Document 6Bv2pnx9B7w7Nxoe6zKgxjoam

FILE NAME: Phenolic Resins (PHR) DATE: 1984 DOC#: PHR080 DOCUMENT DESCRIPTION: Moody's Industrial Manual Entry - Union Carbide Corp. MOODY'S INDUSTRIAL MANUAL 1695 cash; 1864. 5% a f te r $1.00 cash ; 1965, 6% a fte r $1.00 c a s h ; 1966, 6% a f te r $1 c ash ; 1967, 5% a f te r $1 c a s h ; 1968, 6% a f t e r $1 c ash . gT o J u n e 11. , , . iv id e n d s p a y a b le q u a r t e r l y Ma r c h 10, e tc ., to s to c k o f r e c o r d a b o u t F e b . 10, e tc . V O T IN G R IG H T S --E x c lu siv e v o tin g p o w e r. P R E E M P T IV E R IG H T S --T o e x t e n t p ro v id e d by law. L IS T E D --O n N e w Y o rk a n d P h ila d e lp h ia B altim ore-W ashington Stock Exchanges. TRANSFER AGENTS -- Chase M anhattan Bank, New York, and Fidelity Bank, P hil adelphia. REGISTRARS--B an k ers T ru st Co., N ew Y ork, and G irard T rust B ank, Philadelphia. D IV ID E N D D IS B U R S IN G A G E N T --S u n OU Co. SUN SHIPBUILDING & DRY DOCK COMPANY (Controlled by Sun Oil Co.) H istory: Incorporated under th e law s of P e n n sy lv a n ia M ay 23, 1916, a s S u n S h ip b u ild ing Co.: n a m e c h a n g e d a s a b o v e in J a n .. 1923. b u s in e s s : O riginally engaged in the con struction of cargo vessels; ch arter am ended t a J a n . 192S to p e r m it b u y in g , se llin g , <***** advanced design w ork on five others for United S tates L ines, launched tw o cargo ships and laid keels fo r four .o th ers on order f o r G ra c e L in e , c o m p le te d a 50,000barrel barge fo r Sun Oil, and fu rth e r ex- nanded its ship rep air work. E a rly in 1966, a r r a n g e m e n ts w e r e c o m p le te d w ith A m erican E xport Isbrandtsen Lines for a jo in t v en tu re w hich wiU design, finance, build and operate a 26-knot, roll-on, roU-off cargo vessel. T he ship w ill be pow ered by tw in gas turbines sim ilar to those used on jet aircraft. I t is scheduled for deU very In ^W hen^delivered, vessel w ill enter New York to P u erto R ico tra d e c a rry in g tru c k tra d e rs and autom obiles. . ,, , The firs t of tw o 260-inch solid-propellant rocket m otor cases b u ilt by shipyard was te s t-fire d in 1965. A t h r u s t of 3,500,000 lbs. m ad e i t F r e e W o rld 's m o s t p o w e rfu l sin g le rShlpyard fu rth e r diversified operations when it began construction of a subm arine pressure hull for Lockheed M issiles and Space Corp. Vessel w ill be used for oceanic re search. W ork is also in progress for N aval M arine E ngineering L aboratory on a test cham ber that w ill sim ulate pressures found a t 26,000-foot dep th s. A ero/H ydro Space Division obtained con t r a c t in 1966 to b u ild tw o t r is p h e r e p r e s s u re h u lls f o r U. S. N a v y 's d e e p su b m e rg e n c e rescue vehicle. Properties: Com pany has 6 concrete and steel shipw ays, capable of build in g 750-foot v essels; a n d tw o 10,000- to n f lo a tin g d r y do ck s. Com pany constructed floating d ry dock a b le to l i f t 38,000 g ro ss to n s a n d a d e q u a te to h a n d le ta n k e r s u p to 68,000 d .w .t. a n d u p to 800 ft. in le n g th . ^ The entire w et basin capacity of this plant Is 15 v essels. P l a n t is s itu a te d o n th e D e la w are R iver a t C hester, Pa., w ith engine b uild ing plant, boiler building p lan t and m odem shipyard. Facilities w ere greatly expanded during the w a r y e a r s a n d in 1943, t h e y a r d c o n ta in e d 28 ways. Officers: R. G . D u n lo p , C h a irm a n , P h ila d e l phia; P. E. A tkinson, Pres.; R. G allow ay, V ice-Pres.; C. Zeien, V ice-P res. an d Sec.; G. C. L iacouras, Treas. Directors: J. H. Pew , J. N. P ew m , R. G. D unlop. P. E. A tkinson, R. G allow ay, C. Zeien, R. L. B urke, G. C. Liacouras, D. W. Ferguson, D. P. Jones. G eneral Counsel: Pepper, H am ilton it Scheetz. Purchasing Agent: C. S. B oettger. Annual Meeting: F o u rth T u esd ay in A pril. N o. o f E m p lo y ees: 1966 (av e ra g e ), 4,804. Office: C h e ste r, P a . Branch Office: P h ila d e lp h ia . Backlog: A s o f D ec. 31 . . . 1966 1965 $97,000,000 $106,100,000 Earnings, year* 1966___________ 1965....................... 1964....................... 1963___________ 1962___________ 1961....................... I960--.-________ 1959....................... 1958___________ 1957....................... andad Dec. 31 (ln G ross B u sin ess 77,893,535 60.440,932 31,212,523 51,813,306 35,441,545 47,476,508 44,863,566 38,678,258 37,752,183 28,176,719 S): Nat Incom e 318.039 273,260 i 284,041 d 348.193 d 1,080,681 726,901 1,757,967 1,218,605 d 152,231 73,723 Capital Stock: L Sun Shipbuilding t t Dry Dock Co. stock; par $100: A u th o riz e d , 40,000 sh a re s ; o u ts ta n d in g , 35.000 sh a re s ; p a r $100. A ll h e ld b y S u n OH Co UNION OAPITAL 8TRUOTURE long term d ebt 1. S in k . fd . d e b . 5.30s, 1997 ----------------2. 3)4% n o te s p a y a b le , 1965-84 -------. 3. 414% n o te s p a y a b le s e r. to 1996 . -- ' 4. 3.625% n o te s p a y a b le , 1971-90 -------5. 4)4% n o te s p a y a b le , 1985-94 ----------6. 6.80% & 6.60% n o te s , 1 9 7 1 ---------------7. U n . C a rb . I n ti. C ap . C o rp . d e b . 494s,- 1982 ---------------------------8. I n te r n a tio n a l su b s id . d e b t ------------- R ating Aa 0)~ 0a1i- - 01-- 111- CAPITAL STOCK Issue 1.. CLuoumumuvomn - - - - - ------------------------- Par V alu e $4 CARBIDE CORPORATION A m ount O utstanding $250,000,000'' 240.000. 000 54.658.000 25000..000000.. 000 000 39.500.000 Tim es Charges Earned 1968 1967 7.18 7.95 In te re s t D ates M&S 1 01-------0 ] ........... a i-------a i-------01........... 50.000. 000 48.671.000 A m ount O utstanding 60,465,024 shs. Earned per Sh. 1968 1967 $2.60 $2.82 Divs. p er Sh. 1968 1967 $2.00 $2.00 Call P ric e EJ105.00 0!......... 01......... 01......... 01......... 01......... Call P ric e P ric e 1968 9 4 -8 2 S3......... 01------ai-- a i------01......... 1967 10194- 8694 a ......... a ......... m ......... a ......... a-- Price Range 1968 1967 50Va- 40)4 59 - 4594 COS u b je c t to c h a n g e , se e te x t. H lP riv a te ly p la c e d . HISTORY I n c o rp o r a te d i n N e w Y o rk , N ov. 1, 1917', as Union C arbide & C arb o n Corp- an d acquired stocks of th e follow ing fo u r com panies and their subsidiaries--(1) In c o rp o ra te d i n O h io , 1907; (2) N a tio n a l C a r bon Co., In c ., in c o r p o r a te d i n N e w Y o rk , 1917 to succeed N atio n al C arb o n f o ., incorporated in N ew J e r s e y , 1899; (3) P re s t- O -L ite Co.. In c., in c o rp o ra te d i n N e w Y o rk , 1913, a n d (4) Union C a rb id e Co., in co rp o rated in V irginia, 1898. P r e s e n t n a m e a d o p te d M ay 1,1957. In 1919 a c q u ir e d a ll o f t h e co m m o n sto c k of Oxweld A cetylene Co. a n d in th e sam e year formed th e whoUy ow ned subsidiaries. Cana dian N atio n al C arb o n Co., L td. an d P rest-O - Lite Co. of C anada. L td . ,,. , I n 1919 a c q u ir e d a ll o f t h e co m m o n sto c k of Oxweld R a ilro ad S erv ice Co., a n d in th e sam e year form ed th e w holly ow ned subsidiaries Dom inion O xygen Co., L td . a n d K em et L ab oratories Co., Inc. _ .. In J u ly , 1919 is s u e d 43,344 s h a re s o f sto c k to acquire all of th e stock of 42nd S treet Madison A v enue C orp. (succeeded b y C arbide St C a rb o n R e a lty Co.. In c .), o w n in g a 22-story office b u ild in g a t th a t lo catio n in N ew Y ork City. , In 1920 is s u e d 37,500 s h a re s to a c q u ire Haynes Stellite Co. an d form ed th e wholly owned subsidiary. C arbide St C arbon Cheml- cals Corp. In 1922 f o rm e d a w h o lly o w n e d su b s id ia ry . Electro M etallurgical Co. of C anada, Ltd. I n 1924 fo rm e d a w h o lly o w n e d su b s id ia ry , C arbide St C arb o n R e a lty Co.. Inc. I n 1925 a c q u ir e d a ll o f t h e c a p ita l s to c k o f A ktleselakabet S au d efald en e (S auda F alls Co., L td.) w h ic h o w n s w a te r power resource* a n d a hydro-electric pow er p lan t in Norway. I n 1926 p u r c h a s e d t h e m in e , m ill a n d r e d u c tion p la n t o f U. S. V