Document 6R8OMB3YrM6nx0obOvgODMxy6
r THE GLIDDEN COMPANY HISTORY CF ACQUISITIONS - DISPOSITIONS
GLD3U95
rat 3un ooKHjn ixifonr or
Acgramans - axnocmoM
Distribution
Dwight P. Jagro* *. V. Mu mo t V. 0. Phillip* R. v. v*ttraon X. 1. DftrAtfgrer D.B. Br*kln C. P. Pitsg*r*ld V. H. Villi*
GLD3119b
0L03W97
S N O in s in to v
GLD31196
MOUND CITY PAINT AND COLOR COMPANY
ACQUIRED - from Shapleigh Hardware Company of St. Louie ae of May 1, 1954 the following assets of their Mound City Paint and Color Company Division:
R&v material inventory was purchased at 90$ of cost and finished stock at 75$ of its inventory price.
Receivables of 197,095 were purchased outright, with a total bad debt reserve of 16,869 against these. 12,116 of the reserve was against specific accounts with the agreement that such portion of the reserve which was not needed would be refunded to sellers. 8,123 was refunded, 1,821 covered accounts not collected and was reassigned to sellers, while the balance of 2,172 was carried by Glidden in suspense for possible future collection.
Land and warehouse at Dallas and plant furniture and fixtures were purchased at net book value. Machinery and equipment vas purchased at our conservative found valuation. Good will, patents, trade marks, trade secrets, knowhow, formulas, processes, etc. were acquired at no cost.
Glidden obligated to employ sales staff and make effort to employ factory personnel.
pension past service liability incurred on employees taken over.
First
First Full
Partial
Year
Year
1955*
1956
Average
1954
Net Sales - 2 Years
'"866,888"'
898,609
882,747
489,123
Gross Profit - 2 Years ** $ to Net Sales
Estimated Net Profit - 2 Years** $ to Net Sales
262,381
30.3$ 98,969 11.4$
275,776
30.7$ 88,072 9-8$
269,079
30.5$ 93,321 10.6$
141,290 28.9$ 39,426 8.1$
No
Inventory Acquisition gains - 1994 1955
Total
Non-Recurring Acquisition Expense
20,378 (15,6?2)
_4i6o6
37,402
Amount expended for:
/ Inventory
277,361
Receivables
180,226
Intangibles
-o-
Other (1)
, (14,897)
Total Fluid
442,690
Fixed Assets (2) 116,290
Total Expenditures
for assets
998,940
Personnel acquired: Salesmen & Managers Technical Production Office
Total
10 -0-0-0-
10
1) Reserve for Cash Discount (3,735); Reserve for Freight (11,162). 2) Land - Dallas 9,000; Building - Dallas 96,776; Machinery and Equipment 47,890;
Furniture and Fixtures 2,624; Total 116,290.
* Sales and Profits annualized in 1999.
** Inventory gains, year-end adjustments and non-recurring acquisition expense excluded,
11/15/58
Page A-l
GLD3120?
ZAPON DIVISION OF ATLAS POWDER COMPANY
ACQUIRED - from Atlas Powder Company as of March 22, 1955 the following fluid assets of their Zapon Division located at Stamford, Conn, and Ncrth Chicago, Illinois:
Raw material inventory was purchased at 85* of lower of cost or market for regular, 50* for slow-moving and no charge for dead inventory.
Finished stock inventory was purchased for 85* of cost for Class A (items sold within 60 days of acquisition), 50* of cost for Class B (items unsold but covered by accepted customer order within 60 days) and Class D (bases, plant stock, etc.), and no charge for Class C (items unsold and unordered after 60 days) and Class E (dead stock). Atlas had an additional 10 days to claim any or all of Class C stock for their own use.
Accounts receivable were assigned to Olldden with full guarantee by Atlas. Glidden required to pay 75* of assigned receivables within 30 days, and monthly thereafter for any receivables collected in excess of previous payments.
Nothing was paid for goodwill, trade marks, production processes, files of sales,
purchasing, cost, laboratory and quality control departments or other intangibles.
No fixed assets were purchased. Past pension service was granted employees taken
over except three older employees who remained under Atlas' pension for past service.
First
First Full
Partial
Year
Year
1956
1957
Average
1955*
Net Sales - 2 Years
2,657,021 2,017,973 2,337,497 1,351,664
Gross Profit - 2 Years ** * to Net Sales
Estimated Net Profit ** * to Net Sales
804,697
30.3* 212,705
8.0*
650,243 32.2*
154,439 7.7*
727,470 31.1*
183,572 7-9*
387,799 28.7*
120,671
8.9*
Inventory acquisition gains - 1955 1956
Total
66,387 10,000
76,387
Non-recurring acquisition expense
Amount expended for:
Inventory (1)
4l6,l64
Receivables
460,548
Intangibles
-0-
Other
-0-
Total fluid
876,712
Fixed Assets
-0-
Total expenditures
for assets
72,457
Personnel acquired: Salesmen & Managers Technical Production Office
Total
18 19
3 6
ss4s6xs
(l) Raw material 282,786; In process and finished stock 133,378.
* 1955 Sales and Profits not annualized as only partial year.
** Inventory gains, year-end adjustments and non-recurring acquisition expense excluded.
11/15/58
Page A-2
GL031203
GENERAL PAINT COMPANY*
ACQUIRED - from General Paint Corporation its paint business in the western states con sisting of two.(2) mnnurirt.nring unit.* &nd twenty-one (21) branches as of June 1, 1958. The following assets were acquired.
Raw material and finished stock inventories were purchased for 85^ of net book value based on lower of cost or market. Slow-moving or discontinued inventories were acquired at 50 of cost or less for raw materials and at $.50 per gallon for finished stock. In addition, Glidden purchased the labels at 50^ of cost and paid a flat $10,000 for all "Trend Tone" tinting colors and materials. Unsold inventory at H/3O/58, not to exceed
of total inventory value, was returnable.
The buildings at Tulsa, machinery and equipment at Portland and Tulsa and the furniture and fixtures at all locations were acquired at 8o of net book .value. Glidden took over the leases on the land at Tulsa, and the land and buildings at Portland and all twenty-one (21) branches.
Receivables were assigned for collection only. Glidden acquired 186 employees.
Net Sales - 2 Years
Gross Profit - 2 Years ** i to Net Sales
Estimated Net Profit ** i to Net Sales
First Full Year
1959
i960
4,816,425 4,552,226
1,735,626 1,565,093
36.0%
34.47.
