<SEC-DOCUMENT>0001206774-18-001710.txt : 20180524
<SEC-HEADER>0001206774-18-001710.hdr.sgml : 20180524
<ACCEPTANCE-DATETIME>20180524091639
ACCESSION NUMBER:		0001206774-18-001710
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180523
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180524
DATE AS OF CHANGE:		20180524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLOROX CO /DE/
		CENTRAL INDEX KEY:			0000021076
		STANDARD INDUSTRIAL CLASSIFICATION:	SPECIALTY CLEANING, POLISHING AND SANITATION PREPARATIONS [2842]
		IRS NUMBER:				310595760
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07151
		FILM NUMBER:		18856786

	BUSINESS ADDRESS:	
		STREET 1:		THE CLOROX COMPANY
		STREET 2:		1221 BROADWAY
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612-1888
		BUSINESS PHONE:		5102717000

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 24305
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612-1305
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>clorox3426081-8k.htm
<DESCRIPTION>CURRENT REPORT
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   <TD STYLE="width: 100%; text-align: center; border-top: Black 1pt solid; padding-top: 2pt"><B><FONT size=5 face="Times New Roman">UNITED STATES</FONT></B></TD></TR>

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   <TD width="100%" noWrap align=center><B><FONT size=5 face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION</FONT></B></TD></TR>

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   <TD width="100%" align=center><B><FONT size=3 face="Times New Roman">Washington, D.C. 20549</FONT></B></TD></TR>

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   <TD width="100%" align=center><B><FONT size=5 face="Times New Roman">FORM 8-K</FONT></B></TD></TR>

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   <TD width="100%" align=center><B><FONT size=3 face="Times New Roman">CURRENT REPORT</FONT></B></TD></TR>

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   <TD width="100%" align=center><B><FONT size=3 face="Times New Roman">Pursuant to Section 13 OR 15(d)</FONT></B></TD></TR>

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   <TD width="100%" align=center><B><FONT size=3 face="Times New Roman">of the Securities Exchange Act of 1934</FONT></B></TD></TR>

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   <TD width="100%" noWrap align=center><B><FONT size=3 face="Times New Roman">Date of Report (Date of earliest event reported): May 23, 2018</FONT></B></TD></TR>

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   <TD width="100%" align=center><B><FONT size=6 face="Times New Roman">THE CLOROX COMPANY</FONT></B></TD></TR>

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   <TD width="100%" align=center><B><FONT size=2 face="Times New Roman">(Exact name of registrant as specified in its charter)</FONT></B></TD></TR>

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   <TD STYLE="width: 100%; text-align: center; border-bottom: Black 1pt solid">&nbsp; </TD></TR></TABLE>

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   <TD width="33%" noWrap align=center><B><FONT size=2 face="Times New Roman">Delaware</FONT></B></TD>

   <TD width="33%" noWrap align=center><B><FONT size=2 face="Times New Roman">1-07151</FONT></B></TD>

   <TD width="33%" noWrap align=center><B><FONT size=2 face="Times New Roman">31-0595760</FONT></B></TD></TR>

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   <TD width="33%" noWrap align=center><B><FONT size=1 face="Times New Roman">(State or other jurisdiction</FONT></B></TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face="Times New Roman">(Commission</FONT></B></TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face="Times New Roman">(I.R.S. Employer</FONT></B></TD></TR>

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   <TD width="33%" noWrap align=center><B><FONT size=1 face="Times New Roman">of incorporation)</FONT></B></TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face="Times New Roman">File Number)</FONT></B></TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face="Times New Roman">Identification No.)</FONT></B></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">1221 Broadway, Oakland, California 94612-1888<BR></FONT></B><B><FONT size=1 face="Times New Roman">(Address of principal executive offices) (Zip code)</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">(510) 271-7000<BR></FONT></B><B><FONT size=1 face="Times New Roman">(Registrant&#8217;s telephone number, including area code)</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">Not applicable<BR></FONT></B><B><FONT size=1 face="Times New Roman">(Former name or former address, if changed since last report)</FONT></B></P>