an ad iu m Co., a t Colorado (succeeded b y U nited S tates Vanadiuna Corp.). Ore reserves of this subsidiary w ere increased In 1929 b y t h e p u r c h a s e o f d e p o s its i n P a ra d o x Valley, w e ste rn Colorado. I n 1926 p u r c h a s e d p a t e n t s a n d o th e r a sse ts ______l _ s _i ____r ___ i __ a -- J m e a tl h a H a n n iis i. bon Co. I n 1927, P re s t- O -L ite C o., In c., a su b s id ia ry , disposed of its storage b attery business to Prest-O -L ite Storage B a ttery Corn., th en con trolled by A utom otive B attery Corp. of New York. I n 1927 fo rm e d w h o lly -o w n e d su b s id ia ry . A m erican CarboU te Co.Tinc., w hich acquired assets of A m erican CarboUte Co. (M inn.). I n 1928 a c q u ir e d th e c o m m o n sto c k o f A ch eson G raphite Corp., engaged in th e production of graphite products, specializing in elec trodes for electric furnaces. I n 1928 a c q u ir e d M ic h ig a n O x - h y d ric Co. an d M em phis O xygen Co. I n 1929 a c q u ir e d A k tie s e ls k a b e t M e ra k e r Sm elteverk, a N orw egian com pany, producing calcium carbide and ferro-alloys. I n 1930 a c q u ir e d t i tle to t h e 95- y e a r g ro u n d lease and 37-story C arbide an d C arbon build ing in Chicago. . . . . . __ I n 1932 fo rm e d a w hoU y o w n e d s u b s id ia ry . C arbide & C arbon Chem icals, L td., to conaoU- date chem ical operations in Canada. I n 1933 a c q u ir e d f ro m D r y I c e C o ra , of A m erica its dry ice producing plan t at N iagara F^foS,N ov.T l939 a c q u ir e d a ll to e p r o p e r ty a n d assets of B akelite Cora. (DsL), m anufac tu rer of phenol-form aldehyde and other type p la s tic s , p a y in g th e r e f o r 187.500 s h a r e s of StO n D ec. 31. 1946. T h e L in d e A ir P ro d u c ts Co. m erged P rest-O -L ite Co., Inc. D u rin g 1949-52, p r in c ip a l U. S. s u b s id ia rie s becam e operating divisions. __ E ffe c tiv e J a n . 1, 1954, a n e w su b s id ia ry , U nion C arbide C anada Ltd., took over opera tion of m ost C anadian subsidiaries. I n 1955, fo rm e d a n e w d iv isio n . U n io n C a r bide N uclear Co., an d nam e of O re D iv isio n w as changed to U nion C arbide O re Co. I n 1956, e s ta b lis h e d S ilic o n e s D iv isio n a n d U nion C arbide D evelopm ent Co. O n D ec. 31, 1956, a c q u ir e d V isk in g C o ra., and operated it as a division under the nam e V isking Co. U nder m erg er agreem en t c o rp o ra tio n issu ed o n e sh a re fo r e a c h 2.5 V is- king shares. I n 1957, n a m e o f c o m p a n y s h o r te n e d to U nion C arbide Corp. and follow ing division nam e changes announced: C arbide & Carbon C hem icals Co. to U nion C arbide C hem icals Co.; C arbide St C arb o n R e a lty Co. to U nion C arbide R ealty Co.; an d L in d e A ir P ro d u c ts Co. t o L in d e Co. A lso, In 1957, fo rm e d n e w division. U nion C arbide Olefins Co. I n 1958, c o m p a n y a n n o u n c e d t h e fo llo w in g division nam e changes: B akelite Co. to U nion C arb id e P lastics Co.; E lectro M etal lu rg ical Co. to U nion C arbide M etals Co. I n A ug. 1959, U n io n C a rb id e C o n s u m e r P ro d u cts Co. w as form ed as a division. I n 1962, o p e ra tio n s o f K e m e t Co. w e r e co n solidated w ith electronic activities of Linde Co. A ssets and business of Pyrofax G as w ere sold to T exas E astern T ransm ission Corp. I n 1963, n a m e of H a y n e s S te llite Co. w a s changed to U nion Carbide Stellite Co. L ater in year, th e follow ing division nam e changes w ere announced: N ational C arbon Co. to C ar bon P roducts Div.; U nion C arbide C hem icals Co. to C hem icals Div.; U nion C arbide Con sum er Products Co. to Consum er P roducts D iv L inde Co. to L inde Div.; U nion C arbide M etals Co. to M etals Div.; U nion C arbide N u clear Co. to N u clear Div.; U nion C arbide O lefins Co. to O lefins Div.; U nion C arbide P lastics Co. to P lastics Div.; U nion C arbide R ealty Co. to R ealty Div.; U nion C arbide S tellite Co. to S tellite Div.; a n d V isking Co. to V isking Div. Also du rin g year, pow er fa cilities and certain other properties of Car b id e P ow er Co. w ere sold to E dison S au lt E lectric C om pany and th e com pany w as liq u id a te d . In a d d itio n , in 1963. c o m p a n y solid th ree polyethylene film -m aking p lants ac q u ir e d fro m T h e V isk in g C orp. i n 19=6 (fo r fu rth er details see below). I n 1964 m e rg e d G lo b e M in in g C o., su b s id i ary . A lso acq u ired , fo r cash, E n g la n d e r Co., Chicago m anufacturer of m attresses and bedding products, now operated as subsidi ary, and P olyethylene Bag C anada Ltd., su b sidiary of U nion Carbide Canada, L td., pur chased operating assets of H augh-G ordon Ltd., of Toronto. V isking D ivision w as renam ed Food P rod ucts Division. A new division, F ibers and F abrics D ivision, w as form ed. Also, during th e y ear, a 25% in te re s t in U nion C arb id e C anada Ltd., previously a w holly ow ned subsidiary of U nion C arbide Corp.. w as sold to th e C anadian public. . I n J a n ., 1965, th e M e tals a n d O re D iv isio n s a n d p a rt of th e N u clear D ivision--p rin c ip a lly m ining and processing operations--w ere con solidated as th e M ining and M etals Division. A lso in 1965, a c q u ire d N e isle r L a b o ra to rie s , Inc. for stock. ,,, . . * Ini 1966, e s ta b lis h e d E le c tro n ic s D iv isio n to coordinate in terests in electronics field. Also form ed five w holly ow ned U nited S tates sub sidiaries to m anage international activities: U nion C arbide Pam A m erica, Inc.: U nion C arbide E urope, Inc.; U nion C arbide E astern, Inc.; U nion C arb id e M iddle Afrlcai, Inc.; en d U nion C arbide S outhern A frica, Inc. I n M ar. 1967, fo rm e d M a te ria ls S y ste m s Division to com bine capabilities in th e high- 4480 MOODY'S INDUSTRIAL MANUAL CAPITAL STRUCTURE "L o n g ter m d ebt Issue 1. S.f. debenture 5.30s 1997................ ................ 2. S.f. debenture 8Vbs, 2005................................ .. 3. S.f. debenture 7l/ 2S, 2006........ .......................... 4. S J. debenture 9.35s, 2009 ................................. 5. 9V'ss notes, due 1986 ........................................ 6. 1414% notes, due 1991................................ 7. Conv. subord. debenture 10s, 2006................ 8. 3V2% notes p ay able, 1965-84.......................... 9. 4 `/ 2% Prom issory notes payable, ser. to 1996 .......... .......................................... 10. 3.625% Prom issory notes payable, 1971-90............................................................. 11. 4Vi% notes payable, 1985-94.......................... 12. 10% notes, due 1984-87..................................... 13. Cap. Leases & Install, purch. oblig. ............... 14. O ther d e b t........................................................... 15. 14s/ 4% Un. Carb. O verseas Fin. Corp. N.V. notes, due 1989............................................... 16. International subsid. d e b t .............................. UNION CARBIDE Rating A1 A1 A1 A1 A1 A1 A2 0 .. 0 .. 0. 0 .. 0. . ----- ------ Amount Outstanding $128,000,000 300,000,000 200,000,000 200,000,000 100,000,000 150,000,000 150,000,000 15,000,000 26,000,000 18,000,000 200,000,000 100,000,000 199,000,000 6,000,000 150.000. 000 536.000. 000 CORPORATION T im es Charges Earned 1983 1982 Interest Dates M&S 1 J 8t J IS J &D15 F&A15 F & A 15 J &D 1 M & S 15 0 .......... 1.27 2.56 Call Price 0101.80 0105.44 0104.97 0105.80 0100 0100 jTjl08.50 m ........ ........ ........ , Price Ran. 69Vi- 58V, 81%- 68 71 - 62% 85 - 74 98 - 93% 1141/2-106% 120 -102 MjV,. U a.i 109 '1* , .... 0 ........ CAPITAL STOCK Issue Par Value Amount O u tsta n d in g Earned per Sh. 1983 1982 Divs. per Sh. 1983 1982 Call Price Price Ranni1983 1. Com m on . SI 070,347,418 shs. 0*1.13 .. 0*4.47 *3.40 *3.40 .73% - 51 \ '> H J li` , I a ftch" ? e' see fext- 0 B a s e d on weighted average num ber of shares outstanding as reported by Com pany (see `Financial & O perating Data" 1983, $3.11 excl. facilities closing charge. P rivately placed. B eginning Aug. 15* 1983. Beginning Dec. 1, 1988. gU l HISTORY I n c o r p o r a t e d in N e w Y o r k , N o v . 