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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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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) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.05 | Costs Associated with Exit or Disposal Activities |
On February 25, 2021, Packaging Corporation of America announced that it has discontinued the production of uncoated freesheet (UFS) grades on the Number 3 paper machine at its Jackson, Alabama mill and will convert the machine to produce virgin kraft linerboard. The planned conversion is expected to occur over the next 36 months.
Discontinuing paper operations on the machine is estimated to result in (1) total pretax cash charges of approximately $5 to $10 million; and (2) total pretax non-cash asset impairment and accelerated depreciation charges of approximately $15 to $20 million.
| Item 2.06 | Material Impairments |
The disclosure included under Item 2.05 is incorporated by reference into this Item 2.06.
| Item 8.01 | Other Events |
On February 25, 2021, Packaging Corporation of America issued a press release announcing that it has discontinued the production of uncoated freesheet (UFS) grades on the Number 3 paper machine at its Jackson, Alabama mill and will convert the machine to produce virgin kraft linerboard. The press release is filed herewith as Exhibit 99.1, which is incorporated by reference into this Item 8.01.
| Item 9.01. | Financial Statements and Exhibits. |
(D) Exhibits
| 99.1 | Press Release issued on February 25, 2021. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
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.
| PACKAGING CORPORATION OF AMERICA | ||
| (Registrant) | ||
| By: | /s/ Kent A. Pflederer | |
| Senior Vice President, General Counsel and Secretary | ||
Date: February 26, 2021