161,963 3.4%
(99,622) (2.2)%
Average
4,684,326
1,650,360 35.2%
31,171 .7%
First Partial
Year 1958
1,307,110.'
487,513 37.3*
158,171 12.1*
Inventory acquisition gains - 1958 1959
Total
18,181 72,600
90,781
Non-recurring acqulsi-
tlon expense
49,865
Amount expended for:
Inventory (l)
Receivables
Intangibles
Other
(2)
Total Fluid
Fixed assets
Total expenditures
for assets
647,037 -0-07,186
654,22$ 149,276
803,499
Personnel acquired: Salesmen end Managers Technical Production Office Other (3)
Total
49 10 13 35
31
186
* Excludes plntura General, S.A. (Panama) purchased by Glidden International. ** Inventory gains, year-end adjustments and non-recurring acquisition expense excluded.
(1) Inventory has not been adjusted for value of items returned 11/30/58 per Paragraph I, 3 of Purchase Agreement.
(2) Advertising materials 7,H9l Miscellaneous Supplies 67. (3) Includes 44 laborers, 21 inside branch sales clerks and 14 branch warehousemen.
12/1/61
Page A-3
GL0312 04
JOHNSTOWN
ACQUIRED - From Crane Company of Chicago as of January 31, 1961 the following assets
of their Johnstown, Pa. Powdered Metals Division:
Raw material and supplies, work in process and finished stock were acquired at book value, which is the actual cost or standard cost.
land, buildings and machinery were purchased for 4-50,000. These assets were esti mated to have a sound value of 860,000 by our Company engineer, Mr. I. J. Foote.
All patents and trademarks applicable to the business and all inventions of employ ees are transferred to Glidden.
Glidden assumes a lease agreement for parking space adjacent to the plant and an
industrial track agreement with U. S. Steel covering .03 acres of land upon which
a railroad siding is located.
Glidden assumes no responsibilities arising from past employment of any salary and
hourly personnel of said Metals Division.
First
First Full
Partial
Net Sales
Year
1962
1,791,339
1963
Average
2,439,836" 2,115,586
Year
1961 $15,436
Gross Profit - 2 years* $ to Net Sales
Estimated Net Profit - 2 years* $ to Net Sales
4l6,78l 23-3#
219,374
12.2$
581,616 23-8$
276,051 11-3$
499,199
23.6$
247,713 11.7$
241,496
26.4$
148,030 16.2$
* Year-end adjustments and development costs have been excluded.
Amount expended for: Inventory Receivables Intangibles Other (2) Total Fluid
Fixed Assets (3)
Total Expenditures for assets
336,565 -0-
-0-
804
337,3^9
450,000
Personnel acquired: Salesmen and Managers Technical Production Office Total
7 9 52 12 B5-
(1) Includes Net Profit or Loss for Johnsonburg and Vanadium Alloys Steel Company
for 1962 and forward. (2) Prepaid taxes 1,030; accrued taxes (226). (3) Land 640; Buildings and improvements 30,000; Machinery and furniture 419,360.
1/6/64
Page A-4
GL031205
ARCHITECTURAL PRODUCTS Marietta
ACQUIRED - from the McPhran Corporation the assets of their fiberglass panel
operation at Marietta, Georgia as of May 17, 1961.
Raw materials, finished stocks, work in process and packaging supplies inventories were purchased as of the closing date at a value determined by following the usual accounting practices employed by Mclhran. The method so employed bore the approval
of the Certified Public Accountants who supervised the November 30, i960 inventory.
Furniture and fixtures, leasehold improvements, machinery and equipment, patents, trademarks and accounts receivable were purchased at specific contract prices deter
mined and based upon the financial statements of McFhran as of November 30, i960 as
amended April 27, 1961. It was agreed that the amounts stated in the purchase agreement would be subject to and adjusted for differences disclosed in the audit made prior to our takeover.
We assumed on an assignment basis the existing property lease dated July 29, 1958*
The agreement called for a three year lease commencing May 1, 1961 with provision
for an additional five years.
First
First Full
Partial
Year
Year
1962
1963
Average
1961
Net Sales
17,l42
W5W
1*57^08
5,309
Gross Profit
56 to Net Sales
Estimated Net Profit*
56 to Net Sales
(44,969)
(262.3)56
(68,811) (1+01.4)56
(131,986)
(207.3)56
(281,569) (442.2)56
(88,478) (219.0)56
(175,190)
(433.6)56
1,484
28.056
(456)
(8.6)56
Inventory acquisition gains - 1961 Non-recurring acquisition expense I+96.OO
Amount expended for: Inventory Receivables Intangibles Other (l) Total Fluid
Fixed Assets (2)
Total Expenditures for assets
11,421 1,601
1 13,023
38,350
51,373
Personnel acquired: Salesmen and Managers Technical Production Office Total
1 5
S'
(1) Patents,-trademarks, tradenames, knowhow, processes, etc.
--
(2) Leasehold improvements 2,490; Machinery and equipment 32,742; Furniture and
fixtures 2,918; Truck 200.
* Inventory gains, year-end adjustments, development costs and non-recurring acquisition expense excluded.
1/6/64
Page A-5
GLD31? 06
JOHNSONBURG
AOQUIRED - from Radio Corea, Inc., an Illinois corporation, as of May 26, 1961 all of the Issued and outstanding shares of the capital stock of Magnetic Powders, Inc., a Pennsylvania corporation located at Johnsonburg, Pennsylvania. Consideration for this purchase of stock was 80,000.
In addition, Glldden donated 25,000 to Magnetic for the purchase of machinery and equipment from Stackpole Carbon Company * This equipment had been leased by Magnetic from Stackpole and at the date of Magnetic's purchase had an appraised value of 37,500.
An unaudited Balance Sheet as of May 25, 1961 gives the following valuations In* eluded in the 80,000 stock purchase)
Assets Cash Accounts receivable - net Inventories Life Insurance (cash value) Deferred charges
Land
34,629 14,570 32,020
5,571 1,200
1.325 89,315
Liabilities Accounts payable Accruals Fed. & State income tax
Total Liabilities Net Worth
Capital stock
Earned surplus Total Net worth
3,390 1,099 1.326 5,815
29,300 54.200 83,500
89,315
Glldden assumes a lease with the New York Pennsylvania Company on approximately 2.2
acres of land at an annual rental of 250 and a contract with the same company for
the full output of their waste hydrogen at 25 cents per 1000 cubic feet, output
averaging 3 1/2 million cubic feet per month. Glldden also acquires a lease on
the buildings from Stackpole Carbon Company at a rental of 600 per month. Both
leases are renewable. The building lease contains an option to buy.
