Item 2.05 Costs Associated with Exit or Disposal Activities.
OnJanuary 21, 2020 ,Calumet Specialty Products Partners, L.P. (the "Partnership") committed to a cost reduction plan to reduce overall operating expenses, including the reduction of outside services, facility fixed costs and corporate staffing costs (the "Cost Reduction Plan"). These cost reductions are designed to right-size general and administrative spending and are consistent with Phase II of the Partnership's previously announced self-help program. The Partnership expects to incur approximately$10 million in one-time costs over the course of 2020 to implement the Cost Reduction Plan, a significant portion of which are expected to result in cash expenditures. The Partnership expects the Cost Reduction Plan to reduce annualized operating expenses by approximately$20 million by the end of 2020. The Partnership's estimates are based on a number of assumptions. Actual results may differ materially, and additional charges not currently expected may be incurred in connection with, or as a result of, the Cost Reduction Plan. Forward-Looking Statements Certain statements and information in this Current Report on Form 8-K may constitute "forward-looking statements." The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this Current Report on Form 8-K that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding the Partnership's ability to achieve the anticipated operational, organizational and financial benefits of the Cost Reduction Plan and overall business transformation program; and the amount, nature and timing of the costs anticipated to be incurred by the Partnership in connection with its execution of the Cost Reduction Plan and overall business transformation program. These forward-looking statements are based on the Partnership's current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that management anticipates. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership's control) and assumptions that could cause the Partnership's actual results to differ materially from its historical experience and management's present expectations or projections. The risks and uncertainties that may affect these forward-looking statements include, but are not limited to, those set forth under Item 1A, "Risk Factors," and elsewhere in the Partnership's Annual Report on Form 10-K for the year endedDecember 31, 2018 , as updated by other documents the Partnership files from time to time with theSecurities and Exchange Commission . Any forward-looking statement speaks only as of the date on which such statement is made, and the Partnership does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Item 7.01 Regulation FD Disclosure. OnJanuary 21, 2020 , the Partnership issued a press release announcing Phase II of the Partnership's self-help program, which includes the Cost Reduction Plan. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press Release, datedJanuary 21, 2020 .
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