HTML 2004 11-K Hourly Paid Employees
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
11-K
x
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
----
SECURITIES EXCHANGE ACT OF 1934
For
the
fiscal year ended December 31, 2004
or
o
TRANSITION REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For
the
transition period from _____ to _____
ENGELHARD
CORPORATION SAVINGS PLAN FOR HOURLY PAID EMPLOYEES
(Full
title of the plan)
ENGELHARD
CORPORATION
(Exact name of issurer as specified in its charter)
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101
WOOD AVENUE, ISELIN, NEW JERSEY
(Address
of principal executive offices)
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08830
(Zip
Code)
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DELAWARE
(State
or other jurisdiction of incorporation or organization)
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22-1586002
(IRS
Employer Identification Number)
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Engelhard
Corporation Savings Plan for Hourly Paid Employees
Table
of
Contents
Description
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Page
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Report
of Independent Registered Public Accounting Firm
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3
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Statements
of Net Assets Available for Benefits
at
December 31, 2004 and 2003
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4
|
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Statement
of Changes in Net Assets Available for Benefits
for
the years ended December 31, 2004 and 2003
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5
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Notes
to Financial Statements
|
6-13
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Supplemental
Schedules
|
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Schedule
of Assets (Held at end of year)
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14-15
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Schedule
of Reportable Transactions for the
Year
Ended December 31, 2004
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16
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Consent
of Independent Registered Public Accounting Firm
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17
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Signature
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18
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Report
of Independent Registered Public Accounting Firm
To
the
Pension and Employee Benefit Committee of Engelhard Corporation:
We
have
audited the accompanying statements of net assets available for benefits of
the
Engelhard Corporation Savings Plan for Hourly Paid Employees as of December
31,
2004 and 2003, and the related statements of changes in net assets available
for
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. We were not engaged to perform
an
audit of the Plan’s internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Plan’s
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In
our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan at December
31, 2004 and 2003, and the changes in its net assets available for benefits
for
the years then ended, in conformity with U.S. generally accepted accounting
principles.
Our
audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
(held at end of year) as of December 31, 2004, and reportable transactions
for
the year then ended are presented for purposes of additional analysis and are
not a required part of the financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act
of
1974. The supplemental schedule is the responsibility of the Plan's management.
The supplemental schedule have been subjected to the auditing procedures applied
in our audits of the financial statements and, in our opinion, are fairly stated
in all material respects in relation to the financial statements taken as a
whole.
ERNST
& YOUNG LLP
Iselin,
New Jersey
June
10,
2005
Engelhard
Corporation Savings Plan for Hourly Paid Employees
Statements
of Net Assets Available for Benefits
At
December 31, 2004 and 2003
Assets |
|
2004
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|
2003
|
|
Investments
at fair value |
|
$ |
53,206,990 |
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$ |
43,843,404 |
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Receivables: |
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|
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Participant
Contributions
|
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436,434 |
|
|
388,454 |
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Employer
Contributions |
|
|
130,267 |
|
|
112,426 |
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Total
Receivables |
|
|
566,701 |
|
|
500,880 |
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Net
Assets Available for Benefits |
|
$ |
53,773,691 |
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$ |
44,344,284 |
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See
accompanying notes to Financial Statements
Engelhard
Corporation Savings Plan for Hourly Paid Employees
Statement
of Changes in Net Assets Available for Benefits
For
the year ended December 31, 2004 and 2003
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2004
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2003
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Additions: |
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Net
Investment Income: |
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Dividends
|
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$ |
577,391 |
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$ |
386,674 |
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Interest |
|
|
547,275 |
|
|
507,220 |
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Total
Investment Income |
|
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1,124,666 |
|
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893,894 |
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Contributions: |