1, 1917, a s . U nion C arbide & C arbon C orp. and acquired stocks of th e follow ing four com panies and th eir subsidiaries-- (1) L inde Air P roducts C o., in c o rp o ra te d in O hio, 1907; (2) N a tio n a l C arb o n Co., Inc., incorporated in N ew Y ork, 1917, to succeed N a tio n a l C a rb o n Co., in co r p o ra te d in N ew Je rse y , 1899; (3) P rest-O -L ite C o., In c., in c o rp o ra te d in N ew Y o rk , 1913, a n d (4) U nion C arb id e Co., in co rp o rated in V irgin ia, 1898. P re s e n t n a m e a d o p te d M a y l, 1957. F o r ac q u isitio n s, m e rg e rs etc., p rio r to 1963, in c lu siv e , se e M o o d y 's 1969 I n d u s t r i a l M a n u al. In 1964 m erg ed G lobe M in in g C o., su b sid i a ry . A lso acq u ired , for cash, E n g lan d er Co., C hicago m anufacturer of m attresses and bed ding products, an d P olyethylene B ag C anada L td., subsidiary of U nion C arbide C anada, L td., purchased operating assets of H aughG ordon L td., of T oronto. V isking D ivision w as renam ed F ood P rod u cts D ivision. A new division. F ibers and F ab rics D ivision, w as form ed. Also, du rin g the y e a r, a 25% in te re st in U nion C arb id e C a n ad a L td., previously a w holly ow ned subsidiary of U nion C arbide C orp., w as sold to the C anadi an public. In Ja n ., 1965, th e M etals an d O re D ivisions an d p a rt of the N uclear D ivision-- principally m ining an d processing operations-- were con solidated as th e M ining an d M etals D ivision. A lso in 1965, ac q u ire d N eisler L ab o rato ries, Inc. for stock. In 1966, e stab lish ed E lectro n ics D ivision to coo rd in ate in terests in electronics field. R eor ganized C hem icals and Plastics G roup, setting u p five divisions; C oatings Interm ediates Plastic P roducts, P rocess C hem icals, C hem i cals an d P lastics O perations. A lso form ed five w holly ow ned U nited S tates subsidiaries to m anage international activities; U nion C ar bide P a n A m erica, Inc.; U nion C arbide E u ro p e. Inc.; U nion C arbide E astern , Inc.; U nion C arbide M iddle Africa, Inc.; an d U nion C ar bide S outhern Africa, Inc. In M a r. 1967, fo rm ed M a terials S y stem s D i vision to com bine capabilities in the high-per form ance m aterials field, including all o p e ra tions of Stellite D ivision. In M ay, form ed a new subsidiary, U nion C arbide E xploration C orporation, to consolidate and expand w orldw ide m ineral exploration activities. In N o v . 1967 all o p e ra tio n s co n c e rn e d w ith supply of hydrocarbon raw m aterials an d fuel w ere consolidated in a subsidiary. U nion C ar bide Petroleum Corp. In 1968, te rm in a te d m in in g o p e ra tio n s in G u y an a of N o rth w est G uyana M ining Co. L td., a w holly ow ned subsidiary, supplying m anganese ore to C orporation m etallurgical plants. N u m b er of divisions in C hem icals and P lastics G ro u p reduced from five to four, w ith reassignm ent of responsibilities of Chem icals and P lastics D evelopm ent D ivision to other divisions w ithin group. E a rly in 1969, so ld assets of N eisler L ab o ra tories, Inc., a pharm aceutical subsidiary, to M allinckrodt Chem ical W orks. A 50% interest in S.p.A . C elene, P riolo, Sicily, principally a plastics m anufacturer, w as sold to M ontecati ni E dison S.p.A ., w hich held rem ainder of Cel ene. A lso in 1969, a H y d ro carb o n s D ivision w as form ed to m anage procurem ent and pro duction of olefins an a other hydrocarbon raw m aterials an d interm ediates. T h e F ood P rod u cts D ivision w as renam ed Film s-Fackaging D ivision after it assum ed responsibility for plastics film s business in addition to its activi ties in food casings and related products. F orm ed F erroalloys D ivision to tak e over production an d m arketing of chrom ium , m an ganese, an d silicon alloys an d related products form erly handled b y M ining and M etals D ivi sion. L atte r retained responsibility for m iner als exploration, dom estic m ining an d m illing, and production of m etals for specialty m ar kets. E lectronics and M olecular Sieves busi- ness becam e p art of M aterials System s D ivi sion, also handling C oatings Service business. A t th e en d o f 1969, a fo u rth se g m en t of m a te ri als system s business. Stellite P roducts D e partm ent, w as sold to C abot C orporation. In 1970, C o m p a n y so ld T h e E n g la n d e r C om pany, Inc., a w holly ow ned subsidiary ac q u ire d in 1964, m a k in g b ed d in g e q u ip m en t; a n d in 1971 a ls o s o ld its oil a n d g a s in te r e s ts , held b y U nion C arbide P etroleum C orpora tion. I n 1971, a c q u ire d G en eral C a rb o n & C h em i cal C o rp ., R o b in so n , III. D u rin g 1973, C o m p a n y sold its o w n ersh ip in O cean System s, Inc., engaged in research ac tivities in sea an d assets of its K orad D ept, w hich m anufactured and sold lasers an d laser system s. In F eb. 1974, a cq u ired M e rritt-H o lla n d C o. in ex change for 90,000 com m on sh ares; also in O ct. 1974, a cq u ired L inox W elding S u p p ly C o. in exchange fo r 35,318 co m m o n sh a res. D u rin g 1974, C o m p a n y w ith d rew fro m th e D Y N E L fiber business an d continued realign m ent of businesses. O n D ec. I, 1975, a c q u ire d B entley S ales Co., Inc. fo r 64,975 co m m o n shares. In 1975 so ld h o ld in g s in jo in t tin v en tu re. O n M a y 27, 1976 C o. e x ch an g e d 10,150 com . shs. for Sm ith E xploration Co. O n J u l y 13, 1976, a c q u ir e d K ir s to C o . in e x c h a n g e f o r 3 7 ,131 c o m . s h s . , O n O c t. 19, 1976, a c q u ir e d , b y m e r g e r, W a l d o R o h n e rt C o. in ex ch an g e fo r 67,223 com . shs. O n N o v . 12, 1976, a c q u ire d , b y m erg er, C leon C o rp . in ex ch an g e fo r 92,909 com . shs. O n D ec. 28, 1976, C o. ex ch an g ed 5,358 com . shs. for substantially ail assets of G reenbelt A viation Co. In A pr. 1977, ac q u ire d A m chem P ro d u c ts, In c., in ex ch an g e fo r 2,470,107 co m m o n sh a re s, for further developm ent of agricultural prod ucts business. In Ju n e 1977, a c q u ire d K .T .I. C hem icals, Inc., in ex ch an g e for 29,539 sh ares. D u rin g th e firs t h alf of 1977, U .K . su b sid i ary vB akelite X ylonite Lim ited, acquired 11% position in B eralt T in and W olfram L td. In O ct. 1977, a cq u ired asse ts of B enfield C o rp . in ex ch an g e for a b o u t 71,000 sh ares. I n 1977 C o .'s d iv e s titu r e s in c lu d e d s a le b y B X L subsidiary in U K of T herm osetting D ivi sion, p ro d u cer of phenolic resins, to B P C hem ical, L td., fo r ap p ro x . $16.6 m illion in ounds; suspension polyvinyl chloride resin usiness to T enneco Chem icals, Inc., for a b o u t $4.0 m illion in c ash p lu s ro y alties; a n d rigid vinyl business to A m erican H oechst C orp. for ab o u t $12 m illion p lus u p to $2 m il lion for inventories. In D ec. 1978 C o. co m p leted sa le of su b s ta n tially all of its E u ropean petro-chem icals o p era tio n s to B P C hem icals L td . fo r $175,000,000 in cash plus th e assum ption of ab o u t $200,000,000 in debt. Co. said sale also included additional liquid assets for w hich B P C hem icals paid an ad d i tio n al $33,000,000. A lso, a C o. u n it, so ld its H y th e C hem icals L td. u n it to B P C hem icals. H y th e th e n p a id eq u iv a le n t of $7,000,000 in d eb t it ow ed to U nion C arbide U .K . E xcluded from sale w ere certain assets and businesses of U nion C arbide B elgium N .V ., in cluding industrial gases, environm ental sys tem s, engineering products and processes, w elding products, b attery products and m edi cal products. T hese w ere transferred to a new Co. unit. U nion C arbide B enelux N .V . In 1979, so ld D o m se a F a rm s, Inc,, a fish farm ing operation, to C am pbell S oup C om pa ny and acquired the assets and business of the L ondon C hem ical C om pany (L onco), a su p plier of p roprietary m aterials and processing chem icals used in the m anufacture of printed circuits. In Ja n . 