First
First Full
Partial
Year
Year
Net Sales
1962
1963
"261/688" 21S/5I2
Averaxe 210,115
1961 35,403
Gross Profit X to Net Sales
Estimated Net Profit*
X to Net Sales
68,950 34.2*
e
-
99,462
45.5#
-
84,206
4o.i
-
9,997 28.2X
7,723 21.8X
(At August 31, 1961 Magnetic Powders , Inc. was dissolved as a corporation and the assets and operations were.thereafter combined with the Johnstown, Pa. Division No,
Amount expended for:
Inventory
32,020
Receivables
14,570
Intangibles
Other (1)
32.085
Total Fluid
78,675
Fixed Assets (2)
26,325
Total expenditures
for assets
105,000
Personnel acquired: Salesmen ,and Managers Technical Production Office Other (3) Total
1
-
4 1 3 9 Km"m
1/6/64
Page A-6
GLD31?07
JOHNSONBURG (cont'd)
(1) Cash 34,629; Cash value of life insurance 5,571; deferred charges 1,200; Current liabilities (5,315); gain as of acquisition date (3,500).
(2) Land 1,325; Machinery and equipment 25,000. (3) Includes 1 maintenance man, 2 laborers.
12/1/61
Page A-6 (cont'd)
GLD312 Of
Pemco Corporation
MERGED - with the Pemco Corporation, a manufacturer of inorganic chemicals, spe
cializing in frits and colors, a6 of November 5, 1961.
At a special meeting held November 3, 196f the Glidden shareholders approved a plan to merge Pemco Corporation into The Glidden Company. The merger was accom plished through an exchange of new Glidden $2,125 cumulative preferred stock for Pemco outstanding common stock. Glidden exchanged 199>840 of its preferred shares for 99,920 Pemco coomon shares.
First Full Year 1963
1964
Average
First Year 196g
Net Sales
9,596,410 10,134,742 9,865,576 8,757,162
Gross Profit
% to Net Sales
Net Profit*
$ to Net Sales
3,348,279 34.9*
1,290,352 13-4*
3,375,386 33-316
1,103,105 10.916
3,361,833 34.116
1,196,729
12.116
3,056,836
34.916
1,114,199 12.756
Acquired through Merger as of 11/5/61
Assets and Liabilities Cash Accounts Receivable Inventory Net Fixed Assets Prepayments Accounts Payable Accruals (Incl. Income Tax) Profit
1,313,104 930,331
2,115,806 2,109,260
44,352 (447,416)
(420,181) (239,161)
Personnel Acquired: Salesmen & Managers Technical Production Office
Total
47 33 164 33
287
5,406,095
Net Worth Common Stock Surplus Paid In Surplus
Profit & L06S
Treasury Stock
2,500,000
2,587,147 (22,519) 346,067 (4,600)
Pemco Corporation was acquired through a pooling of interests on November 5,
1961 and Pemco operating results cover the twelve months ended August 31, 1962.
1/65
Page A-7
GLD31?09
tfonostructure, Incorporated
ACQUIRED - from Monostructure, Inc,, Sarasota, Jlorida, the assets of their archi tectural Products pilot operation as of May 28, 1962.
The purchase price of the Machinery and Equipment represents gross book value of these assets on Monostructure's books. Inventory was acquired for prices at cost and selling price. All packaging supplies and all miscellaneous operating supply
materials were purchased for three thousand six hundred dollars ($3,600.00).
In addition, an agreement for consulting services and an employment contract were
signed with the previous owner,
First
First Full
Partial
Year
19631964
Average
Year 1962
Net Sales *
15,416
Gross Profit* * to Net Sales Net Profit* * to Net Sales
3,623
23.5*
(8,190)
(53.1)*
Amount Expended for-. Inventory Equipment Furniture Leasehold Improvements Patent Applications, Trademarks, Trade Names
6,675
8,670
492 4,000
1
19,838
Personnel Acquired: Salesmen and Managers Technical Production Office
Total
1
5 1
7
SS
* Relocated in Fiscal 1963 and combined with Architectural Products.
1/6/64
Page A-8
0,1031210
Vanadium-Alloys Steel Company
ACQUIRED - the assets of the Powder Metallurgy Department of Vanadium-Alloys Steel Company, Latrobe, Pennsylvania, for the production of stainless steel powders as
of July 1, 1962.
In addition, Glidden obtained the U.S. and Canadian patents covering process for making powder developed by Vanadium, The patents had at time of acquisition
approximately 15 years remaining life.
The equipment and Inventory was transferred to the Johnstown plant and installed there as a separate Production Department.
According to Vanadium's records, average sales for the three fiscal years, prior
to acquisition, was $362,0(30 and. average profit was $115,000.
Net Sales
Gross Profit Jo to Net Sales Net Profit*
<p to Net Sales
First Full Year
s 1963
1964
532,681 497,309
193,184 191,051
36-3*
38.4*
Average
515,245
192,118
37- 3*
First Partial
Year
1962
25,214
9,098 36. lit
Stainless Steel Development Cos'#** 8,000
43,243
Amount expended for: Inventory Operating Supplies Machinery & Equipment Patents
65,619 10,109 132,404 322,915
531,047
Personnel acquired:
Salesmen & Managers -
Technical
Production
5
Office
Total
* Net Profit not available as operations are included within Johnstown.
** Includes cost of setting up new department at Johnstown and transferring
the equipment from Latrobe to Johnstown.
1/65
Page A-9
GLD312H
OINEY A CARPENTER
ACQUIRED - from Olncy L Carpenter, Incorporated, the asset*, properties and
business of their specialty food processing operations at both Wolcott, New York
and Eden, New York as of August 1, 1962. Under terms of the agreement the pur
chased net worth was determined by following the usual accounting practices employed by Olney & Carpenter, Incorporated. These practices were approved by the Certified Public Accountants who performed a complete audit of their finan
cial statements as of July 31, 1962.
Inventory, land, buildings and equipment were acquired in the purchase of fair market value as determined by The American Appraisal Company. Accounts receivable, prepayments, accruals and accounts payable were purchased at book value.
