Document 1g2mma4LLLQ6JJvMKy44nqgrZ
Chicago, Illinois March 11, 1946
To the Shareholders of UNION ASBESTOS & RUBBER COMPANY
There is submitted herewith the Balance Sheet as of December 31, 1945, of Union Asbestos & Rubber Company, together with condensed Statement of Income for the year ended December 31, 1945, and Statement ol Earned Surplus and Capital Surplus.
Earnings and Dividends
The Net Earnings for 1945, after provision for depreciation, amortization and reserves for estimated renegotiation refund and for Income and Excess Profits Taxes, amounted to $537,428.89, which compares with an adjusted net income for the year ended December 31, 1944, of $585,661.69. Earnings for 1945 amounted to $1.13 per share on the common stock outstanding at December 31, 1945. Dividends aggregating $257,606.80 were declared during the year 1945, includ ing a dividend of 17j6c per share payable January 2, 1946. After the declaration of such dividends then; remained $279,822.09 of Net Earnings, which were added to Earned Surplus.
Sales and Production
The end of World War II witnessed a decline in the Company's wartime production which was re lice ted by a decrease in sales from S10,615,342.11 in 1944 to $8,022,781.11 in 1945.
The Company is not confronted with any major reconversion problem at any of its three plants, due largely to the fact that, with the exception of steel landing mats, most of the articles manufactured by the Company for the armed services were similar to articles manufactured by the Company prior to the war.
I^abor Relations
Substantially all of the employees, other than those serving in a supervisory capacity, arc represented by labor organizations for the purpose of collective bargaining. During 1945 there were no strikes in any of the Company's plants, but minor work stoppages occurred at both the Cicero, Illinois plant and the Blue Island, Illinois plant.
The Employees of the Company's Cicero plant, represented by the Textile Workers Union of America (C.I.O.), voted on February 20, 1946, to strike in order to enforce their demands for a 15c an hour increase in wages. Negotiations
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! PRODUCTS OF UNIVERSAL USE AND APPLICATION
i Many of the insulations, packings and textiles manufactured by Union Asbestos & Rubber Company are unique in their fields, embodying the
| best basic materials, new principles in processing, and are capable of giving excellent service--service that is long-lasting and maintains a high degree of efficiency.
As a result of thorough research and engineering, Unarco's line ofprod1 ucts has been tested and accepted by many of the leading technical organ
izations in this country, as well as abroad. These insulations, packings and textiles are used in all phases of industry--in the railroad, oil refinery, industrial, marine, chemical and aircraft fields.
Railroad specialties, manufactured at the Blue Island plant, include bulk heads and other accessories for refrigerator cars.
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