Document 4J5qmZodGmkp8O4b6D0oGLQEe

U2i j mmm o? k s c t iw q 0? WE EXECUTIVE CC*4Tm23 op vss avmm c o mmey Minutes of toasting of the Executive Cosoittco of W>0 Oli&ton Ccwg&xty held at the office or tba Cccp&ny, SXX) Union Cootaorca Building, Cleve land, Ohio, on Handsy, March 3, 1$50, at 2i30 P*M. Wie fallowing cvoabero of the Coralttes vero present? IVlght P. Joyce Willard C* lighter B. W. Matey Alexander D# Duncan flefcart D* Homer Hr* Koborfc E. Dorftesyer, Director or Acquisitions, attended tb notice at the invitation of tbe Ch&iraaa, Mr* Joyce, cBialrffion, presided and Mr* J&roer, Secretary, rcosrJed the alnutes. Hr* Dorfoeycr reported that no egreeamt bod been r&icl&d in mgo- tiatlons vith Mr* Victor ttmc&t for ibo sale of the Cbcolcela-PlgiDoato-^totals Division's Scranton, Pannoylvimi* plant and uhitc dead business to a corporation controlled or to bo fonaed by Hr. Muscat, as reported to tbs Cosssltte on January 0 and February 11, 1958* Discussions bad therefore, bo aald, been entered into and an ogcaeaeni negotiated vith Duaont-Airplaiw & Marins Instruments, Iao., of Clearfield, Pennsylvania* for the oslo of the business and &U fiatod ascots for $75,000 cash and of Inventories at the aggregate cost thereof &s shewn on the Ca&axy's boohs* Xbe effective date of transfer under the agrecoent would be April 10, 1956, or an earlier date as Mutually agreed Upon by tbs parties. Mr* Dcrltooytr pointed out that if the business was sold Gtoo8l?6 V3/58 H2 to Dumont, tha Company would have to pay & fee of $6,000 to on agent as comission for services rendered in connection with the sale. Tho agreement as negotiated with Dumont and signed by Its attorney, Mr* Kalman Greenhill, who had been authorised by its President, Mr* 3. & Politano, to execute it on Dumont's behalf, was presented to the meeting* On action node and seconded It vos unanimously RESOLVED, that the agreement bettreen this Company and Duisonfc-Airplene & Marine Instruments, Inc* providing for th? sale by this Company of its lead pigpwnt business at Scranton, Pennsylvania, including property and other assets utilised in connection therewith end good will, be end it is hereby approved in the form submitted to this meeting; and IWKIBEEt RESOLVED, that twight P. Joyce,. Chairman and President, be and he is hereby authorized to execute said agreement on behalf of this Cocpony* The Committee discussed a proposal by Mr* Alexander D. Duncan, Vice President in Charge of the Paint Division, to enter into negotiations for the acquisition of the paint, varnish and lacquer business of the General Paint Corporation of San Francisco, California* The proposal was described by Mr* Duncan in a taeooron&w dated February ?, -1958, addressed to the Chairman, copies of which had been distributed to the Committee* A memorandum on the proposal by Mr. George S. Varner, Controller, dated February 28, 1958, addressed to the Chalxnon, with copies distributed to the Ccosnlttee, was also considered. Following an extended discussion of the advantages of such on acquisition os veil os the price which the Company could afford to pay for the General Paint Corporation's paint business, it was decided that Mr. ftincau should ask Mr. John lathe, San Francisco Regional Director, to review the entire proposal, 3/3/58 U2v discuss it with his associates and eubait his own appraisal of the value of thie acquisition to his Pacific Region, Upon oubniosioa of this appraisal to the demittee, a decision will be pae:t either forego or proceed with negoti ations There being no further business to cooe before the Coaenitteo, the l^^cting vas fid4a>rned at /K g LD008127 3/3/58