USG Details Costs For Asbestos And Restructuring Initiatives
The balance of $54 million reflects a restructuring charge for plant shut downs, severance costs and inventory write-offs. The restructuring is part of the corporation's strategic plan, which includes production capacity modernization, the integration of its gypsum and ceilings businesses and working capital improvements. Annual savings from restructuring initiatives are estimated at $40 million. USG has a long-term strategy to serve the growth in its markets and reduce production costs. As part of this initiative, the corporation has built five new low-cost SHEETROCK brand gypsum wallboard plants and committed to close 1.0 billion square feet of old, high-cost capacity.
USG will report fourth quarter and full year 2000 results on Wednesday, January 24, 2001. Results will be released before the New York Stock Exchange opens and will be followed by a conference call with senior management at 11:00 a.m. Eastern time (10:00 a.m. Central time) that morning. The call will be webcast live over the Internet at the USG website. Additional details are available on the investor relations portion of the USG website or by calling (312) 606-5756. For more information, visit http://www.usg.com.