Net Sales
First
First Full
Partial
s Year
Year
1963
1964
Average
1962
6,215,867
6,082,620 6,150,744
522,284
Gross Profit * to Net Sales
Net Profit * to Net Sales
1,184,513
19.0*
176,150 2.8*
1,322,384 21.7*
187,009 3-1*
1,253,449 20.4*
181,580
3.0*
125,470 24.0* 81,025 15.5*
Amount expended for: Inventory Accounts Receivable Prepayments Isnd Buildings Equipment Accruals (Incl. Income Tax) Accounts Payable Total Expenditure for Assets
1,351,750 325,137
58,003 30,000
740,302
1,322,166
(154,244) (192,501)
3,480,613
Personnel Acquired: Salesmen & Managers Technical Production Office
Total
6
-
223
16
245 '
1/65
Page A-10
GL 031212
H. J. Mayer and Sons Company (Canada)
ACQUIRED - from H. J. Mayer and Sons Company, all the inventory and equipment of
their specialty spice and seasoning operation, as of September 1, 1963* Mayer main
tained a plant at Chicago which was transferred to Bethlehem on or about April 1, 1964. The transfer was prompted due to the production similarities at Bethlehem.
A warehouse is also maintained at Toronto, Ontario, Canada. The Canadian operation produces the seasonings and spices on an as needed basi6 thus accounting for the relatively high ratio of net profit to net sales.
Two of the principal developers of Mayer were retained to provide the necessary technoligical know-how during the period of transition.
Net Sales
Gross Profit
$> to Net Sales
Net Profit
56 to Net Sales
First Full Year 1964
1965
136,178
33,848
32,496 23.9* 25,041 18.4*
(16,163) ( 47.81) (18,898) ( 55.81)
Average
85,013
8,167 9.6%
3,072 3.6%
First Year 1964
136,178
32,496 23-9$ 25,041
18.4
Acquired as of September 1, 1963
Inventory Equipment
54,601 12,000
No Personnel Acquired
Total Expended for Assets 66,601
1/66
Page A-ll
GL 031?13
H. J. Mayer and Sons Company (u. S.)
ACQUIRED - from H. J. Mayer and Sons Company, all the inventory and equipment of
their specialty spice and seasoning operation, as of September 1, 1963. Mayer
maintained a plant at Chicago as well as a warehouse at Toronto, Canada. Their specialty is in seasonings and spices for meat products.
The Chicago plant inventory and equipment were transferred to Durkee's Bethlehem plant, about April 1, 1964. This was due primarily to the operations being quite similar. Mayer's operating results for this plant will now be consolidated with those of Bethlehem.
Two of the principal developers of Mayer are being retained to provide the necessary technological know-how during the period of transition.
Net Sales
Gross Profit * to Net Sales
Net Profit * to Net Sales
First Full Year 1964
374,053
54,753 14.6* (117,434) (31.4*)
1965
Average
First Year 1964
374,053
54,753 14.6* (117,434) (31.4*)
Acquired as of September 1, 1963
Inventory Equipment
68,219
52,865
Personnel Acquired: Other
2
121,084
Total
2
1/65
Page A-12
GL 031214
Macco Chemical Company
At a special meeting held February 19, 1964, the Glidden shareholders approved a plan to merge the Macco Chemical Company into The Glidden Company. The merger was accomplished through an exchange of Glidden $2,125 cumulative preferred stock for Macco common stock. Glidden exchanged 58,50 of its preferred shares for 195,000 Macco common shares. The Glidden stock was of the same series as those of the Pemco Corporation merger of November 5, 19&1.
Macco is composed of three divisions;
1. Macco Adhesives Division - manufactures adhesives, grouts and associated items for the ceramic and plastic tile industry.
2. Gates Engineering Company - manufactures, sells and applies highly special ized protective linings and coatings based largely on neoprene and hypalon.
3. Keller Products, Inc. - produces an extruded vinyl strip, of patented design, which is used 1with a special adhesive for sealing joints around
tubs, sinks and shower stalls.
Net Sales
Gross Profit * to Net Sales
Net Profit* * to Net Sales
First Full Year 1965
3,505,017
1,403,123 40.0Z
628,735 17.97.
19661
Average
First Year 1964
2,993,178
1,186,719 39-6*
442,940 14.8*
*Although the merger was effective March 1, 1964, operating results cover the twelve month period ended August 31, 1964.
Acquired through merger as of March 1, 1964
Assets and Liabilities Cash Certificates of Deposit U. S. Treasury Bills Receivables Inventory Prepayments Net Fixed Assets Deferred Charges Payables Accruals
59,350
250,000
168,935
339,153 393,381
24,862 464,200
4,133 (86,441) (212,005)
Personnel Acquired: Salesmen and Manager Technical Production Office Other
Total
13
6
64
18 3
104
1,405,618
Net Worth Common Stock Paid in Surplus Earned Surplus Profit and Loss
1/66
195,000 582,380
593,749 34,489
1,405,618
Page A-13
GLD31215
Walker Brothers, Limited
ACQUIRED - all the capital stock of Walker Brothers, Limited, Vancouver, British Columbia for $500,000 as of May 1, 1964.
Walker Brothers is a leading Canadian manufacturer of wood coatings and maintenance-
trade sales paints. The success of the wood finishes operation is attributed to Walker's concentration on a small segment of this market. Finishes for plywood,
sealers, shingle and shake now account for approximately 67# of sales while the maintenance-trade sales paints account for the other 33**
There are three yew employment contracts with each of the four principals of the
company. These salaries will amount to $53,000 per year. Also, two of the principals
will be paid $5,000 per year from the time employment terminates to age 65 or death,
whichever occurs first. Under this provision, Glidden's maximum obligation is $80,000.
First Full Year 1965
1966
Average
First Year 1964
Net Sales
687,032
241,091
Grose Profit * to Net Sales
Net Profit * to Net Sales
255,800 37.27.
88,131 12.87.
99,968 41.5* 35,205 14.6*
Acquired as of May 1, 1964
Receivables: Trade Investment Automotive
Inventories Net Property Prepayments Payables Accruals Goodwill
68,783 34,200
16,508
119,491 116,948 138,872
1,726
(87,581)
(15,751) 226,295 55g,S5ff
Personnel Acquired: Salesmen and Managers Technical Production Office Other
Total
8 2
5
3 3
21
l/66
Page A-l4
GLD3 1?lfc
Gretchen Grant Kitchens, Inc.