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<DIV align=left><FONT size=2 face="Times New Roman">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:</FONT></DIV>

<P align=left><FONT size=2 face="Times New Roman">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 Under the Securities Act (17 CFR 230.425)</FONT></P>

<P align=left><FONT size=2 face="Times New Roman">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P align=left><FONT size=2 face="Times New Roman">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P align=left><FONT size=2 face="Times New Roman">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167; 240.12b-2 of this chapter).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Emerging growth company&nbsp;&#9744;</FONT><FONT size=2 face=Arial></FONT></P>
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<FONT size=2 face="serif">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.&nbsp;&#9744;</FONT></DIV>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Item 8.01 Other Events</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">On May 23, 2018, the Board of Directors of The Clorox Company (the &#8220;Company&#8221;) terminated its previously announced May 8, 2017 share repurchase authorization and authorized an updated share repurchase program for an aggregate purchase price of up to $2 billion. Repurchases may be made at the Company&#8217;s discretion from time to time in the open market depending on market conditions. The repurchase program has no time limit, does not obligate the Company to make any repurchases and may be suspended for periods or discontinued at any time. The actual number and value of shares that are repurchased will depend on a number of factors, including the price of the shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">This $2 billion open market share repurchase program is in addition to the Company&#8217;s previously announced evergreen repurchase program to reduce or eliminate dilution in connection with issuances of stock under the Company's stock incentive plans.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Item 9.01 Financial Statements and Exhibits</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">(d) Exhibits</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">See the Exhibit Index below, which is incorporated by reference herein.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">EXHIBIT INDEX</FONT></B></P>

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   <TD width="98%" noWrap align=center><B><FONT size=1 face="Times New Roman">Description</FONT></B></TD></TR>

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   <TD width="1%" noWrap align=left><A HREF="clorox3426081-ex991.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">99.1</FONT></A></TD>

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   <TD width="98%" noWrap align=left><A HREF="clorox3426081-ex991.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">Press Release dated May 24, 2018 of the Clorox Company</FONT></A></TD></TR></TABLE>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">SIGNATURES</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">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.</FONT></P>

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   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">THE CLOROX COMPANY</FONT></TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Date: May 24, 2018</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>

   <TD STYLE="width: 49%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">/s/ Laura Stein</FONT></TD></TR>

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   <TD width="49%" align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Executive Vice President &#8211; General Counsel<BR><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; and Corporate Affairs</FONT></FONT></TD></TR></TABLE><BR>


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<DESCRIPTION>PRESS RELEASE DATED MAY 24, 2018 OF THE CLOROX COMPANY
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Clorox Announces New $2 Billion Stock Repurchase Program</FONT></B></P>

<P style="TEXT-ALIGN: left; margin-top: -4pt"><FONT size=2 face=Arial>OAKLAND, Calif., May 24, 2018 &#8211; The Clorox Company (NYSE: CLX) today announced its board of directors has authorized the company to repurchase its stock in the open market for an aggregate purchase price of up to $2 billion. This stock repurchase program is designed to return value to Clorox stockholders and is in addition to the company&#8217;s evergreen repurchase program to reduce or eliminate dilution in connection with issuances of stock under the company's stock incentive plans. It replaces the company&#8217;s existing $750 million open market repurchase program.</FONT></P>

<P style="TEXT-ALIGN: left; margin-top: -4pt"><FONT size=2 face=Arial>&#8220;The company is initiating this stock repurchase program, which demonstrates our commitment to driving value for our stockholders while maintaining a strong balance sheet,&#8221; said Chairman and CEO Benno Dorer. &#8220;Importantly, the program reflects our confidence in our 2020 Strategy and our continued ability to generate strong cash flows.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left; margin-top: -4pt"><FONT size=2 face=Arial>With this program, the company anticipates maintaining a debt to EBITDA ratio within its targeted range of 2.0-2.5 times. Repurchases may be made at the company's discretion from time to time on the open market depending on market conditions. The repurchase program has no time limit, does not obligate the company to make any repurchases and may be suspended for periods or discontinued at any time.</FONT></P>