1980, C o rp . sold A m chem P ro d u c ts, Inc., subsidiary (m etalw orking chem icals business). I n J u n e 1980, C o. s o ld its J a c q u e s s*M.,i < a n d in F e b ., 1981, C o . so ld its K e y s to n e 1\ Co., b o th to A grigenetics C orp. C om binai s J ue w as in excess of $70,000,000. ' In N ov., 1980, Co. sold its w ater/w iisir^ te r tre a tm e n t b u sin ess to L in d e A.G. I n J u n e 1981 C o. so ld a p o r tio n of its -, ... business, including ferroalloys operali" E u ro p e a n d th e U.S. fo r $181,000.000 ,,i,, , ,, s u m p tio n b y th e p u r c h a s e r o f S60 mill lo n g a n d s h o r t te r m d e b t. I n A p ril loxi iU, .... tio n to p u rc h a se th e C a n ad ian fermati"-. % business w as given. I n 1981 C o . so ld th e r e m a in d e r of its rm-.h, p r o d u c ts b u s in e s s t o R ic h a rd s o n -V k* *..<* H offm an LaRoche. I n 1982: (1) C o. so ld its p h en o lic resinx m E lk G rove CA to G eorgia Pacific Corn. its n earb y land holdings to C.D .P. Real Inc. resu ltin g in a n e t g ain o f $3.2 milium, j C o. so ld its 2 5 % in te r e s t in O rie n ta l I n.,.*, C h e m ic a l C o . a n a its 5 0 % s h a r e in Unin ]., d u s tr ia l G a s C o rp . in T a iw a n to C en tral 1 v estm en t H olding Co., a local govt, tornei r e s u ltin g in a n e t g a in a f t e r ta x of $1 null, .., (3 ) C o . s o l d a l l th e p r o p e r t y r ig h ts ex<-pt oil an d gas in D exter C ity, O H to B&N < In c . f o r $4.5 m illio n , r e s u ltin g in a net .m ..i te r t a x o f $1.7 m illion. (4 ) C o . so ld its < ," !* S erv ices D iv isio n to C a rd io D y n a m its Ira . * s u b s id ia r y o f C lin ical D a t a In c ., resu ltili in * c a s h flo w o f $333,000. (5 ) C o . so ld its M.* ; m t e r e s t in G e n e r a l W e ld in g to th e ex istin g >*m n e r, r e s u ltin g in a n e t g a in o f $130.000. (o> V ric a n C h r o m e M in e s L im ite d a n d RIumI**** C h r o m e M in e s L im ite d w e re d isso lv ed A p ril 23, 1982 a n d J u ly 17, 1982, respectivriv I n 1982, C o. p u rc h a se d th e rem aining . in te re st o f V isco ra S.A. a n d V isk ase Lui. its p a rtn e r, C h arg eu rs R eunis, for a total 4 $3.8 m illion. I n J u n e 1982, U n io n C a rb id e Deuts Ida B .j.b .H . m e rg e d in to U C A R Button' G .m .b.H . leaving UCAR B atterien the su n n ing#c o m p a n y . O n th e s a m e d a te , UCA R H*` terien changed its nam e to U nion (a i D eutschland G .m .b.H . , , O n A p ril 13, 1984, C o . s o ld B lack M ao.a P ip e lin e C o rp . to H o u s to n N a t u r a l G a s < i* I n A p ril, 1984, C o. a n n o u n c e d th a t it " D ieted th e s a le o f U n ife s K e m i o f Swr<in N este Oy. SUBSIDIARIES , , A s o f D ec. 31, 1982, o w n e d d ire c tly y >1 r e c tly 100% o f th e v o tin g c o n tr o l except win * n o tea of th e follow ing: Name and place of incorporation: Gulf Coast Olefins Co. (Del.) Ucar Plastics (Ghana) Ltd. (Ghana) (50%) Union Carbide Ghana Ltd. (Ghana) (66.67%) Union Carbide Cote d'Ivoire (Ivory Coast) Union Carbide Kenya Ltd. (Kenya) (65%) ... . ... Elektrode Maatskappy Van Suid Afrika (Eienaoms) Bd* Africa) (50%) o 4 Tubatse Ferrochrorae (Proprietary) Ltd. (So. Africa) * Ucar Chrome Co. (SA) (Pty.) Ltd. (So. Africa) Ucar Minerals Coro. (Del.) Union Carbide Zimbabwe (Private) Ltd. Union Carbide Sudan Ltd. (Sudan) (84%) Chemos Industries Pty. Ltd. (Australia) (60.02%) Union Carbide Australia Ltd. (Australia) (60.02%.) Sonca Industries Ltd. (Hong Kong) Union Carbide India Ltd. (India) (50.9%) P.T. Agrocarb Indonesia (80%) FT. Union Carbide Indonesia Nippon Unicar Co. Ltd. (Japan) (50%) Union Showa K.K. (Japan) (50%) Union Gas Co. Ltd (Korea) (50%) Union Carbide Malaysia Sdn. Bhd (Malaysia) (80*r> Union Carbide New Zealand Ltd. (60.02%) Union Carbide Philippines, Inc. Union Carbide Ceylon Ltd. (Sri Lanka) (60%) Metals and Ores Pte. Ltd. (Singapore) Union Carbide Singapore Pte. Ltd. Union Carbide Thailand Ltd (Thailand) Union Carbide Benelux N.V. (Belgium) MOODY'S INDUSTRIAL MANUAL 4481 *ladugtt N.VfckiBelgiura) (50%) U UttotaleB-A. (France) (99.96%) Union Carbide France SA. (France) ' Viscora, SA. (France) Union Carbide Deutschland G.m.b.H. vWest Germany) , ftiior^ferbide Hellas Industrial and Commercial S.A. (Greece) Elettrografite Meridionale S.p.A (Italy) UniliQapA. (Italy) Union Carbide Italia S.pA. (Italy) Arson, SA (Spain) (50%) UnionCarbide Iberica. S.A (Spain) Union Carbide Navarra, SA. (Spain) Union Carbide Norden AB (Sweden) ' Union Carbide Europe S.A. (Switzerland) Union Carbide U.K. Ltd. (United .Kingdom) Viskase Ltd. (United Kingdom) Union Carbide Argentina SA.I.C.S. (.Argentina) (99.99%) Eletto Manganes Ltda. (Brazil) (55%) Tungstenio do Brasil Minerios e Metals Ltda. (Brazil) SA White Martins (Brazil) (50.14%) SAWhite Martins Nordeste (Brazil) (50.14%) Union Carbide do Brasil Ltda. (Brazil) Union Carbide Colombia, S.A. (Colombia) . Unk Carbide Centro Americana, SA (Costa Rica) : Union Carbide Ecuador C.A. (Ecuador) Union Carbide Mexicana, S.A. (Mexico) (45.7%) UnitCarbide de Venezuela, CA (Venezuela) Union Carbide Caribe. Inc. (Dei.) Union Carbide Films-Packaging. Inc. (N.Y.) Union Carbide Grafito, Inc. (N.Y.) UCAR Capital Corporation (DeL) Electric Furnace Products Company Ltd. (Canada) Union Carbide Agricultural Products Co., Inc. (Pa.) _ Union Carbide Australia and New Zealand Ltd. (Australia) Union Carbide Canada Limited (Canada) (74.73%) Union Carbide Eastern, Inc. (Del.) Union Carbide International Capital Corporation (NY) Union Carbide Puerto Rico Inc. (PR) Union Carbide Southern Africa, Inc. (Del.) ' Joint Ventures: C o m p a n y a n d S how a D enko. K.K. fo rm ed U n io n S h o w a K .K ., fo r p r o d u c tion of m o lecu lar sieves a t p la n t in Y o k k aich i, Japan. M erg ed in to S h o w a U nox K .K . in 1974, but subsequently nam e changed back to U n ion S h o w a K .K . in 1980. . . , . , . in N ov.. 1971. c o m p a n y jo in ed w ith M e a d .. Corp. to fo rm TM H- ^ . l nfsVirs Co is PhvP ^ r h A t i h e e n d 0 ^ 1 9 7 4 C o high pressure nitrogen for enhanced recovery of n a tu ra l g as a n d cru d e oil. In 1980. U nion C a rb id e C a n a d a L td ., to gether w ith the Q uebec governm ent and Gulf C anada Ltd. form ed P etrom ont Inc. for the production of ethylene feedstocks. In A pril 1982, C o. a n n o u n c e d i t h a d elected to w ithdraw from p articip atio n in a proposed jo in t venture w ith T o ra y In d u stries an d E lf A cquitaine to m anufacture carbon fibers in ~F~ra n c e . In O ctober 1982, C o. an n o u n ced it h ad . te r m inated discussions w ith H enkel K G aA , D s se ld o r_f_,__W_ _e_s_t__G__e_r_m__a_n_^y , c__o_n_c_e_r_n_in_g___a___jo__in_t venture for production of fatty alcohols based on n atu ral oils, citing continuing u n certain ty in the econom ic outlook as th e reason. In 1982, Co. a n d M o n te d iso n , S.p.A . ( a le a d ing developer of catalyst technology for po lyolefins) signed an agreem ent w hereby th e Co. acquired a w orldw ide license u n d er M onte d,.is o n*'s. p--a--t-e--n--ts r e la tin g -to- c--a.t.a-Il-y.-s*ts- ef--o r th e m anufacture of polyethylene. In A pril 1982, Co. a n d U n im atio n In c. a n nounced a joint agreem ent to m arket robot system s for autom atic arc w elding an d to col laborate in producing gantry -m o u n ted robot system s. I_n___D_e_c_.