ACQUIRED - from Gretchen Grant Kitchens, Inc., the assets (with the exception of
receivables) and business of their specialized frozen pastry operation as of July 1,
196*+. They are being operated as a part of the FoodB Group and are a major producer
of frozen French pastry hors d'oeuvres.
Gretchen Grant products are marketed to the institutional trade and to quality grocery and department stores throughout the country. The product line consists of 10 separate items which are sold either individually or in an assortment.
Louis and Michael Midler, founders and developers of Gretchen Grant, will be re tained as independent contractors in a consulting capacity. They will help to facilitate the changeover to Glidden and the development of new French hors d'oeuvres.
Net Sales
Gross Profit
$ to Net Sales
Net Profit
% to Net Sales
First Full Year
1965
871,200
390,086
44.87. 65,990
7.67.
1966
Average
First Year
196U
71,195
28,135 39-5% (23,490) (33.0*)
Acquired as of July 1, 1964
Inventory Intangibles Other Assets Net Fixed Assets
Total Expended for Assets
706,151*
Personnel Acquired: Salesmen and Managers Production Office Other
Total
2
25
1 2
* Includes $33,625 of Brokerage Commissions which were prorated to the above asset purchases.
1/66
Page A-15
GL 031217
Dailey Pickle Company
The assets of Dailey Pickle Company and Alcon Corporation, Saginaw, Michigan were acquired in exchange for 85,185 Common Shares of the Glidden Company stock. The Dailey Pickle Company produces pickles and pickle specialties, such as relishes, and the Alcon Corporation produces vinegar primarily for use in the Dailey Pickle
Products.
Firat Full Year 1966
Net Sales
Gross Profit X to Net Sales
Net Profit* X to Net Sales
Acquired through merger as of 4/1/65
Assets and Liabilities Cash Receivables
Inventory Prepayments Net Fixed Assets Other Assets Payables Accruals
46,000
255,427 1,424,864
30,158 593,237 22,072 (159,897) ( 48,905) 2,162.956
1967
Average
First Year 1965*
4,963,365
1,186,881 23.9X
543,361 10.9X
Personnel Acquired:
Salesmen and Managers Technical Production Office
TOTAL
Net Worth Common Stock Earned Surplus
Profit & Loss
818,400 1,306,204
38,352 2.162.956
*Dailey pickle Co. was acquired through a merger on April 1, 1965 and Dailey Pickle operating results cover the twelve months ended August 31, 1965.
1/66
Page A-16
GLD3121P
Armetco, Wooster, Ohio, Division of Vasco Metals Corp.
Acquisition for cash of metal powder assets from Armetco, Wooster, Ohio, Division of Vasco Metals Corp. Purchase amount of $389,000 consisted of $109,200 for machin ery, equipment and fixtures, $254,800 for patents and $25,000 for inventory. Pur chase date 7/30/65.
1/66
Page A-17
GL 031219
Alan Wood Steel Co. Powdered Metals Division
Purchased for $500,000 cash on October 7, 1964 used iron powder plant equipment from the Powdered Metals Division of Alan Wood Steel Company.
1/66
Page A-18
GL D31220
I
GLD312?1
THE OLIDOBN COMPANY RECORD Of DISPOSITIONS
4
Oat* of Ml* (abandonment)
!
Sal** . loot partial x*ar
Annual Ml** - avf. la*t 3 lri
ll..............
r jar covr.td.-------
[| - last full y*ar
;Avg, annual pr-tai proflt(lo*) i'| Lt 4 j*ar* - jr**r ovrd ...^jProfltllo#*) la*tfull jr.cf.op*r
(0) , BOOK VALUE riXED ASSETS TRANSrEftRib
ll ;(Book valu* fli*d a*s*t* aold
JJ*t prco*d*.of (ala--------------;j Proflt(lo) on aal*(pr*-tax) (a) [a f t e r t a x c a s h f l o w -f ix e d a s s e t s
(Lcia) on abandonnnt
(c) a f t e r t a x c a s h f l o w -/ BANDONMENT
. 71uid aisota -
Av*rag last 4 juri
Invontorp
Not r*olva01*>
jj All othar
(1) .
TOTAL -_AVKRA0E J/ST 4 YEAH?
Avsrag* loot full p*ar
Invantorr
N*t r*o*lvabl*i
___ L. _AU_fl.ttl______
(A) TOTAL - AVO. UST FULL YEAR Add;
(B) ' AFTER TAX CASH 7L0V-FTXXD ASSITM
(0 ''AFTER TAX CASH FLOtf-ABANDOfHHUT
;...___TOTAL CASH FREED. AHD .RBCEIY
(m) (1BC)
Add;
LAST FULL FEAR BASIS AVO, UST 4 YEARS BASIS li
" (D) | BOOR VALUE FIXED ASSBTS TRANSr*
-----------------. .JQTAi.flASHJUffiJiaSStffTrLIZAnDK
11 .i(ABCD) ''(1BCD)
l as t f u l l y ear bas is
AVO. UST 4 YEARS BASIS /.ntftH -1-.m......m.....m. srmmmmmm
GLD31222
' THE OLIDDEN COMPANY RECORD or DISPOSITIONS
Data or wli (abandomant)
Salta last partial yaar Annual aalaa - avg. laat 3 yaara . . 4.________ ______ yaara..gy_E*l
- laat full yaar
Avg. annual pra-taz proflt(loaa)* Laat 4 yaara - yaara eovtrad
pr0r11.( 1o a} _ 1 XulU zc,_sf_9pr_il
(D) BOOK VALUE FIXED ASSETS TRANSFERR^l
,
Book valua flxad aaaata aold
. _ .Net prQaedg_Al_igl.a___________ Proflt(Loae) on aala(pra-tax)
(9) AITER TAX CASH FLOW-FIXED ASSETS (Loaa) on abandonment
(C) ' AFTER TAX CASH FLOW-ABANDONMDTT
.Tluld aaaata.-. Average last 4 yaara
Inventory Nat raoalvablas
All othar
.(1)
. TOTAL -r ..AYERAOB JA3T .4. TEARS.,
Avaraga last full yaar
Invantory
1 Nat raoalvablas
M I ___!__ALLothet
It (A)
TOTAL - AVO. LAST FULL YEAR
Adi;
(B) AFTER TAX CASH FLOW-FIXED ASSETS
(C) :AFTER TAX CASH FLOW-ABANDONMENT ; TOTAL CASH FREED AND RECEIVE!}
(1BC)I:
dec):;
Add;
(D) BOOK VALUE FIXED ASSETS TRANSFERRED
(ABCD) (1B0D)
. TOTAL. iASR-AWLSS3Bt.U.miZAH(jH
^ash Prooaada Raoolvad fori !j Invantory ji Raoalvablas
Royaltlaa
piuid Aaaata j ..... Beginning.LagtPartialX*ajc_ j| Invantory
Nat racalvablaa | All othar
Total - Bagln. laat Partial Y '
K.E.J.
