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): April 1, 2009
BUCKEYE
TECHNOLOGIES INC.
(Exact
name of registrant as specified in its charter)
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DELAWARE
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33-60032
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62-1518973
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(State
or other
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(Commission
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(IRS
Employer
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jurisdiction
of incorporation)
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File
Number)
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Identification
Number)
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1001
Tillman Street, Memphis, Tennessee
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38112
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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: (901) 320-8100
N/A
(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):
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section
5 – Corporate Governance and Management
Item
5.02 – Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Over the
past few months, Buckeye has implemented a number of initiatives to reduce costs
and increase cash flow in response to a decrease in sales caused by the global
economic slowdown and challenging business environment. Effective
April 1, 2009, we have imposed a salary freeze for all salaried
personnel. This does not include technicians (hourly workers) since
many technicians are experiencing reduced wages as we reduce overtime and take
downtime to match production with current demand.
Additionally,
as part of the overall cost reduction initiative, effective April 1, 2009, the
Company has implemented a temporary reduction in base salary for its
officers:
10% reduction for Buckeye CEO John B.
Crowe;
6.7% reduction for President/Chief
Operating Officer Kristopher J. Matula;
5% reduction for all senior vice
presidents; and
3.5% reduction for all vice
presidents.
Annualized
savings from these actions are estimated to total approximately $1.5
million.
SECTION
7. REGULATION FD.
Item
7.01. Regulation FD Disclosure.
The
information presented herein under Item 7.01 shall not be deemed "filed" under
the Securities Exchange Act of 1934, as amended, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as
amended, except as may be expressly set forth by specific reference in such a
filing.
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, thereunto duly
authorized,
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BUCKEYE
TECHNOLOGIES INC.
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/s/
Steven G. Dean
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Steven
G. Dean
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Sr.
Vice President and Chief Financial Officer
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April
1, 2009
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