__1_9_8_2_, C. o . a n n o u n c e d a n a g_r e e m e nt . w ith M arline C ranium C orporation of D an- ville, V irginia (a w holly ow ned sub sid iary of M arline Oil C o rp o ratio n ) to e v a lu a te u ra n iu m m ineralization of properties in V irginia. T h e tw o com panies will also determ ine the eco- nom ic feasibility of extracting and processing uranium ores from those properties. If results of the studies are favorable. U nion C abide has the option to develop this resource w ith M ar- Ili!n.e TUTrani;umm . ' BUSINESS & PRODUCTS T h e C orporation is active in five industry segm ents: Petrochem icals: As petrochem icals w orld- w ide becom e increasingly a com m odity busi- J " on tS M S S y n g 't , a n d b y se llin g te c h n ic a l se rv ic e s to new a id established producers (See under E n- gm eering and T echnology services). Co. is In C anada, principal operations are con ducted through U nion C arbide C anada L im it ed and em brace m ajo r p ro d u ct lines which closely parallel those in th e U nited States. A ffiliated com panies in L atin A m erica p ro duce d ry batteries and related products in A r gentina, Brazil, Colom bia, C osta Rica, E cua dor, M exico and V enezuela; g rap h ite electrodes. industrial gases and w elding ap p aratu s in Brazil and M exico; m etals in Brazil; and chem icals and plastics in Brazil, E cuador and M exico. In E urope, U nion C arbide affiliates produce agricultural chem icals in France; m olecular sieves in F rance an d Italy; gases and related a p p a ra tu s in Belgium , G erm any, F ran ce and Spain; cryogenic products in G erm any and E ngland, w elding products in4 G erm any; graphite electrodes and anodes in E ngland, France, Italy, Spam , and Sweden; coatings service in Sw itzerland, E ngland and G erm any; film s-packaging pro d u cts m Belgium , E n gland, F rance a n a G erm any; d ry batteries in G erm any, G reece an d Sw itzerland; an d elec tronic com ponents and distillation tray s in E n g la n d . In the F ar E ast, affiliated com panies pro duce chem icals in A ustralia, India, Ja p an , Singaa*p_o__r _e__a_n_d_ T__h_a_i_l_a_n_d ;_ .p- l-avs_t_i_c_s i,n I n d ia ,. a n d Jap an ; carbon products in India; m olecular sieves in Jap an ; coatings service in Jap an ; dry batteries in A ustralia, Sri L anka, India, Indonesia, M alaysia, the Philippines, N ew Zealand, an d Singapore; flashlight cases in H ong K ong a n d India; household film w rap an d bags in A ustralia, N ew Z ealand and India; and in d u strial plastic film in A ustralia an d India. TI n. A fric a a n d th e M id d le E a s t, th e b u s in e s s es of affiliates include dry b attery production in K enya, G hana. Iv o ry C oast, N igeria, E gypt a n d S udan; plastic film extrusion an d b ag p ro duction in G hana an d S outh Africa; carbon and graphite electrodes in S outh Africa, and latexes ui Iv o ry C oast. O ther affiliates carry 'H i k i l S d I S d t t a i ' operations m ajor products of w hich are ores and alloys of chrom ium and vanadium . Sales Breakdown, By P ro d u ct G roups (m of A croline. ,, , ___ In 1974 C o. a n d H a llib u r to n fo rm e d a 50-50 oil well se rv ic in g c o m p a n y c a lle d W elln ite. > : In A pr. 1974, c o m p a n y a n d G en eral M ining & F in a n c e C o rp . ( s e e M o o d y 's B a n k s & F inance M a n u al) ag reed to form a jo in t v en tu re to b u lld a f e rr o c h r o m e p l a n t in te e lp o o r t. S . Africa to b e o w n e d 4 9% b y co m p a n y . Union C arbide C a n ad a Lim ited, 75% - owned su b sid iary , is a 20% p a rtic ip a n t in Pe- ttrroaHssaanrrnLLprirmna tuiptteedad, w-moocrorlrdpD-osOcrraaal ette^dumni ni t 1974 to b u ild near Sarnia. Ontario, to pro d u ce petrochem ical raw m ate- rial an d fuel p ro d u c ts . T h e s u b s id ia ry h a s e n tered into a n ag reem en t w ith P e tro sa r fo r th e Dtrou3r7c0hamsei..l.lo.ifo e n tphoy' ulennde.s in an annu aal,,ml y_owu 1hn__et_ni^n1tchree_ac_s_o_imn_g- ^ ^ n r cPapabu?iePs : e e m n e n t W r ld -W`d e m a r - Business include: Polyolefins, E thylene oxide/glycol. Solvents and coatings m aterials. International petrochem icals. Industrial G ases: T h ro u g h L in d e D ivision, Co. is the principal dom estic supplier of gases. and ona of th e three; m ajo,: suppliers w orldwide. Co. is m aintaining leading-edge technology in all facets of the bu sin ess. an d continu- ing to im plem ent strateg y of being a low -cost tsihnue"p pssltrieeeeerli, baaonntduh mmtocttor,aeduituioutnt tatlwcayuus tolumueuros ms uj,cdh***a**s* to expanding m a^ t s in th e k jgh'grow tR elec- fn d u ftri^ fining, an d chem ical industries. .... i n Me_1leet a c l t s r & od C e asrybs-- ot.ne P m ro s d f ouMrc tes : l C ec o. tri i c s aawvr /co. rHfludirrnlneaaacrdMeesr. Petrochem icals.......... Industrial G ases........ Metals & Carbon P ro d u c ts .............. CCoonnssuumm eerr PPrroodduuccttss .. Technology, S e r i e s & Specialty Products . Total .. Sales B m illions) United States & Puerto Rico Africa & Middle East 1983 2,551 1,361 1,024 1,895 1982 2,609 1,405 1,107 1,933 2,170 2,007 9,001 9,061 y G eographic A rea (in $ ' 1983 1982 6,189 106 551 850 748 557 6,051 125 553 856 762 714 ary. S o n y -E v eread y , Inc., to m a rk e t a n d p o ssibUl_y_m afk e. dj r_y__c_enil ub a. .tt.e_r_i:e_s . In M ar. 1976, C o. a n d S ocit F inancire - Europenne, w hich is ow ned by eight b anks, formed G ulf C o ast O lefins Co. L oans aggregating 5296,000,000 fo r G ulf C o ast w ere n eg - tia te a w ith 16 U .S . b a n k s a n d G e n e ra l E le c tric Cr_e_di_t C__o_r_p_. # _ ___, G ulf C o a s t a c q u ir e d C o .'s 1 0 0 % -o w n ed Ucar Pipeline Inc., w hich com pleted a 146- _mi:il_e e_.tth_ y-lIe__n__e__p i1_p_e_rlin .e. in A LA Ao uiins i1a0n7a7 in 1977. T h e v e n tu r e a ls o b o u g h t C o .'s T a f t , L a . o le fins p la n t a n d e x p a n d e d th e e th y le n e p la n t a t T aft. , In O ct. 1978, co m p a n y p u rc h a se d full o w n ership of G ulf C o a st O lefins Co. In O ct. 1978, C o. a n n o u n c e d a jo in t v e n tu re to produce dry-ceil b a tt e r ie s in N igeria. T h e new p la n t w as com m issioned in 1980 a n d is 60% ow ned by Co., 20% by K an o S tate In vestment Co. an d 20% b y priv ate investors. In J[an. 1979 Co. a n n o u n c e d th a t it w o u ia m aking production facilities m ore efficient, a n 4d non wAo rlkrmincgr w it hn nc uissttfotm e r s t o im np ro v e Total 9,001 9,061 electric arc technology. O ther carbon products se rv e a b r o a d ra n g e o f in d u s tria l n e e d s w o rld - PRINCIPAL PLANTS & PROPERTIES w ide. M e ta ls b u s in e s s e s a r e b a s e d o n L o . s C o r p o r a tio n 's w o rld h e a d q u a r te r s a r e lo c a t ow n reserves of strategic m etals ores, ed in a b u ild in g of a p p ro x . 1,332,000 g ro ss sq. C onsum er P ro d u c ts: C o .'s b a t t e r y , c a r-c a re , ft. of office in D a n b u r y , C o n n . a n d p 4l4ai>bsmtiwc w r a p _a_n_d __b a g _li_n_e_s__c__o_n_s_t_i_tu__te _~ C o r p o r a tio n a n d its a ffilia te d c o m p a n ie s o p - significant value-added com ponent w ithin Co. erate approxim ately 700 plants, factories, lab- to tal p o rtfo lio . T h e leading positions of these o ratories, m ines arid m ills around. th e w orld. p r o du^c t. s th.a__v_e_ g i_v_e__nP Cn noA. ian av aflaurat lbl lheMf olGortfhttoPlfdl a s f oPlrlionwcsip! a l fa c ilitie s lo c a te d a s fo llo w s: in retail outlets th ro u g h o u t the w orld, an d Chem icals and Plastics c o n s id e ra b le e x p e r tis e in c o n s u m e r m a r k e tin g . TAo rrta n c e , wC,a. B ayam on, P.R . T rad e M ark brands G lad and P restone prod- T uckor, Ga. G arland, Tex. u c ts a r e m a jo r u s e rs o f C o .'s p o ly e th y le n e r e s - A lsip, 111. Seadrift, Tex. ins and ethylene glycol o u tp u t. T a f*t, 'L a. T exas City, Tex. B ound B rook, N .J. In stitu te, W .Va. Som erset, N .J. South Charleston, c u s to m e rs -b u t. .l.i.k e c o n s u m e r .b u s i.n e s s e s , e n P o n c e , P .R . W .Va. jo y a high v alue-added compiDnent. A m ong them" a r e `te c h n o lo g y a n d s e rv ic e b u s in e s s e s O v e r 100 G a s P l a n t T a t v a r io u s lo c a tio n s th a t m arlcet C a rb id e know -how to th e p ro cess th ro u g h o u t th e U.S. -- , * ------- --- =--- ------ - - ____. ... ? h_iat under a p artn ersh ip agreem ent w ith^ th a t co u n try 's le a d in g p r o d u c e r o ft in d u s tr ia l g a s e s, A4 LbJd.u. IlIla_1h THTa s ht i-m---- E.