11/18/58
s
10
THE OLIDDEW COWAjrr RECORD OTBISPOSITIMIS
Data of tala (abandonaaant)
[Salta - laat partial ytar Annual >ll>i avg, laat 3 yaar*
- ytart covered - laat full yaar
Avg. annual pra-tax prof It (lota) * Laat 4 yaari - year* tovtrad
jjProfIt(loaa) laat full yt.of opatj
(*) BOOK VALUE FIXED ASSETS TEAMSFERXljb
look valua .flxad aaaata aold Hat.preca.ada of aala. ..
Froflt(loaa) on aala(pra-tax) AfTt* TAX CASH FLOW-FIXED ASSET*
(Loaa) on abandonnant . 1* .TAX .CASH FLOW-ABAHDOWm luld aaaata -___________ . Avajaga laat 4 yaata ___... Invantorr. ........ ............. _________ Hat tasaiyablta.. ................. All othat________ _____
TOTAL.- AYERACE LAfr.VYIAXI
.. Avaraga.laat foil yaar ........... Invaotory.
_____ . Hat racalvabla*............ All athat____________
_TGTAL_- AYO. LAST FULL TEA*
. _________________ ____________
arm TAX CASH FLOW-FIXED. ASSET* ATTU TAX CASH FLOV-AlANDOHElfl
___ TOTAL.CASH FREED AMD RECEIVED . . . .. LAST FULL YEA* BASIS _________AVQ. LAST .4 TEAM BASIS
ftdii.......... ............................. .01 jKKX VALUE FIXED ASSETS TRAHJFERREfc
UTILIZATION LAST FULL YEA* BASIS AVG. LAST 4 YEARS BASIS
Jfih Frotatda Batatvad for: Invantory.------ . Eacalvtbltt loyaltlai . ..
fluid Aaaata . Beginning Laat Partial Yaac.
Inventory Mat racalvablaa All otbar Total - Batin. Laat fartlal Y
F.F. 11/15/61
GL D 3 12 24
rm OUOOB OQRPAKT feoRD or p u p o s it io n s
^Dalo of Ml* (abaadonoat)
I 'I
t ,,Sal - Ih I partial yaar
:t
< .| jjAaMal ItlN - M|. loot } JMri
,1 - ion 0Trtd ..
lut full (tr
jjiv|. ----at yra-tai praflt(loaa)*? , kltjtj
hut * rr . jt*n oovorod ,
XulZ-yr.of apor*. . tC7.%!(
b o o k v a l o b ms a s s f t i t r a k s ms w *
|look oalua flood unti sold
|it WM<I tf.WXt.
j, rrsflt(loio) oa aald(pro-ta)
II l| (|) : irm TU OUR TUM-HX*D ASSRS . J n' (Loot) o b BboadoaBont
CO IIu t s t u c u h ruM-ABunmauMT .
ft : ,nH BOBtf ---------------------------------------------
II .. |i iTtnti last 4 yoaro
Inventory
)'
Mt r*olvbl#
| H1 oUt*r
. ULi____ JSlTAL.-._4yWWHL^*T 4 TflAM ,
[ Avoraco last full yoar
lavontory Nt r*#ivftbl*
j________ni
c*) TOTAJ. - AVO. U5T FDLL Y1AR
Add;
( Arm t u c a s h ruw-rua> a s s k s
(c) arm t u c as h rujw-AUNDOMaxr
. TOTAL CAM FMM> ARP MSEVS
(AM)
LAST mi T1AR BASIS
(1M) _
AVO. UST 4 YIARi BASIS
Add:
(D) BOOK FALSI PUB ASSRS TRANSrSRRB
_______ j o mil CMH up-um avuiviv
(ASCII)
(11CD)
LAST FULL T1U BASIS AVO. UR 4 rains BASIS
..Caoh Fro440d4 Rooalvod for:
____ IBMBIMI-------- -------
Rooolvabloa Royaltlaa
-
Fluid Aafitt ______ Saylnnlno laal Partial Yoar
Invontory Not rooolvablaa All othor Total Safin. Ust Partial Yr.
1/65-
(A) Covan 1962
GL031225
.L
SCHEDULE B
ROYALTIES RECEIVED 8/31/58
Disposition D-3 Feed Mill
Royalty on Feed
D-8 California-Nevada Barytes Mines
Barytes Ore
Sub-Total Leas: Depletion Charged-Off on Boohs
Net Royalties (Before Taxes and After Deduction for Book Depletion)
D-10 Margarine & Salad Products Margarine
D-15 Cheaurgy Division
Sale of Sterol Patents
Grand Total Royalties
Fiscal Year
1955 1956
Amount
29,500 13,517
Total To-Date
43,017
1955 1956
1957 1958
10,825 69,3^3 37,913 47,948
166,029
9,^19
1957 1958
1958
40,105 73,192
156,610 113,297 110,000
422,924
11/15/58
Page B-l
GLD31227
/`p-v_-... T^y:
u 0 r~( 0, j -- F7
^h.^
'Tj4g t^^P^df^/KjCr /f^ e^c /?. /t/^r/v^o
die.2h)ii^>) '~fu*='3 c Od -~] P'J-fA-fiO t~* f <0^ T//-*= r^r/ 'V?>-r7^- c/S'^t)
C/rK- L)* A **-J 0,0 ^Ar^" ---
l^o'AMSi -------
AJP" H^iUsu/^
ri^s-r 0(Ua
?A^
PrhSi-l
^-/$ Cr?x> f~>^
Vise PVf*}A/
or
d?*- CUHtCtf C^C LCrK/,^iS- VA/i;
- i------------- -..........................
i
|
^rr^.
<u 5^ yr2^
'/fa rar
P<-tr /Z^PfciMi 0/45 4 0*j L.6*j c z ~T.n^c^ <Tr*prr'>t.
CJ
'"71
//>.'<?-
o: 7T
rtrJLJD -Jb^trA.r~r --S 2- ^To
!
