Document 37GV0Jeyo6mkyEG6d1DBDL256

RITTS3USCM CORNING CORPORATION MINUTES OP THE MEETING OF THE BOARD Of DIRECTORS HELD AT 717 FIFTH AVENUE, Nv YORK, NEW YORK THURSDAY. KAftCH 27. 1962 Tm secular quartely mT!vc or rc 9oao or Directors or P<tTsay*o- COHNiNS Co^e*?*YJOK WAS HStO AT 717 FFT* Av nuS , NEW TOR* , NEW YORA, A T 12:00 NOON OK Thursoat, March 27, 1962. This *e?jng was e.5CHSULeD rOH March a, 1962. T B S wR PRESENT ANO PARTrC19 ATIWC AT THE *ETi*C: MESSRS, ftumu. BflMTiKGHAn V. c. OECKEfl 0. G. Hiu. Awory Houghton, Sr. F, T. Hughes Gesftse 0. Macs7h WV-11684 2- - The President recauUO to the Board that in January me has reported to the SoARO THAT HE KAO BEE* APPROACHEO BY UNION ASBESTOS AN0 RUBBER COMPANY OP CHICAGO, CLLINOI*, WH I (H COMPANY HAO EXPRESSSO A DESIRE TO SELL ITS FACILITIES FOR Tm production or A KI CM TEnPERATURE INSULATION TO PITTSBURGH CORNING CORPORATION, AND T*AT AFTER 30**3 AUTHORISATION THC PRESIDENT **0 ENTERED INTO NEGOTIATIONS WITH REPRESENTATIVES OF UnICn Asbestos ano RuaaER Company looking 7owao the purchase cf said facilities bt Pittsburgh Cornino Corporation. The President nfpoareo that *e has hqt eetN asis ro coni to a* agreement with the representatives or Union Asbestos as to the purchase price or these ASSETS, ANO THAT NEGOTIATIONS **0 BROKEN 00WN ANQ HAG BEEN TERMINATED AS OF HARCH *4Th. The President said that Union Asbestos and Rubber Company's asking price por suck fac ilities WAS SO MUCH HIGHER THAN THE PRICE THAT Kg WOULD HAVE RECOMMENDED THAT PITTSBURGH Corning Corporation pay as the rfiff value or such assets that he had seen no possibility OF REACHING AH AGREEMENT. The President pointed out that it would be desirable for Pittsburgh Corning TO HAVE A HIGH TEMPERATURE INSULATION LINE SO THAT IT COULD COMPETE i* TmE MARKET, ANO HE SUBMITTED ESTIMATES SALES ANO NET INCOME DATA TO THE BOARD FOR REVIEW, RECOM MENDING THAT PiTTSBURdH CoRnIHG CORPOSATIO* ERECT A MANUFACTUBlNG PLANT FOR TME PRODUCTION OP AN ASBE$7 OS-BASE HIGH TEMPERATURE INSULATION, PROVIDING PITTSBURGH Corning Couio assure i tsclF cf a reasonable long-term $v*nr or the raw materials FOR THE MANUFACTURE Of SUCH PRODUCT, 1. 5 AsO CA TmC 3OA80, *rTga D'SCUSStOH, `EC, t T w* S 4 0r`0* MaVi*S g?;V OU5.Y * secc'ot RESOLVED, That the erect a hanu' *C ?v i **6 a-.a^t roft THf A*UEACTvSS or AN ASSCS TO S - 8AS e *<Gn ?rtPf**?U* i*SUiA7*P- 9SOOUCT AND EXRgNO a SU NOT TO EXCEED ThC AMOUNT $650,000 ?0 * . g agCtioM or SAia <*.*** *o t purchase ahc inSTallat ion or '*1 NECESSARY EQUIPMENT. THE PPOPE9 OrflCERS QT THE COMPANY u! AUTHORIZCO AND OlPECTEO TO SO PBOCSE0. % FPAH K ft. MAgTOw Secretary