Document 5Dv7gmjzzKjZxypzjyvQBRggR

Cleveland, Ohio September 25, 1959 3b: All Directors MATIERS OH WHICH DIRECTORS AHD/OR EXECUTIVE CCtfMTOEE ACTION HAS BEER TAKER AND ON WHICH OTHER ACTION 13 PENDING PAINT DIVISION 1. Sadolin & Holafolad, Ltd, (lfc) -- The Technological Service and Trademark Agree ments approved by our Directors July 29, 1953 have not yet been executed. While in Europe, Mr. Duncan conferred with Sadolln & Holxriblad's Mr. Christensen in an effort to resolve several questions they recently raised relating to these Agree ments. However, a definite decision has been deferred pending Mr. Christensen's visit to this country this Fall. 2. General Paint Corporation of Canada (l4) -- Acquisition of the stock of this British Columbia paint manufacturer, as authorised by tbs Executive Committee on June 10, 1958, has been deferred until such time as Mr. Ayres, its principal stockbolder, is able to represent a controlling interset of this corporation in negotiations. 3 Finaka Farg och FenUssfabriks (24) -- At the licensee's request, execution by it of the Industrial Paint License Agreement approved by our Directors Sept. 24, 1957 has been deferred until next Sumner. We have therefore asked that Flnska return the Agreement which ve submitted, with the understanding It will be resubmitted next Bummer In the event it is mutually advantageous and feasible for the contract to be entered Into at that time. 4. Group Developments Limited -- Negotiations are progressing, as authorized by the Executive Coexnittee Sept. 11, 1959# for an agreement licensing Group Developments Limited to manufacture and sell in the United Kingdom coating compositions made in accordance with the Paint Division's formulas and processes. CHEMICALS-FIGMENTS-METALS DIVISION 1. Scranton Plant (15) -- The Trustee in Bankruptcy of Dumont-Airplane & Marine Instruments, Inc. has requested court approval of the arrangement whereby this property will be offered for sale at public auction as authorized by our Executive Committee Sept. 14, 1959. 2. Travaacore Minerals Limited (India) (4) -- The five-year ilmenlte requirements contract approved by our Directors Hay 26, 1959 is under consideration by Travaacore solicitors. It has been indicated that the contract will be executed and returned to us shortly. 3* Billiton Corporation (3) -- Pursuant to contract negotiations authorized by the Directors June 23, 1959, a proposed agreement covering the purchase by Billiton of technological knov-lxw for the manufacture of titanium dioxide In the Netherlands has been submitted to its home office in Holland. Pending Matters Report -2- September 25, 1959 4. New JerBey Ilmenlte Property (2) -- On 8pt. 10, 1959 ve closed the agreement vith United States ifeiaia Refining Conpany approved by our Executive Committee Jiily 10, 1959* and upon payment of $571*929 obtained title to 7^0 acres of ilnxmite-bearing land in Ocean County, New Jersey, options to Which had been exercised by U3MR. We have subsequently exercised an option to an additional 137 acres* Closing of this latter purchase is scheduled for Oetober 8. Test borings and title Investigation are in progress as to another 303-acre parcel presently under option to us. FOOD DIVISION 1. Norwalk Plant (27) -- Despite an aggressive sales program by our brokers to sell this property at its appraised value of $185,000 as authorized by the Executive Committee February 18, 1959* no offers have been received to purchase the property at any price. We continue to rent on a short-term basis a plant area of 10,480 square feet at a monthly rental of $337* vith the expectation that ultimately a market vlll develop for this property. 2. Proposed Acquisition of Property in Louisville (13) -- Louisville Textiles Company has rejected our proposal to purchase approximately 120,000 square feet of its property adjoining our Louisville plant. Therefore, the program authorized by the Executive Committee Novwriber 7* 195* to secure options on various property In the Bergwui-Orrasby Street area, is being reconsidered. In addition, other poesibilities for obtaining needed additional land for proposed operations are being explored. 3. Proposed Acquisition of Property an Elston Avenue In Chicago (8) -- Negotiations as authorized by the fexecutive Coomittee 'February 9* 1959* for the acquisition of additional land for expanding operations at the Food Division's Logan Boulevard vegetable oil refinery, are progressing. It now appears that The Chicago & North western Railroad is interested in selling an area in excess of 200,000 square feet adjacent to our Elston Avenue plant, at a price yet to be negotiated. If these negotiations are successful, a definite proposal will be submitted within the near future to the Executive Committee. 4. Red V Coconut Products (3) -- Arrangements considered by the Directors on June 23, 1959* whereby the Food Division hopes to be permitted to purchase up to 2,000,000 pounds of its requirements of flake and other coconut cuts from a source other than Red V, have been discussed by Mr. Slaughter vith General Foods. When a mutually satisfactory arrangement is negotiated vith General Foods, it will be submitted to Red V, Who have previously Indicated their receptiveness to the type of arrangement Mr. Slaughter has in mind. ORGANIC CHEMICAL DIVISION 1. Proposed Sale of Land to American Norit Company (ll) -- We are still awaiting receipt from American Norit*s home office in Holland of the documents covering the sale of a small parcel of our unimproved land at Jacksonville, as authorized by the Executive Committee November 12, 1958. CLD010074 Pending Mattere Report -3- 8eptember 25> 1999 CHTTRAL 8QTA OOMPAffY 1. Proposed Bale of Land at Indianapolis to Central Soya Company (8) -- Further negotiations with Central Soya for the purchase of a portion of our Indianapolis property as a feed mill site, as authorized by the Executive Committee January 7, 1959, are still awaiting a decision by Central as to the amount of land it requires. REE:Mod (The figure in parentheses is nunfber of consecutive months item has been pending) Gt-D0loo75