<P style="TEXT-ALIGN: left; margin-top: -4pt"><B><FONT size=2 face=Arial>The Clorox Company</FONT></B></P>

<P style="TEXT-ALIGN: left; margin-top: -4pt"><FONT size=2 face=Arial>The Clorox Company (NYSE: CLX) is a leading multinational manufacturer and marketer of consumer and professional products with approximately 8,700 employees worldwide and fiscal year 2017 sales of $6 billion. Clorox markets some of the most trusted and recognized consumer brand names, including its namesake bleach and cleaning products; Pine-Sol<SUP>&#174; </SUP>cleaners; Liquid Plumr<SUP>&#174; </SUP>clog removers; Poett<SUP>&#174; </SUP>home care products; Fresh Step<SUP>&#174; </SUP>cat litter; Glad<SUP>&#174; </SUP>bags, wraps and containers; Kingsford<SUP>&#174; </SUP>charcoal; Hidden Valley<SUP>&#174; </SUP>dressings and sauces; Brita<SUP>&#174; </SUP>water-filtration products; Burt's Bees<SUP>&#174; </SUP>natural personal care products; RenewLife<SUP>&#174; </SUP>digestive health products; and Rainbow Light<SUP>&#174;</SUP>, Natural Vitality<SUP>&#174;</SUP>, Neocell<SUP>&#174; </SUP>and Stop Aging Now<SUP>&#174; </SUP>dietary supplements. The company also markets brands for professional services, including Clorox Healthcare<SUP>&#174; </SUP>and Clorox Commercial Solutions<SUP>&#174;</SUP>. More than 80 percent of the company's sales are generated from brands that hold the No. 1 or No. 2 market share positions in their categories.</FONT></P>

<P style="TEXT-ALIGN: left; margin-top: -4pt"><FONT size=2 face=Arial>Clorox is a signatory of the United Nations Global Compact, a community of global leaders committed to sustainability. The company has been broadly recognized for its corporate responsibility efforts, most notably being named to the Drucker Institute&#8217;s 2017 Management Top 250 list, The Just 100: America&#8217;s Top Corporate Citizens list, CR Magazine's 2018 Best Corporate Citizens list and the first sector-neutral Bloomberg Gender Equality Index in 2018. In support of its communities, The Clorox Company and its foundations contributed about $11 million in combined cash grants, product donations and cause marketing in fiscal year 2017. For more information, visit TheCloroxCompany.com, including the Good Growth blog, and follow the company on Twitter at @CloroxCo.</FONT></P>

<P style="TEXT-ALIGN: left; margin-top: -4pt"><FONT size=2 face=Arial>CLX-F</FONT></P>

<P style="TEXT-ALIGN: left; margin-top: -4pt"><B><I><FONT size=2 face=Arial>Forward-Looking Statements</FONT></I></B></P>