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Participant |
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4,214,382 |
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3,863,229 |
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Employer |
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1,267,659 |
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1,125,631 |
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Plan
Mergers (Note 8) |
|
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3,629,024 |
|
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3,733,127 |
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Rollovers |
|
|
15,523 |
|
|
18,111 |
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Total
Contributions |
|
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9,126,588 |
|
|
8,740,098 |
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Net
Realized/Unrealized Appreciation in
Fair Value of
Investments
|
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2,418,364 |
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7,411,964 |
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Total
Additions
|
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12,669,618 |
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17,045,956 |
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Distributions
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2,479,688 |
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1,566,655 |
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Asset
Transfers Out |
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757,563 |
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112,416 |
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Other
deductions |
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2,960 |
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1,941 |
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Total
deductions |
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3,240,211 |
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1,681,012 |
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|
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|
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Net
Increase
|
|
|
9,429,407 |
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15,364,944 |
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Net
Assets Available for Benefits at Beginning of Year
|
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44,344,284 |
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28,979,340 |
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Net
Assets Available for Benefits at End of Year
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|
$ |
53,773,691 |
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$ |
44,344,284 |
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See
Accompanying Notes to Financial Statements
Notes
to Financial Statements
Note
1 - Description of the Plan
The
Engelhard
Corporation Savings Plan for Hourly Paid Employees (the "Plan"), effective
as of
January 1, 1991, is designed to provide eligible employees of Engelhard
Corporation (the "Company") an opportunity to save part of their earnings by
having the Company reduce their compensation and contribute the amount of the
reduction to the Plan on a tax deferred basis and/or post tax
basis.
The
following
plan description provides only general information. Participants of the Plan
should refer to the Plan Document for a more complete description of plan
provisions.
Eligibility
Eligibility
rules vary depending upon negotiated union contract. Participants should see
the
Plan Document for specific rule pertaining to employee group. The following
employee groups are eligible for participation in the plan:
a) |
Local
3-0233 of the Paper, Allied-Industrial, Chemical and Energy Workers
International Union (Gordon, GA)
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b) |
Locals
3-0237 and 3-0238 of the Paper, Allied-Industrial, Chemical and
Energy
Workers International Union (McIntyre,
GA)
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c) |
Locals
1668, 1668A and 1668B of the International Union, United Aerospace
and
Agricultural Implement Workers of American (UAW) (Carteret,
NJ)
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d) |
Local
8-406 of the Paper, Allied Industrial, Chemical and Energy Workers
International Union (East Newark,
NJ)
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e) |
Local
663, of the International Chemical Workers Union Council/UFCW (Louisville,
KY)
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f) |
Local
73 of the International Chemical Workers Union Council/UFCW (Elyria,
OH)
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g) |
Local
1430 of the International Brotherhood of Electrical Workers (Peekskill,
Ossining and Buchanan, NY)
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h) |
Local
333 of the Paper, Allied-Industrial, Chemical and Energy Workers
International Union (Jackson, MS)
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i) |
Local
174 of the United Steel Workers of America (Quincy,
FL)
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j) |
Effective
1/1/04, Local 170 of the United Steel Workers of America (Attapulgus,
GA)
- See Note 10
|
Contributions
The
Plan
permits eligible employees participating in the Plan the opportunity to defer
on
a pretax basis up to 50 percent of their compensation, as defined, subject
to
certain restrictions and limitations, and to have that amount contributed to
the
Plan. Employees may also contribute, subject to certain restrictions and
limitations, up to 10 percent of compensation to the Plan on a post-tax basis.
For 2004, the compensation limit in determining eligibility to make after tax
contributions to the Plan is $205,000. The Plan allows for catch-up
contributions for employees age 50 and over as allowed under the Internal
Revenue Code. For 2004, participants age 50 and over are allowed to contribute
an additional $3,000 to the Plan as catch-up contributions.