,-
/4fe'
Ctc33
i^CHC. Uitss ,
Pfl~j Mj Uz
a *-' A'-r^'
is* ^CTJ
^v
C/*5H`
1 i i
<dz>S ; 6uT\ **'
7f?iS" b>0<- e>5 /ZfXL><^?S 7^-j
SX *7
^Ptrkf' T<A& s574t//-USnT
Qic,j
(- Sfa%;
GLD31228
SCHEDULE C
AFTER-TAX CASH FLOW - FIXED ASSETS
Tax Disposition Year
Hammond
1951 1951* 1955 1956
1957 1958
Total Hammond
ill
s s s s s s
Oakland
1954 1955
Total Oakland
3 S
Taxable Amount_________
Profit
After-
(Loss) on Tax
After-Tax
Disposition i
Dollars
124,528 4,427 2,213 2,213 2,213 6,641
142,235
75* 74
75 75 48
75
93,396 3,276 1,660 1,660 1,062
______
106,035
86,369 10,007
96,376
74 75
63,913 ______ W91
71,418
NonTaxable Amount Book Value
or Proeeede(2)
209,501
345,900
Feed Mill
1954 A
Portland
1952 S
Cambridge
1955 S
Yadkin
1952 s
Jojoba Yuma Castella
Total
1946 1950 1954
s s s
California-Nevada Barytes Mines
Buena Park
1956 1957
Total Buena Park
A A
(290,471) 52
(19,369) 52
(6,542) 25
(8,149) 52
(2,525) 5,405
47,717
50,597
25 100
74
-0-
(199,351) (5M3>)
(253,580)
52 52
1*51,045 10,072
1,636
4,237
631 5,405 -,.##2-1 41,347
-0-
103,663 - 2M99
131,862
-0-
292,385 27,596 32,359
84,293 9,419
-0-
Margarine & Salad Produets
Macon
1957 S
Norwalk
1957 S
1957 A
Iron St. 1957 S
1957 A
1958 S
Total Marg. & S.P.
(68,340) (7,920)
(67,324) (851)
(36,1^)
W.33)
(197,934)
Scranton
1958 s
30,690
52 52 52 52 52 25
75
35,537 4,118
35,008 443
18,808 4,332
98,246
23,018
778,553 44,310
Total After-Tax
Cash Flow
Abandon
Sale
ment
315,536
.
417,318
302,457 29,232 36,596
151, Oil
125,640 9,419
131,86r
822,983 67,328
53,8l(
Page C-l
GL 03122 9
SCHEDULE C (Cont*d) AFTER-TAX CASH FLOW - FIXED ASSETS
Dlspoaition St. Helena
Tax Year ill
1958 S 1958 A
Taxable Amount
Profit
After
(Loss) on Tax
After-Tax
Disposition X
Dollars
-052
-0631.924
Total St. Helena
(1,215,239)
631,924
Elmhurst Bldg.1957 1958 1958
A S A
Total Elmhurst Bldg.
(267,959) 34,192
___
(252,240)
52
75 52
139,339 25,644
9.606
174,589
Buena Park Land
1958 S
174,957 75
131,218
Chemurgy
1958 s
1958 A
1961 A
NetRantal Income 1958-1961
1961 S
-0(78,868) (119,517) 327,100 1.027.449
52 52 48 75
-041,011 62,149 157,008 770.587
Total Chemurgy Div Southern Pine 1958 A
1,156,164 (76,237)
52
1,030,755 39,643
Valdosta
1960 S
275,301 75
206,476
Margarine & Salad Products Berkeley 1960 S
Tulsa
1962 s
39,176 (7,813)
75 52
29,382 4,063
NonTaxable Amount Book Value
or Proceeds(2)
294,000 -0-
294,000
Total After-Tax
Cash Flow
Abandon-
Sale
ment
294,000 631,92
1,095,265 5,417
1,120,909 136,635
148,9*
21,968 -0-0-0-
7.522.551
7,544,519 14,560,267*
-0-
224,259
430,735
103,16 39,64
160,824 25,000
190,206 29,063
1/65
Page C-2
GLD312B0
SCHEDULE C (Cont'd)
AFTER-TAX CASK FLOW - FIXED ASSETS
Disposition
Tax
Year ill
Arcnitectural 1964
Products
1964
S A
Taxable Amount-
Profit
After-
(Loss) on
Tax After-Tax
Disposition $ Dollars
(1,242) (57,490)
25 50.667
311 29,128
NonTaxable Amount Book Value
or Proceeds(2)
1,350 -
To-cal Arch. Prod.
(58,732)
29,439
1,358
Collinsville 1964 A
(160,499) 50:667
81,117
-
Frozen Food 1964 Abandonment 1964
S A
(254,489) (162,099)
25
50.667
63,622 82,131
116,139 -
Total Frozen Food
(416,588)
145,753
116,139
Buena Park Land
1964 1964
Total Buena Park
S S
411,947
156,821
568,76O
75 75
308,960 117,616
426,576
13,698 4,792
18,490
Total After I- >
t'eiuh Flew
Abnn<.U'ti
Sale
meat.
1,669
29, .:-o
179,761
oi,11v
62,13*
322,658 122,408
GRAND TOTALS
(429,129)
3,569,851 11,309,587 19,514,820 1.452, Hi
(1) S-Sale, A-Abandonment.
(2) Book Value on sales at profit; proceeds on sales at (loss). Includes 6,088,153 depreciation offset against gross rental income 1958-1961.
1/65
Page C-3
GL031231
HAMMOND
SOLD- Land; buildings; fixtures; furnace8; cranes; equipment; goodvi11 and trade-marks, formulas and processess used in Glidden's smelting business. Smelter plant rav materials, semi-finished and finished inventory, type metal and smelter accounts re ceivable and dross exchange balances, laboratory building and equipment vere sold to Metals Refining Company. The plant, office, laboratory and lockers vere reacquired IO/1/53. Plant buildings only vere sold to Metals Realty Company 6/6/54.
Sales - 3 Years
Pre-Tax Profits 4 Years
Last Full Year 1950
4,076,147
1949 3,097,387
1948 2,615,923
(234,346) (1,033,883) (182,237)
1947
Average 3,263,152
Last Partied
Year
1951 2,324,070
(42,434) (373,225)
(148)
Fluid Assets: Inventory Net Receivables Other Total (use)
LIFO, Level, Inv. AdJ.
