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 the earliest event reported)
February 7, 2015
Valhi, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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1-5467
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87-0110150
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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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5430 LBJ Freeway, Suite 1700, Dallas, Texas
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75240-2697
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code
(972) 233-1700
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(Former name or former address, if changed since last report.)
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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 (see General Instruction A.2):
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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| Item 7.01 | Regulation FD Disclosure. |
The registrant hereby furnishes the information set forth in its press release issued on February 7, 2015, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information, including the exhibit, the registrant furnishes in this report is not deemed "filed" for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the U.S. Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
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(d)
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Exhibits
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Item No.
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Exhibit Index
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99.1
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Press release dated February 7, 2015 issued by the registrant.
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SIGNATURE
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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Valhi, Inc.
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(Registrant)
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By:/s/ Gregory M. Swalwell
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Date: February 9, 2015
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Executive Vice President and Controller
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INDEX TO EXHIBITS
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Item No.
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Exhibit Index
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99.1
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Press release dated February 7, 2015 issued by the registrant.
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Valhi's Waste Control Specialists Subsidiary to Apply for License to Store Used Nuclear Fuel
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Dallas, Texas (February 7, 2015) –Valhi, Inc. (NYSE: VHI) subsidiary Waste Control Specialists LLC ("WCS"), announced today that on the close of business February 6, 2015, it sent a notification to the Nuclear Regulatory Commission ("NRC") expressing its intent to apply for a license for the interim storage of used nuclear fuel at its facility in Andrews County, Texas. The need for such a facility arises as a result of the ongoing decades long search for a disposal solution for the nation's used nuclear fuel. In 2012 the presidential-appointed Blue Ribbon Commission on America's Nuclear Future issued a report recommending that at least one interim storage facility be sited in the U.S., while a permanent disposal site is being developed.
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"This is a unique opportunity for WCS to provide a viable solution to the industry's needs," said William J. Lindquist, Chief Executive Officer of WCS. "We already offer the only one-stop shop for low-level radioactive waste ("LLRW") storage, processing and disposal and with this development we will be in a position to provide a comprehensive solution for the entire range of waste produced in the nuclear fuel cycle."
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"We are confident we can provide a safe and comprehensive interim solution for used nuclear fuel, which has been accumulating at nuclear power plants across the country and for which no alternative for safe, secure storage and disposal currently exists. We are fully committed to this effort and plan to submit the final license application by April 2016. We currently expect the licensing, regulatory requirements and construction process to be completed by December 2020.
"This will be a community supported, consent-based facility – just as are our current nuclear disposal facilities," Lindquist said. The community and region, which actively support WCS' existing operations, have already been apprised of our intent to apply for the interim storage license, and Andrews County has passed a resolution of support of such application and licensing process. "The combination of transparent communication with both regulatory and community constituents, informed community support, our robust permitting and site characterization process all contributed to our successful achievement of the broadest range of permitted operations to treat, store and dispose of Class A, B and C LLRW. We believe our commitment to these practices and our demonstrated operating capabilities under our existing LLRW permits make WCS well suited to operate an interim storage facility", Lindquist said.
WCS currently operates two separately licensed LLRW disposal facilities at its Andrews site, including the Texas Compact Disposal Facility which is the only commercial Compact facility that has been built since Congress passed the Low-Level Radioactive Waste Policy Act more than 30 years ago.WCS plans to work with other experienced industry leaders to assist with used nuclear fuel management and transportation, to help assure a safe and comprehensive solution for the interim storage of this material.
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"The positive environmental impact of providing for an interim storage facility is very significant, with thousands of tons of used fuel currently being stored temporarily at 72 locations in 33 states," said Mr. Lindquist. Six of the 72 locations are decommissioned nuclear power plants that have been totally remediated and where the property is ready for return to the community in which they are located, other than for removal of the used nuclear fuel stored on-site."
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Steven L. Watson, President and Chief Executive Officer of Valhi, said "For over 20 years, the process of developing and operating our WCS business has been built on our dedication and commitment to open and transparent communications with the local community, state and Federal government oversight agencies and other affected parties across the U.S. Our objective has been to provide facilities which are capable of providing the services needed by the nuclear waste industry, in a safe and environmentally sound manner. We believe WCS's proven operating history makes its Andrews County, Texas facility the ideal location to deliver a reliable, private sector, community-supported, comprehensive solution to the entire range of waste produced by the nuclear fuel cycle."
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About the WCS Facility
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The WCS facility in western Andrews County is the only commercial facility in the U.S. licensed to dispose of Class A, B and C LLRW and Mixed LLRW and is the site for the Texas Low-Level Radioactive Waste Disposal Compact facility for commercial LLRW and the Federal Waste Facility for waste from DOE. WCS has contracts in place with most of the nuclear power plants in the U.S. and a nationwide contract with DOE that can be used by DOE or its contractors.
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The state of Texas takes title to any waste disposed in the Compact Waste Facility and DOE takes title to any waste disposed in the Federal Waste Facility.
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Situated in an arid and isolated location, the WCS facility sits atop a formation of 600 feet of impermeable red-bed clay which makes it an ideal setting for the storage and disposal of LLRW. The state of Texas has determined the WCS facility does not sit above or adjacent to any underground drinking water formations.
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WCS is a subsidiary of Valhi, Inc. (NYSE: VHI). Valhi, Inc. is engaged in the titanium dioxide pigments, component products (security products and high performance marine components), waste management, and real estate management and development industries.
Statements in this release that are not historical in nature are forward-looking in nature that represent the Company's beliefs and assumptions based on currently available information. In some cases, these forward-looking statements can be identified by the use of words such as "believes," "intends," "may," "should," "could," "anticipates," "expected" or comparable terminology. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, the Company does not know if these expectations will be correct. Forward-looking statements by their nature involve substantial risks and uncertainties that could significantly impact expected results. Actual future results could differ materially from those predicted. Among the factors that could cause the Company's actual future results to differ materially from those described herein are the risks and uncertainties described from time to time in the Company's filings with the Securities and Exchange Commission.
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