Matching
Contributions
The
Company
will contribute, on a monthly basis and subject to limitations and exclusions,
either cash or common stock of the Company in an amount ranging from 20% to
50%
of the first 6%, depending on the union contract, of the amount contributed
by
the Participants. The Plan allows for catch-up contributions for employees
age
50 and over as allowed under the Internal Revenue Code. As union contracts
expire and are subsequently renegotiated, participants age 50 and over are
allowed to contribute an additional $3,000 to the Plan as catch-up
contributions. Please refer to the Plan document for additional details
regarding each union covered under the Plan.
Investments
All
contributions to the Plan are held and invested by Vanguard Fiduciary Trust
Company (the Trustee). The Trustee maintains the following seventeen separate
investment funds within the Plan:
a) |
The
Company Stock Fund.
|
b) |
The
Fixed Income Fund (Vanguard Retirement Savings
Trust).
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c) |
The
Windsor II Growth Fund (Vanguard Windsor II
Fund).
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d) |
The
Windsor Growth Fund (Vanguard Windsor
Fund).
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e) |
The
Balanced Fund (Vanguard Asset Allocation
Fund).
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f) |
The
Equity Index Fund (Vanguard Growth and Income
Fund).
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g) |
The
Small Cap Fund (Vanguard Small-Cap Index
Fund).
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h) |
The
Life Strategy Growth Fund (Vanguard Life Strategy Growth
Fund).
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i) |
The
Life Strategy Conservative Growth Fund (Vanguard Life Strategy
Conservative Growth Fund).
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j) |
The
Vanguard U.S. Growth Fund.
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k) |
The
Life Strategy Moderate Growth Fund (Vanguard Life Strategy Moderate
Growth
Fund).
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l) |
The
Prime Cap Funds (Vanguard PRIMECAP
Fund).
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m) |
The
International Growth Fund (Vanguard International Growth
Fund).
|
n) |
The
Life Strategy Income Fund (Vanguard Life Strategy Income
Fund).
|
o) |
The
Short-Term Bond Fund (Vanguard Short-Term Corporate
Fund).
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q) |
Treasury
Money Market Fund.
|
Participants
have the right to elect, subject to restrictions, the investment fund or funds
in which their contributions are invested. All matching contributions are
initially invested in the Company Stock Fund. The Participants matching
contributions are initially restricted and become unrestricted at the rate
of 25
percent per year. Once unrestricted, funds may be moved to any of the other
investment funds.
Included
in
the Statement of Net Assets Available for Benefits are non-participant directed
funds that are included in the Company Stock Fund. These amounts represent
the
restricted portion of the Employer Matching Contribution. The following
describes the change in the balance during the year ended December 31, 2004
and
2003:
|
|
2004
|
|
2003
|
|
Balance
at beginning of year
|
|
$ |
2,701,859 |
|
$ |
1,551,120 |
|
Dividends |
|
|
42,731 |
|
|
30,200 |
|
Net
unrealized appreciation |
|
|
32,704 |
|
|
446,542 |
|
Contributions |
|
|
1,249,818 |
|
|
1,103,394 |
|
Transfer
to other funds (net) |
|
|
(394,731) |
|
|
(383,043) |
|
Distributions |
|
|
(127,747) |
|
|
(59,709) |
|
Other |
|
|
(64,582) |
|
|
13,355 |
|
Balance
at end of year |
|
$ |
3,440,052 |
|
$ |
2,701,859 |
|
Participant
Accounts
Each
participant's account is credited with the participant's contributions and
allocations of (a) the Company Contributions and (b) plan earnings including
realized gains/losses, unrealized appreciation/depreciation, and an allocation
of fund expenses. Allocations are based on participant earnings or account
balances, as defined. The benefit to which a participant is entitled is the
benefit that can be provided from the participants account.
Vesting
Participants
at all times have a fully vested and non-forfeitable interest in their
contributions and in the matching contributions allocated to their
account.
Plan
Termination
Although
it
has not expressed any intent to do so, the Company has the right under the
plan
to discontinue its contributions at any time and to terminate the plan subject
to the provisions of ERISA.
