the program.
These actions, which are designed to realize cost savings in order to keep the
Company competitive for the future, are in response to the existing economic
slowdown.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly caused this Report to be signed on its behalf by the undersigned
hereunto duly authorized.
Kansas City Southern Industries, Inc.
Date: March 27, 2001 By: /s/ Louis G. Van Horn
----------------------------
Louis G. Van Horn
Vice President and Comptroller
(Principal Accounting Officer)