*K s t a--bWl1i>snhIkmM .eann4t sA. rC' o/. hn aAsd since becom e a 25% e q u ity .p a rtic ip a n t m a n d S 2 S ^ oe S ^ ,mn ^ i VS S S S S : sion. N ew co m p an y is h e a d q u a rte re d in D am mam, Saudi A rabia. (Co. sold its interest d u r mg 1983.) . . In Feb. 1979, C o. an n o u n c e d ^ jo in t v en tu re I dry-cell b a t t e r y p l a n t to b e b u ilt n e a r A lex an .Una, E gypt. P lan t w ould produce d iy cell b a t teries p rim arily for sale w ithin E g y p t^ I t . 1 would be ow ned a n d o p erated by U nion C ar . . V b.7idSe E, , ^ p t. a n AA lt-- e x-- a n-- d4r ii -- a c o n c e r n i,,n Iwlf rh\ icrht ` Co H as a 75*% in te r e s t a n d p r iv a te E g y p tia n ' S ilve?torshavea2srrsht?e. S o s a id that con- mIn adu s trniees w nhic nh min culuuudce uUidiceuns iun gs o f Uv N iI -p Q ^ polyolefins processes, E thylene oxide/ a iv r n r r f ltf tlv s K a n d n r o c e s s te c h--n o lo--g--y- ,---a--n--d* ot^ er businesses m ark etin g specialty p ro d u cts are g j oe e t - i n t e yn Siv e th a n tr a d itio n a l o p - erations. ., * Business include: Specialty chem icals. A gri c u lutu r aSl p rSo d uSc ts ,l FTo o d^ p ro c es s in?g a^n dp ac k aging m aterials, E lectronic com ponents and m aterials. E ngineering and technology serv ices, C oatings services. C ryogenic products. M edical services. International B u sin ess: C o rporation h as ov er 72 consolidated in ter n atio n al su b sid iarie s a n d a p p ro x im a te ly 22 other significant affiliated interpational com p am es m m o re th a n 35 co u n tries o u tsid e th e Linked S tates an d P u erto Rico. S uch subs.dl- |E nn g,, ;innee<e rin g P ro d u c ts a n d P ro c e s s e s Ox nnttaair?i.o0 ,CaUf. S an D iego, Calif, V N iag ara FalU. N .Y . Piscataw ay, N .J. T o n aw an d a, N .Y . A shtabula, O. F lorence, S.C. H ouston, Tex. M etals and C arbons Hot S p r i n g ,^ M arietta, O. B ishop, Cal. Y abucoa, P.R. K ing C ity, Cal. G reenville, S.C. Rifle, Colo. C larksville, T enn. U rav an , Colo. Colum bia. Tenn. Robinson, 111. Tem piute* N cv, Law renceburgt Tenn. N iag ara Falls, N .Y . C larksburg, W .Va. C leveland, O. R iverton, W yom ing Fostoria, O. , fipeciaity P roducts a ttnruiic-t.iinonn o f ffda criiiliiftyv ww oo uulida ss ttaarret iinn 1979 w ith co m p letio n s c h e d u le d fo r fall 1980. n e m h ip Vv e m ^ * e C<w k h in<In K e r s o n - R a n d PC ck~, called N iject Services Co., w hich will offer-- under long term co n tract-- large volum es of aUr iGe s3 (aUniUd c o m p a n ie s e n g a g e m---m---a--n---u--f~a7c-t-u--r--i-n- "g and m ining o p eratio n s an d conduct selling op - erations w ith local an d non-local custom ers. t-1___ _____ - aV> onKmr't' *rt hp n o r m a l econom ic and political risks in h eren t in in ternational business. O s c e o la ,..A. rkT,^| Bensexiville, in. Colum bus, Ga. w nndhine. b a. Tnd K .entiana, m a. Pauls V alley, kla. C leveland, O. Am bler, Pa. B arceloneta, P.R. G reenville, S.C. M O O D Y 'S INDUSTRIAL M ANUAL 4483 teord ctf Earnings, years ended Dec. 31 ( in $ ) : ; Cost and Oth. Inc. & Inc. Bef. Income Net Common Com, Shs. Earn. Per - Net Sales Expenses Balance Ded. (Net) Taxes Taxes Income Dividends Outstand. Com. Sh. ........... **878,918 1,559,171 319,747 3,118 322,866 133,797 189,069 108,409 [7)30,117,005 6.28 ........... 2,063.901 1,691,446 372,456 659 373,115 146,197 226,917 120,661 (7)60,388,484 3.76 .d .. .. 2,223.980 1.856,519 367,461 3,597 371.058 140,085 230,973 120,822 E60.423.434 3.82 ........... 2.545.594 2.251,352 294,242 i/30,074 264,168 $9,362 170,686 120,878 E60.454.484 2.82 ........... 2.685.921 2,378,892 307,029 (752,812 254,817 97.850 156,967 120,913 0:60.465,024 2.60 ........... 2.933.015 2,574,167 358,848 c/17,685 341,163 154.943 186,220 120,957 E60.479.456 3.08 f0 . ........... 3.026.326 2,677,606 348,720 51,786 296,934 139,622 157,312 120,959 E60.479.456 2.60 0............ 3,037.529 2.692,624 344,905 c/5i,684 291.221 138,248 iT]152,973 121,060 60.567.726 (D2.5J ........... 3,261.322 2,825,659 435,663 50,454 385.209 177,795 T31207.414 121,300 E60.732.399 1H3.42 tf?h i ........... 3,938,754 3,340,199 598.555 (750,232 548.323 257,381 290,942 126,100 0:60.867,910 4.78 ........... 5,320,100 4,371,700 948,400 44,200 904,200 379,100 525,100 132,600 E 6 1.016,192 8.61 4,868,000 797,000 51,500 745,500 363,800' 381,700 146.900 E61.335.914 6.23 ........... 6.345,700 5,536,700 - 809.000 82,500 726,500 266.400 441,200 153,800 E 6 1,786,654 7.15 j1. ........... 7.036.100 6.305.400 730.700 (7136,200 594.500 178,800 385,100 178,400 E64.533.218 6.05 '-^fTIncludes shares issued u nder em ployees stock purchase plan and held by com pany as collateral. GOBefore extraord. items: after: 1972, $205.241.000 ($3.38); $1, $157.834,000 (S2.1). jtANCE SHEETS C O M P A R A T I V E C O N S O L I D A T E D B A L A N C E S H E E T , A S O F D E C . 31 S*. % As s e t s iline deposits & mkt. secur.............. 'otes & accounts receivable (net) aw materials and s u p p lie s ........ (T ak en from reports 1983 46,000 72.000 1,460,000 473,000 421,000 616,000 157,000 filed w ith S ecurities and E xchange C om m ission) (in thousands 1982 34,000 120.000 1,420,000 542,000 473.000 725.000 187,000 of dollars) 1981 93,000 160,000 1,513,000 558,000 551,000 793,000 208,000 1980 69,000 174,000 1,598,000 588,000 464,000 835,000 191,000 1979 115.700 333,300 1,433,300 498.800 445,600 829,200 155,300 fork in p r o c e s s ............................ %iTnoisthaeldcguorroednts .a...s..s..e...t.s.................. ?|/esrtc. u&rraednvt. aasfsfielitast.e..s...(..n..o...t..c..o...n..s....).. 3er in v estm en ts............................ property, plant and equipment .. Reserve for dep reciatio n.............. 3.245.000 300.000 121.000 10,708,000 4.426.000 3.501.000 293.000 125.000 10,793,000 4.437.000 3.876.000 307.000 104.000 10,047,000 4.253.000 3.919.000 239.000 119.000 9.636.000 4.429.000 3.811.200 213.100 107.100 8,729,500 4.271.200 1978 109,100 174,600 1,258,600 436,500 396,200 708,400 154,300 3,237,700 178,200 113,100 8,050,100 3,931.200 1977 93,100 230.000 1,086,600 425,600 380.000 ' 700,200 147,400 3,062,900 185,800 82,600 7,530,800 3,690,000 froperty account, n e t ............ ..... tents, trade m arks and goodwill . Spaid insurance, taxes, etc............ ang-term receivables...................... 6,282,000 347,000 6,356,000 341,000 5,794,000 342,000 5,207,000 59.000 61.000 55,000 4,458,300 92.600 72,700 47.600 4,118,900 90,200 70,400 57,700 3,840,800 94.600 86.600 69,900 [T o ta l.......................................... Lia b il it ie s f o u n t s pay ab le, etc......................... Sccrued taxes (inch incom e ta x e s) fiort-term b o rro w in g s .................... Other accru ed liabilities .................. fates, c u rre n t i n s ta llm e n t............. 10,295,000 492.000 114.000 240.000 825.000 91,000 10,616,000 415.000 164.000 328.000 788.000 59.000 10,423,000 440.000 193.000 217.000 771.000 108.000 9,659,000 432.000 275.000 266.000 771,000 51,000 8,802,600 528,000 239,400 155,600 765,900 51,900 7,866,200 433.800 220,000 338,200 570.800 53,600 7,423,200 377.100 219.100 288.100 486,600 46,800 fr- Total current liabilities .............. f'd income tax & inv. tax cr.............. , her deferred c r e d its ........................... ng term d e b t....................................... Sfinority interest in consol, subs.......... "Capital s to c k ...................................... quity adj., fgn. currency translation led su rp lu s ...................................... 1.762.000 865.000 2.387.000 352.000 755.000 r333,000 4.509.000 1.754.000 944.000 2.428.000 331.000 739.000 <*249.000 4.670.000 1.729.000 1.001.000 2, 101,000 329.000 669.000 4,595,000 1.795.000 (673,000 (226,000 1.859.000 330.000 607.000 4,170,000 1,740,800 611.700 340,800 1,773,100 293.700 557,100 3,486,400 1,616,400 529.300 318,200 1,482,500 281.300 521,700 3,117,900 1,417,700 481,300 255,800 1,600,900 260,500 503,600 2,905,100 & Total stockholders' equity . Treasury s h a r e s ...................... 4,931,000 2,000 5,160.000 1,000 5,264,000 1,000 4,777,000 1,000 4,043,500 1,000 3,639,600 1,100 3,408,700 1,700 ' Net stockholders' equity . 4,929,000 5,159,000 5,263,000 4,776,000 4,042,500 3.638,500 3,407,000 & T o ta l................................................ H current a s s e t s .............................. fROPERTY ACCT.--ANALYSIS ^Additions at c o s t................................ ^Retirements or sa les.......................... SiDOther ad d itio n s.............................. fujO ther red u ctio n s............................ 9EPREC. RESERVE--ANALYSIS ^Addition charged to in c o m e ............ * Retire. & renewals charged to re s... V{jOther c h a n g e s................................ 10,295,000 1,483,000 761.000 750.000 5.000 101.000 477.000 454.000 3.000 10,616,000 1.747.000 1.179.000 126,000 49.000 121,000 426.000 108.000 20.000 10,423,000 2.147.000 1.186.000 798,000 23,000 386.000 565.000 3,000 9.659.000 2.124.000 1.129.000 223,000 326.000 170.000 2,000 8,802,600 2,070,400 831.300 152.300 400 469,300 129,400 100 7,866,200 1,621,300 687,800 530,100 361,600 416,400 243,30a 68,100 7.423.200 1.645.200 805,400 181,000 70,000 358,400 150,500 21,300 101983, 70,567.283; 1982, 70,153,489; 1981, e lu d e d in in c o m e . O th e r in v e s tm e n ts a r e c a r ,581,957; 1980, 67,366,785; 1979, 66,205,559; 1978, rie d g e n e r a lly a t c o s t o r less. $5,065,223; 1977, 64,533,218 com m on shares. M arketable securities--M arketable securi Shares a t cost: 1983, 101,784; 1982-80, 86,888; tie s a r e c a r r ie d a t th e lo w e r of c o s t o r m a r k e t. $979, 87,090; 1978, 99,846; 1977, 160,420. C arrying value w as substantially the sam e as t 01978: Consists principally of a transfer from 20 m a r k e t v a lu e a t D e c e m b e r 31, 1983 a n d l 9 8 2 . $6 50%-owned com panies. Additionally, both years I n v e n to rie s -- I n v e n to r y v a lu e s , w h ich d o |1978 and 1979) include additions for subsidiaries not n o t in c lu d e d e p r e c ia tio n , a r e s ta te d a t c o s t o r Steviously consolidated and ail years presented in- m a rk e t, w h ic h e v e r is low er. C o s t is d e te r de certain reclassifications of units of property, m in ed g e n e ra lly o n th e " la st-in , f irs t-o u t" idits to Construction in Progress and O ther in ( L I F O ) m e th o d f o r U .S. c o m p a n ie s a n d fo r de charges to Income for depletion of mineral c e rta in su b s id ia rie s o p e ra tin g o u ts id e th e ftoperties of $0.2 million in 1978, $0.4 million in 1979, U n ite d S ta te s . T h e " a v e r a g e c o s t" m e th o d is tJd $0.3 million in 1980. used by m ost o th er subsidiaries. A pproxim ately 66% of inventory am ounts before application of the L IF O m ethod a t De cem ber 31, 1983 (67% a t D ecem b er 31, 1982) h av e been v alu ed o n th e L IF O basis. I t is esti After reserves (1981, $28,000,000; 1980, m a te d t h a t if in v e n to r ie s h a d b e e n v a lu e d a t |31,000,000; 1979, S29,200,000). current costs, they w ould have been approxi A t lower of cost or m ark et on lifo m ethod fomr a te ly $1,048 m illio n a n d $1,176 m illio n h ig h S. companies and beginning Binoo19k74, for certain af- e r th a n r e p o r te d a t D e c e m b e r 31, 1983, a n d apuates operating outside the UV.Sa.luGeenerallRy etsheerv"easv- D e c e m b e r 31, 1982, re sp e c tiv e ly . ^ " je cost" method is used by all o52th4er subsidiarie18s4 R e d u c tio n s o f in v e n to r y q u a n titie s in 1983 for miscellaneous supplies. 1,196 431 a n d 1982 r e s u lte d in liq u id a tio n s of c e rta in 8,093 3,801 L I F O in v e n to r y q u a n titie s , p r in c ip a lly d o [01983 (in $ millions): 895 10 m e s tic p e tro c h e m ic a ls in v e n to rie s , a c q u ir e d a t -nd & im pr............... low er costs prevailing in prior years. T hese g i l d i n g s .................... 10,708 4 ,4 2 6 liquidations reduced cost of sales b y $34 m il ' eh. & eqNuoipt.e..s...t.o....F.inancial Statem ents , Pornisntrc.iipnlepsrogo..f.....c..o..n s o lid a tio n -- T h e c o n s o li de! fin a n c ia l s t a te m e n ts in c lu d e th e a s s e ts , ^ iTliottiaels, ..r..e....v....e....n....u....e...s.., a n d e x p e n s e s o f a ll s ig n if i cant subsidiaries except U car C apital C orpo ration, w hich is carried a t eq u ity in net assets, mil sig n ific a n t in te r c o m p a n y tr a n s a c tio n s plave b een elim in ated in co n so lid a tio n . I n v e s t m ents in significant com panies 20% to 50% owned a r e c a rrie d a t e q u ity in n e t a s s e ts , a n d Union C a r b id e 's s h a r e of th e ir e a r n in g s is in k lio n a n d $56 m illio n in 1983 a n d 1982, re sp e c tiv ely , a n d in crease d 1983 a n d 1982 n e t incom e by $21 m illion, o r $0.30 p er sh a re, a n d $30 m il lion, o r $0.43 p e r sh a re, respectively. Fixed assets and depreciation--Fixed assets are carried a t cost. E xpenditures for replace m ents are capitalized and the replaced item s are retired. G ains and losses from the sale of p ro p erty are included in incom e. ^ D epreciation is calculated on a straig h t-lin e basis. T h e C o rp o ratio n and its subsidiaries generally use accelerated depreciation m eth ods for tax purposes w here appropriate. P atents, tradem arks, and goodwill-- A m ounts paid for purchased patents and for securities of new ly acquired subsidiaries in ex cess of the fair value of the net assets of such subsidiaries have been charged to patents, tradem arks, and goodwill. T h e portion of such am ounts determ ined to be attributable to p aten ts is am ortized over their rem aining lives and the balance is am ortized over th e e stim at ed period of benefit, b u t not m ore than 40 years. R esearch and developm ent--Research and developm ent costs are charged to expense as incurred. D epreciation expense applicable to research and developm ent facilities an d equip m ent is included in D epreciation in the incom e sta te m e n t ($12 m illion in 1983, $8 m illion in 1982, a n d $7 m illion in 1981). Incom e taxes--Provision has been m ade for deferred incom e taxes w here differences exist betw een th e period in w hich tran sactio n s af fect taxable incom e an d th e period in w hich th e y e n te r in to th e d eterm in atio n of incom e in the financial statem ents. Benefits from investm ent tax credits and re search and experim entation tax credits are in cluded currently in net income. ^ R e tir e m e n t p r o g r a m -- T h e C o r p o r a tio n 's co ntribution to th e U.S. retirem en t p ro g ram for each y e a r is based on the recom m endation of an independent actu arial firm using the en try age norm al m ethod. Accrued costs are fu n d e d fo r all e m p lo y e e s a g e 25 a n d o v e r, w ith unfunded prior service costs being am ortized over periods u p to 30 years. P rogram costs of consolidated international subsidiaries are accounted for substantially on an accrual basis. 4482 MOODY'S INDUSTRIAL MANUAL C enterville, la . Clinton, la. St. Joseph, M o. St. L ouis, M o. Shelby, N.C. G reenw ood, S.C. Loudon, Tenn. W ashougal, W ash. In stitu te, W .Va. Batteries; H om e & A utom otive P roducts R ogers, Ark. G reenville, N.C. E ast H artford. Conn. Freehold, N .J. C artersville, Ga. C leveland, O. A lsip , 111. F rem ont, O. Red Oak, la. > Southam pton, Pa. M aryville, M o. B ennington, Vt. A sheboro. N .C. St. A lbans, Vt. A rgentina A ustralia In te rn a tio n a l Japan K enya B elgium B razil M alaysia K orea Canada M exico C olom bia N ew Zealand C osta R ica N igeria Ecuador P h ilip p in e s Egypt S in g ap o re F ra n c e S outh Africa G erm any (W est) S p a in G hana Sri L anka G reece Sudan Hong Kong Sweden In d ia Sw itzerland In d o n e sia T hailand Italy U nited K ingdom Ivory Coast Venezuela . CONSTRUCTION EXPENDITURES C onstruction expenditures by com pany and m ajo rity ow ned subsidiaries totaled approx. $761,000,000 in 1983 c o m p a re d to $1,179,000,000 in 1982. MANAGEMENT Officers W .M . A nderson, C hm n. & Chief Exec. Off. Alec F lam m , P res. 8t Chief O per. Off. J.C . Stephenson, Exec. Vice-Pres. & Chief Fin. O ff. INCOME ACCOUNTS ,,- ,, E xecutive V ice-Pres. K ennedy J.H . Field H .F. T om fohrde I II j.M .Rehfield E .E . T arik a T.B. R eid, V ice-P re sid en t & Sec. J.A . S tich n o th , V ice-P res. St G en eral C ounsel ?