Loan
Provision
Participants
may borrow from their funds accounts a minimum of $1,000 up to a maximum equal
to 50% of their fund balance or $50,000, whichever is less. The loans are
secured by the balance in the Participant's accounts and bear interest at a
reasonable rate as determined by the Company in accordance with applicable
laws
and regulations. Principal and interest is paid ratably through monthly payroll
deductions. Loans are generally five years in duration unless the loan is for
the purchase of a primary residence in which case the term can be up to ten
years.
Distributions
and Withdrawals
Upon
termination of employment, as provided in the Plan Document, employees generally
have the option of taking a distribution, rolling the balance over into another
qualified plan, or leaving the money in the Plan until retirement. After-tax
contributions may be withdrawn at any time, however, the earnings on the
contributions will be subject to current income taxes as well as a penalty
for
early withdrawal unless the participant has reached the age of 59 1/2. All
distributions are made in the form of cash except the balance in the Engelhard
stock fund may be made in the form of shares at the Participant's
discretion.
The
Plan
under certain circumstances permits hardship withdrawals. The hardship
withdrawals are only made in accordance with IRS guidelines and must be approved
in advance by the Employee Benefit Plans Administrative Committee.
Note
2 - Accounting Policies
The
accounts
of the Plan are maintained on an accrual basis. Purchases and sales of
investments are reflected on a trade date basis. Assets of the Plan are valued
at fair value. Gains and losses on distributions to Participants and sales
of
investments are based on average cost.
The
preparation of the financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results may differ from those estimates.
The
Plan
provides for various investment options in any combination of stocks or mutual
funds. Investment securities are exposed to various risks, such as interest
rate, market and credit risks. Due to the level of risk associated with certain
investment securities and the level of uncertainty related to changes in the
value of investment securities, it is at least reasonably possible that changes
in market value in the near term would materially affect Participants' account
balances and the amounts reported in the Statement of Net Assets Available
for
Benefits and the Statement of Changes in Net Assets Available for
Benefits.
Note
3 - Income Tax Status
The
Plan has
received a determination letter from the Internal Revenue Service dated
September 11, 2003, stating that the Plan is qualified under Section 401 (a)
of
the Internal Revenue Code (the "Code") and, therefore, the related trust is
exempt from taxation. Subsequent to this issuance of the determination letter,
the Plan was amended. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. The plan administrator
believes the Plan is being operated in compliance with the applicable
requirements of the Code and, therefore, believes that the Plan, as amended,
is
qualified and the related trust is tax exempt. If any operational defects are
identified, the Company will take all necessary action to correct the defects
and maintain the qualified status of the Plan.
Note
4 - Administrative Expenses
Expenses
are
incurred at either the fund level or the Plan level. All expenses incurred
by
the fund (commissions, management fees, etc.) are paid out of investor assets
and are therefore netted in unrealized appreciation/depreciation of investments
in the statement of changes in net assets available for benefits. Loan
administration expenses are included in
other
expenses in the statement of changes in net assets available for benefits.
Commissions on the purchase of Engelhard Corporation stock incurred when such
purchases are made in the stock market are netted in unrealized
appreciation/depreciation of investments in the statement of changes in net
assets available for benefits. The Company pays all other plan administrative
expenses.
Note
5 - Concentrations of Credit Risk
Investments
in securities are generally exposed to various risks, such as interest rate,
credit, and overall volatility risks.
Financial
instruments that potentially subject the plan to concentration of credit risk
consist principally of investments in the Engelhard Corporation Stock Fund.
The
plan limits the concentration of credit risk by allowing participants, subject
to the lapsing of restrictions, the opportunity to invest in an array of mutual
funds offered by the Vanguard Group.
Note
6 - Investments
Investments
in the common stock of the Company are valued at the readily-available, quoted
market price as of the valuation date and investments in Vanguard Funds are
valued based on the quoted net asset value (redemption value) of the respective
investment fund as of the valuation date.