<P style="TEXT-ALIGN: left; margin-top: -4pt"><FONT size=2 face=Arial>This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements involve risks and uncertainties. Except for historical information, statements about future volumes, sales, foreign currencies, costs, cost savings, margins, earnings, earnings per share, including as a result of the Nutranext acquisition, diluted earnings per share, foreign currency exchange rates, tax rates, cash flows, plans, objectives, expectations, growth or profitability are forward-looking statements based on management's estimates, beliefs, assumptions and projections. Words such as "could," "may," "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "predicts," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>affect performance and cause results to differ materially from management's expectations are described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2017, as updated from time to time in the Company's Securities and Exchange Commission filings, including the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2017. These factors include, but are not limited to: intense competition in the Company's markets; volatility and increases in commodity costs such as resin, sodium hypochlorite and agricultural commodities, and increases in energy, transportation or other costs; the ability of the Company to drive sales growth, increase prices and market share, grow its product categories and manage favorable product and geographic mix; dependence on key customers and risks related to customer consolidation and ordering patterns; the impact of increases in sales of consumer products through alternative retail channels; risks related to reliance on information technology systems, including potential security breaches, cyber-attacks, privacy breaches or data breaches that result in the unauthorized disclosure of consumer, customer, employee or Company information, or service interruptions; lower revenue or increased costs resulting from government actions and regulations; the ability of the Company to successfully manage global political, legal, tax and regulatory risks, including changes in regulatory or administrative activity and as a result of the Nutranext acquisition; risks relating to acquisitions, new ventures and divestitures, and associated costs, including the potential for asset impairment charges related to, among others, intangible assets and goodwill; and the ability to complete announced transactions and, if completed, integration costs and potential contingent liabilities related to those transactions, including those related to the Nutranext acquisition; worldwide, regional and local economic and financial market conditions; risks related to international operations and international trade, including political instability; government-imposed price controls or other regulations; foreign currency exchange rate controls, including periodic changes in such controls, fluctuations and devaluations; changes in trade, tax or U.S. immigration policies, labor claims, labor unrest and inflationary pressures, particularly in Argentina; potential negative impact and liabilities from the use, storage and transportation of chlorine in certain international markets where chlorine is used in the production of bleach; and the possibility of nationalization, expropriation of assets or other government action; the ability of the Company to innovate and to develop and introduce commercially successful products; the ability of the Company to implement and generate cost savings and efficiencies; the success of the Company's business strategies; the Company's ability to maintain its business reputation and the reputation of its brands; risks related to the effects of the Tax Cuts and Jobs Act (Tax Act) on the Company as the Company continues to assess and analyze such effects as well as its current interpretation, assumptions and expectations relating to the Tax Act, and the possibility that the final impact of the Tax Act on the Company may be materially different from the Company's current estimates based on the Company's actual results for future periods, the Company's further assessment and analysis of the Tax Act, any additional Congressional, administrative and FASB actions, or other guidance related to the Tax Act and any actions that the Company may take as a result of the Tax Act; risks related to additional increases in the estimated fair value of P&amp;G's interest in the Glad<SUP>&#174; </SUP>business, such as the significant increase over the first half of fiscal year 2018 primarily due to the recent Tax Act and the recent extension of the venture agreement with, and the related R&amp;D support provided by, P&amp;G; supply disruptions and other risks inherent in reliance on a limited base of suppliers; the impact of product liability claims, labor claims and other legal or tax proceedings, including in foreign jurisdictions; the Company's ability to attract and retain key personnel; environmental matters, including costs associated with the remediation and monitoring of past contamination, and possible increases in costs resulting from actions by relevant regulators, and the handling and/or transportation of hazardous substances; the impact of natural disasters, terrorism and other events beyond the Company's control; the Company's ability to maximize, assert and defend its intellectual property rights; any infringement or claimed infringement by the Company of third-party intellectual property rights; the effect of the Company's indebtedness and credit rating on its business operations and financial results; the Company's ability to pay and declare dividends or repurchase its stock in the future; the Company's ability to maintain an effective system of internal controls; uncertainties relating to tax positions, tax disputes and changes in the Company's tax rate; the accuracy of the Company's estimates and assumptions on which its financial projections are based; risks related to the Company's discontinuation of operations in Venezuela; and the impacts of potential stockholder activism.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Company's forward-looking statements in this press release are based on management's current views, beliefs and assumptions regarding future events and speak only as of the dates when made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>For recent presentations made by company management and other investor materials, visit Investor Events on the company's website.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Media Relations</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Aileen Zerrudo 510-271-3075, </FONT><FONT size=2 face=Arial>aileen.zerrudo@clorox.com<BR></FONT><FONT size=2 face=Arial>Kathryn Caulfield 510-271-7209, </FONT><FONT size=2 face=Arial>kathryn.caulfield@clorox.com</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Investor Relations</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Lisah Burhan 510-271-3269, </FONT><FONT size=2 face=Arial>lisah.burhan@clorox.com<BR></FONT><FONT size=2 face=Arial>Joel Ramirez 510-271-3012, </FONT><FONT size=2 face=Arial>joel.ramirez@clorox.com<BR></FONT><FONT size=2 face=Arial>Steve Austenfeld 510-271-2270 </FONT><FONT size=2 face=Arial>steve.austenfeld@clorox.com</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