** W ish art, V ice-P res.-- F ed eral G ovt. Ri. L.G. P eloubet, V ice-Pres. & C ontr. R .H . T ow e, V ice-Pres. St T reas. V ice-Presidents A.S. H a r t R .E . Pyle A.C. M acL eod Directors (Show ing Principal C orporate Affiliations) Warren M. Anderson, C h m n . St C h ie f E x ec. Off., U nion C arbide C orp.; D ir. A etna Life and C a su alty Co.; S o u th ern N a tu ra l G as Co.; Son a t Inc.; A m erican R ed Cross; N atio n al Exec utive Service C orp. R. Manning Brown, Jr. D ir., N e w Y o r k L ife In su ra n c e Co.; A von P ro d u cts, Inc.; L ouisiana L a n d a n d E x p lo ra tio n Co.jJT.P. M o rg an & Co. Inc.; M organ G u aran ty T ru s t Co. of N ew Y ork; U nion C am p Corp.; A ssociated D ry G oods Corp.; N ew Y ork C ham ber of Com m erce; E conom ic D evelopm ent C ouncil of City of N ew Y ork. Roberto D ejesu s Toro, C hm n. & C hief Exec. Off., B anco d e P once; D ir., P u e rto R ico Ce m ent Co., Inc.; P u erto R ican-A m erican In su r ance Co., Inc. Jam es L. Ferguson, C h m n . & C hief E xec. Off., G eneral F oods C orp.; D ir., C hase M an h attan C orp.; C hase M a n h attan B ank; F ed erated D e p artm ent Stores, Inc. Alec Flamm, P re s. & C hief. O p e r. O ff., U nion C arbide Corp. Harry J. Gray, C h m n ., P res., C hief E xec. Off. an d C hief O per. Off. of U nited T echnologies Corp.; D ir., C iticorp, C itibank, N .A ., A etna Life St C asu alty Co. Ja m e s M. Hester, P re s ., T h e N e w Y o r k B o tanical G arden. Jerom e H. Holland, D ir., A m e ric a n T e le p h o n e and T eleg rap h Co.; G eneral F oods Corp.; M an u factu rers H an o v er C orp.; M anufactur- e r 's H a n o v e r T r u s t C o .; T h * r- C orp.; T h e C ontinental In su ran ce r C hrysler Corp.; F ederated D e p a rts ' Inc.; C ulbro C orp.; T h e N ew Y o rk ? 1 ch a n g e ; P a n A m e ric a n B a n c s h a r e s tV,`" >' Industries Inc. s `nr,, / Jack B. Jackso n, C h m n . o f n ,i ..... Bank, R ichardson, T ex.; D ir : ( 'll*..* tio n a l B a n k ; S ig n a l M e d ia C o 'r p T M1 ' keting Corp. l " 1 " b a M,, Ho/ a<= C- Jon es. C h m n . E x e c Fir, ttee & D ir., B urlington In d u stries i Provident M utual Life In su ran ce t'., , 1 d e lp h ia ; U n io n C a m p C o rp ; R u ssell u '' Inc. , ` C. Peter McCofough, C h m n & r-i,- * Off. X e r o x C o rp .; S i r . T h e N e w ^y.'I' E x c h a n g e ; C itic o rp ; C itib a n k N A r- i' 1 " k Foreign R elations; U .S ,/ U .S S R t I" '1 - Econom ic Council, Inc. ' " * r'1' 1*' --I William S. Sneath, R e tir e d C h m n , , ,, , Chief E xec. Off., U nion C a rb id e ^ o n , . * M etropolitan Life In su ran ce Co - U l " International; S tratton C orp. " k U S***80!* E' Train' P reS - W o r ld W ildlife Kathryn O. Wriston, D ir.. F e d e r a te ,1 | m ent Stores, Inc. * General Counsel: J.A . S tic h n o th Dir. of Purchasing: M .M . R a n d Auditors: M a in H u r d m a n . Shareholder Relations: R o b e rt W w v- , A sst. S ec. & A sst. T r e a s . D ir e c to r of i,n ,' . R e la tio n s, Tel.: (203)794-6441. Director Meeting: F o u r t h W e d n e s d a y <j m onth except for Dec. and Aug. Annual Meeting: F o u r t h W e d n e s d a y in Apt No. of Stockholders: A p r. 2 8 , 1983. w s.onn No. of Em ployees: D e c . 31, 1983, 99,5uo. General Offices: O ld R id g e b u ry Rd 1 b u ry , C T 06817. Tel.: ( 203 )794-2000. ' COM PA RA TIV E C O N SO LID A TE D IN C O M E ACCOUNT, YEARS E N D E D DEC. (T a k e n fro m re p o rts filed w ith S ecurities a n d E xchange C om m ission) N et sa le s................................................... CDPlant cost St distribution exp...................... Research & d ev elo p m en t.............................. E N o n -recu rr. chg............................................ (USelling, admin. it other exp......................... Depreciation & depletion .......................... 1983 9.001.000 6.581.000 245.000 241.000 1,243,000 477,000 (in thousands 1982 9.061.000 6.687.000 240,000 of dollars) 1981 10,168,000 7,431,000 207,000 1,249,000 426,000 1,221,000 386,000 1980 9.994.000 7.186.000 166,000 1,152,000 326,000 1979 9,176,500 6,490,700 160,800 1,052,600 469,700 B alance.................................................... O ther income, n e t ............................................ Less interest on l.-t. St s.-t. d e b t.................... 455.000 120.000 252,000 459.000 162.000 236,000 . 923,000 164.000 171.000 1,164,000 41,000 153,000 1.002,700 <*42,100 161,300 B alan ce............................................ C urrent income tax es..........; ......................... Deferred income ta x e s.................................... M inority in t e r e s t ............................................ E quity m earn. 20-50% owned cos................ 82,000 90.000 crlOO.OOO 32.000 19.000 385,000 92.000 cr34,000 36.000 19.000 916.000 125.000 133.000 47.000 38.000 1,052,000 175.000 185.000 49.000 30.000 799,300 147,400 104,000 25,000 33,300 N et income bef. cum. effect of acctg. chge........................................................... Cum. eff. of chge. in acct. prin. for the in v e s t tax c re d it.......................................... 79,000 310,000 649,000 673,000 cr217,000 556,200 Net in c o m e ......................................... Retained earnings, beg. of y e a r .................... D ividend....................................................... 79,000 4,670,000 240,000 310.000 4,595,000 235.000 649.000 4,170,000 224.000 890.000 3,486,000 206.000 556,200 (H3,120,300 190,100 Retained earnings, end of y e a r ............ SUPPLEM ENTAL P. & L. DATA M aintenance and repairs .......................... Deprec., depletion & a m o rtiz a tio n .......... T axes other than income t a x e s ................ A d v e rtisin g ................................................. 4,509,000 524.000 477.000 270.000 126.000 4,670,000 579.000 426.000 271.000 130.000 4,595,000 658.000 386.000 271.000 125.000 4,170,000 634.000 326.000 261.000 113,000 3,486,400 616,300 469,700 233,200 85,900 31 1978 7,869,700 5.580,400 155,900 942,900 416,600 773,900 12,400 159,300 627,000 119,800 85,700 32,500 5,300 394,300 394,300 U32.904.800 181,200 3,117,900 518.600 416.600 207,100 76,500 l , `J Mi 1 7Jn ; 1 H) UfO t.-ni ' i ; h> * 'xivi.'io 4M.*5 iMI **> f.H <*> (Tjlncludes related portions of items shown under "Supplem entary P. it L. D ata" below statement. QOIncludes an adjustm ent for a credit of $2.4 mil lion in 1979 for companies with which business com binations were affected on a pooling of interest basis ($0.3 million charge in 1978 and 1977). H N on-recurring charge from closing of facilities. Statement of Changes in Financial m illion $): Funds Provided: 1983 N et income .............. 79 N on-cash charges (credits) to net ine. Non-recurring charge--closing of facilities............ 241 D e p r e c ..................... 477 Def. ine. ta x e s ........ (100) Other non-cash charges--n e t........ It Position (in 1982 310 426 (34) 13 Total fund from o p e ra tio n s.............. 708 715 Long-term debt New borrowings .. R e d u c tio n s............ Inc. (deer.) in sht.-tm. debt and curr. portion of lg.-tm. d e b t .......... Increase in common sto c k ...................... Total funds from financing . Deer, (incr.) in in v e n to rie s.......... Reductions of net fixed ass. D isposals................ Translation a d j.... Deer, (incr.) in invest, and other ass........................... Incr. (deer.) in payables and a c c ru a ls................ 172 (200) (56) 15 (69) 204 101 64 12 22 Other--n e t ................ 421 (81) Total funds from other so u rces.............. Total funds 62 p r o v id e d .......... Funds used: 70 D iv id en d s.................. Capital expend........... Incr. (deer.) in notes 472 E quaintyd aadcjcso. ufnrotsmre c .. 142 fgn. currency tra n s la tio n .......... 18 Total funds used 76 Net increase (decrease) in (9) Cash faundn dtims ..e...d..e..p..s...... and sht.-tm. mktable. secs, at (55) end of y e a r .......... 47 450 1,089 240 761 40 84 1,125 (36) 118 l 4 I. ** jt* <UI' !**