Investments
that represent 5% or more of fair value of the Plan's net assets are as
follows:
Investments |
|
2004
|
|
2003
|
|
Engelhard
Corporation Company Stock Fund
|
*
|
$ |
18,819,130 |
*
|
$ |
15,440,707 |
|
Fixed
Income Fund (Retirement Savings Trust) |
|
|
10,017,621 |
|
|
8,437,956 |
|
Balanced
Fund (Asset Allocation Fund) |
|
|
5,108,663 |
|
|
4,242,773 |
|
Equity
Index Fund (Growth and Income Portfolio) |
|
|
7,367,584 |
|
|
6,084,234 |
|
* Include
assets that are non-participant directed (See Note 1).
Net
realized/unrealized appreciation in fair value of investments consists of the
following for the years ended December 31, 2004 and 2003:
|
|
2004
|
|
2003
|
|
Common
Stock
|
|
$ |
508,251 |
|
$ |
3,881,959 |
|
Mutual
Funds |
|
|
1,910,113 |
|
|
3,530,005 |
|
Total |
|
$ |
2,418,364 |
|
$ |
7,411,964 |
|
Note
7 - Related Party Transactions
For
the 2004
plan year, the Company transferred 40,200 treasury stock shares (representing
a
contribution dollar amount of $1,103,394) to Vanguard to fund the employer
match. The number of shares transferred each month represented the employer
matching contribution divided by the closing market price on the day the
contribution was remitted.
During
the
year, in the ordinary course of doing business, various Vanguard funds may
take
a position in Engelhard Corporation common stock. On February 11, the Vanguard
Windsor Fund filed an amended Schedule 13G with the Securities and Exchange
Commission indicating it held 8,925,400 shares or 7.30% of Company Stock. On
February 6, 2004, the Vanguard Windsor Fund filed an amended schedule 13G with
the Securities and Exchange Commission indicating it held 9,476,500 shares
or
7.55% of Company Stock.
Note
8 - Mergers
Merger
of the Engelhard Corporation Savings Plan for Hourly Paid Employees at
Attapulgus, Georgia
Effective
January 1, 2004, the Engelhard Corporation Savings Plan for Hourly Paid
Employees at Attapulgus, Georgia merged into the Plan. Net assets of $3,629,024
were transferred to the Plan as a result of this merger.
Merger
of Engelhard-CLAL LP Plan for Hourly Paid Employees
On
September
19, 2002, the Company and its partner, Fimalac, formally agreed to adopt a
plan
to unwind their Paris-based joint venture, Engelhard-CLAL LLP. As part of the
distribution of assets, Engelhard received certain US-based operations. As
a
result, on January 1, 2003, the net assets of the Engelhard-CLAL LP Plan for
Hourly Paid Employees were merged into the Engelhard Corporation Savings Plan
for Hourly Paid Employees. A total of $3,733,127, representing the net assets
of
the Engelhard-CLAL LP Plan for Hourly Paid Employees on January 1, 2003, was
transferred to the Engelhard
Corporation
Savings Plan for Hourly Paid Employees.
Engelhard
Corporation Savings Plan for Hourly Paid Employees
Schedule
of Assets (Held at end of year)
as
of December 31, 2004
EIN
# 22-1586002 PLAN # 018
(A)
|
(B)
Identity of Issue, Borrower,
Lessor
or Similar Party
|
(C)
Description of Investment
Including
Maturity
Date,
Rate
of Interest, Collateral,
Par
or Maturity Value
|
(D)
Cost
|
(E) Current
Value
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Engelhard
Corporation
Company
Stock Fund
|
$
14,036,739
|
$
18,819,130
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Fixed
Income Fund
(Retirement
Savings Trust)
|
**
|
10,017,621
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Explorer
Fund
|
**
|
763,454
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Balanced
Fund
(Asset
Allocation Fund)
|
**
|
5,108,663
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Equity
Index Fund
(Growth
and Income Portfolio)
|
**
|
7,367,584
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
International
Growth Fund
|
**
|
984,920
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Treasury
Money Market Fund
|
**
|
295,497
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Life
Strategy Growth Fund
|
**
|
269,018
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Prime
Cap Fund
|
**
|
1,390,661
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
U.S.
