Aon Corp - Current report filing (8-K)
31 Ottobre 2007 - 9:57PM
Edgar (US Regulatory)
UNITED
STATES
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):
October 31, 2007
Aon
Corporation
(Exact Name of
Registrant as Specified in Charter)
Delaware
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1-7933
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36-3051915
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(State or Other
Jurisdiction
of Incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.)
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200
East Randolph Street, Chicago, Illinois
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60601
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(Address of
Principal Executive Offices)
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(Zip Code)
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Registrants telephone
number, including area code:
(312) 381-1000
Not
Applicable
(Former Name or Former Address, if
Changed Since Last Report)
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 (
see
General Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.02.
Results
of Operations and Financial Condition.
On October 31, 2007, Aon
Corporation (the Company) issued a press release (the Earnings Press Release)
announcing its results of operations for the quarter and nine months ended
September 30, 2007 and containing information on its 2007 global restructuring
plan. The 2007 restructuring plan is further described in Item 2.05 of this
Current Report on Form 8-K.
A copy of the Earnings
Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
Item
2.05.
Costs
Associated with Exit or Disposal Activities.
On October 31, 2007, the
Company issued a press release (the Restructuring Plan Press Release)
announcing its 2007 global restructuring plan. Additional details of this restructuring
plan were contained in the Earnings Press Release. Under the restructuring
plan, the Company intends to create a more streamlined organization and reduce
future expense growth to better serve clients.
The restructuring plan is
focused primarily on structural changes that will improve expense management
through simplification and consolidation across the Company. As a result of the
restructuring plan, which will continue through the end of 2009, the Company intends
to: (1) eliminate 2,700 positions, predominantly non-client facing roles,
including 1,100 positions that will be off-shared or outsourced, (2) further
consolidate functions such as Human Resources, Finance and Information
Technology around the globe, (3) evaluate options to consolidate and simplify European
operations on a country-by-country basis focusing on shared service functions,
real estate and off-shoring or outsourcing of positions, and (4) simplify real-estate
globally through model office practices.
The restructuring plan is
expected to result in cumulative pretax charges of approximately $360 million. This
amount includes approximately $228 for workforce reduction costs, $80 million
for lease consolidation costs, $36 million for asset impairments and $16
million for other costs associated with the restructuring program. The Company
estimates that approximately $324 million of the total $360 million estimated
restructuring charge will result in cash expenditures for workforce reduction,
lease consolidation and other restructuring related expenses.
All of the components of
the restructuring plan are not finalized and actual total costs and timing of
the costs may vary from the estimated total of $360 million due to changes in
the scope or assumptions underlying the restructuring plan.
A copy of the Restructuring
Plan Press Release is attached hereto as Exhibit 99.2 and is incorporated
herein by reference.
Item 9.01.
Financial
Statements and Exhibits.
(a) - (c)
Not
applicable.
(d)
Exhibits:
Exhibit
Number
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Description of Exhibit
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99.1
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Earnings Press Release
issued by the Company on October 31, 2007.
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99.2
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Restructuring Plan
Press Release issued by the Company on October 31, 2007.
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2
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.
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Aon
CORPORATION
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By:
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/s/ David P. Bolger
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David P. Bolger
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Executive Vice President and
Chief Financial Officer
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Date: October 31, 2007
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3
EXHIBIT
INDEX
Exhibit
Number
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Description of Exhibit
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99.1
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Earnings Press Release
issued by the Company on October 31, 2007.
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99.2
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Restructuring Plan
Press Release issued by the Company on October 31, 2007.
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4
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