Growth Portfolio
|
**
|
241,707
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Growth
Fund
(Windsor
Fund)
|
**
|
2,201,485
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Windsor
II Fund
|
**
|
394,021 |
Salary
Deferral Savings Plan of Engelhard Corporation
Schedule
of Assets (Held at end of year)
as
of December 31, 2004, Continued
EIN
#22-1586002 Plan #015
(A)
|
(B)
Identity of Issue, Borrower,
Lessor
or Similar Party
|
(C)
Description of Investment
Including
Maturity
Date,
Rate
of Interest, Collateral,
Par
or Maturity Value
|
(D)
Cost
|
(E) Current
Value
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Life
Strategy Conservative
Growth
Fund
|
**
|
156,511
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Life
Strategy Moderate
Growth
Fund
|
**
|
132,065
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Life
Strategy Income Fund
|
**
|
44,303
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Short-Term
Corporate Fund
|
**
|
508,278
|
|
|
|
|
|
*
|
Vanguard
Fiduciary
Trust
Company
|
Small
Cap Fund
|
**
|
819,727
|
|
|
|
|
|
*
|
Promissory
notes from Participants having interest rates at 5.0% to 10.5%
and
maturity
dates ranging from 2005 to 2013.
|
—
|
3,692,347
|
|
|
|
|
|
|
Total
|
|
$
14,036,739
|
$
53,206,990
|
|
|
|
|
|
*
*
|
Represents
Party-in-interest
Investment
is participant-directed, historical
cost information not required
|
|
|
Engelhard
Corporation Plan for
Hourly
Paid Employees
Schedule
of Reportable Transactions
Year
Ended December 31, 2004
Identity
of Party Involved
|
Description
of Assets
(include
interest rate and
maturity
in the case of a loan)
|
Purchase
Price
|
Selling
Price
|
Historical
Cost
of
Asset
|
Current
Value
of
Asset on Transaction Date
|
Historical
Gain
(Loss)
|
|
Category
(iii) -- Series of transactions in excess of 5% of plan assets |
|
Engelhard
|
Engelhard
Corp. Stock Fund
|
$5,892,582
|
|
|
$5,892,582
|
|
Engelhard
|
Engelhard
Corp. Stock Fund
|
|
$3,022,410
|
$2,565,736
|
3,022,410
|
$
456,674
|
|
|
|
|
|
|
|
There
were no category (i), (ii) or (iv) reportable transactions for the year ended
December 31, 2004.
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We
consent to
the incorporation by reference in the Registration Statement (Form S-8 Nos.:
2-72830, 2-81559, 2-84477, 2-89747, 33-28540, 33-37724, 33-40365, 33-40338,
33-43934, 33-65990, 333-02643, 333-71439, 333-39570, 333-71856, 333-88424)
pertaining to the Savings Plan for Hourly Paid Employees report dated June
10,
2005, with respect to the financial statements and schedules of the Savings
Plan
for Hourly Paid Employees Plan included in this Annual Report (Form 11-K) for
the year ended December 31, 2004.
Iselin,
New Jersey
June
23,
2005
Signature
Engelhard
Corporation Savings Plan for Hourly Paid Employees
Pursuant
to
the requirements of the Securities and Exchange Act of 1934, the Pension and
Employee Benefit Plans Committee of Engelhard Corporation has duly caused this
Form 11-K to be signed on its behalf by the undersigned, thereunto duly
authorized, in Iselin, New Jersey on this 27th
day
of
June, 2005.
|
/s/
John C. Hess
By:
John
C. Hess
Secretary
to the Committee and
Vice
President of Human
Resources
|