Total (per books)
1,223,653 299,079 197,194
1,719,9&>
(201,677)
1,610,516 184,142
. 379.182 2,173,840
(517,246)
1,656,594
850,304 175,757 452,981 i, 479,042
(594,530)
884,512
954,829
186,999 140,189
1,282,017
1,159,826 211,494
1,663,706
Nov.1,1950
533,904 458,085
36,905 r;02^,B94
(484,204) (449,414) (201,677)
797,813
827,217
Fixed Assets: At Date of Sale Less: Assets Retained Transfers
Assets Sold 7/16/51
Cost
Reserve
1,085,785 679,521
52*352 353,912
547,816 320,921
_ 50,191 176,704
Net Book Value
537,969 358,600
2,161 177,208
Reacquired Assets: At Date of Sale Less: Assets Retained Transfers Assets Sold 6/ 6/54 Assets Sold 7/16/51
773,671 721,452
18,448
33,771 353,912
191,625 178,786
11,361
" I747H _ 176,704
Total Assets Sold
387,683
178,182
Net Proceeds of Sales:
Sale to Metals Refining Co. , Inc. 7/16/51 301,736
Sale to Metals Realty, Inc. 6/6/54
50,000
582,046 542,666
7,087 177,208 209,501
_251,7j6
Profit (Loss) on Sales
Cash Proceeds Received for: Inventory Receivables Royaltiea
275,111 151,968
-0-
142,235
9/24/56
page D-l
CLP31232
OAKLAND
SOLD - Twelve acres of land and buildings at Oakland, California, accounts receivable, inventories, advances to salesmen, miscellaneous receivables located at the plant and used in connection vith the manufacturing business and the barytes mining operation at
Ellendale, Nye County, Nevada (Jumbo Claim) to Chemical & Pigment Co. Certain trade marks vere also assigned. Later sold balance of land which amounted to 22^ acres to
Bobbins Pipe & Machine Co.
Sales - 3 Years
Last Full Year 1953
627,505
1952 791,354
1951 1,850,142
1950
Average 1,089,667
Last Partial
Year 1954
411,046
Pre-Tax Profits 4 Years
(226,221) (42,866) 254,450
171,820
39,296
(14,020)
Pluid Assets: Inventory Net Receivables Other
Total
513,318 37,290 26,223
576,831
610,748 53,477 7,251
671,476
331,790 110,651
5,012
358,247 85,349 18,032
461,628
453,526 71,692 14,129
539,347
Nov.1,1953
225,286 37,757 8,235
271,278
Fixed Assets: At Date of Sale Less: Assets Retained Transfers Assets Sold 10/25/54 Add Land Sold 1/12/55
Total Assets Sold
Cost
931,690 44,729
114,765 772,196
44,729
816,925
Reserve 581,984 110,959 471,025
471,025
Net Book Value
349,706 44,729
3,806 301,171 44,729
345,900
Net Proceeds of Sales: Sale to Chemical 81 Pigment Co. 10/25/54 Sale of Land to Robbins Pipe & Machine Co. 1/12/55
Profit (Loss) on Sales
Cash Proceeds Received for:
Inventory Receivables Royalties
229,187 55,747
-o-
387,540 54,736
442,276
96,376
9/24/56
Page D-2
CLD31233
fTflfl) MTT.T.
SOLD - All formulas developed and owned by Qlidden used In connection with the manu facture and sale of feeds, Gliddea's rights In Its dealer and cuatomer organization, Feed Mill accounts receivable, feeder contracts not fulfilled by 10/21/5*+, all finished feed and raw materials, consignments, tags and bags on hand at close of business 8/21/5*+* Glldden guaranteed payment of dealer accounts set forth on certain schedules of the Agreement. Sold to A. E. Staley Manufacturing Co. Buildings and land retained for protein expansion.
Sales - 3 Years
Last Full Year 1953
*+,*+23,653
6,101,353
1951 5,511,659
Pre-Tax Profits *+ Years
65,533 (15*+,2*+3)
80,l*+2
Fluid Assets: Inventory Net Receivables Other
Total
508,812 1,362,716
86,406
660,168 1,965,436
642,585 1,532,784
(7,827)
2,167,542
1950
70,996
383,014 1,037,U5
58,759
Average 5,345,555
15,608
548,645 1,474,513
4^011
Last Partial
Year 1954 3,690,410
(10,355)
Nov.1,1953 " 518,378
920,097 44,088
1,482,563
Fixed Assets Transferred or Sold:
At Date of Sale Less: Assets Retained
Transfers
Total Assets Sold 8/10/54
Cost
Reserve
904,338
-o-
477,490
42.6,848
284,286 ^315
114,971
Net Book Value
620,052
-o-
308,175 311,877
Net Proceeds of Sale: Sale to A. E. Staley Manufacturing Co. 8/10/54
Profit (Loss) on Sale
21,406
(290,471) Loss charged against 1955 operations.
(Sale to A. E. Staley Mfg. Co. to free buildings of equipment in preparation for
expansion of our protein business.)
Net Book
Cost
Reserve
.Value
* Fixed Assets Retained for Use
in Protein Expansion: (in
cluded in transfers above)
Cash Proceeds Received for: Inventory Receivables Royalties
9/24/56
112,064
663,645 Schedule B - Royalties Received
Page D-3
GLD31234
PORTLAND SOLD - Land, buildings and building improvements to Guy F. Atkinson Company.
Sales - 3 Years
Pre-Tax Profits 4 Years
Last Full Year 1951
2,941,393
1950 . 1,596,748
. 19^9. 1,650,782
92,554 (199,654)
51,061
Fluid Assets: Inventory Net Receivables Other
Total (use)
LIFO, Level, Inv. AdJ.
Total (per books)
664,405 135,835 106,977
907,217
324,055 201,024 207,306
732,385
178,326 155,134 270,634
604,094
(87,760) (143,201) (272,376)
Fixed Assets: At Date of Sale Less: Assets Retained Transfers
Cost
586,424 -o-
40,804
Assets Sold 9/18/52
Net Proceeds of Sale: Sale to Guy F. Atkinson Co. 9/18/52
Profit (Loss) on Sale
Cash Proceeds Received for: Inventory Receivables Royalties
-0-0-0-
Reserve
260,195 -o-
26,329
1948
Average 2,062,974
Last Partial
Year 1952
329,320
111,123
424,873 92,628 347,236
864,737
13,771 (171,810)
Nov.1,1951
397,915 146,155 233,038
777,108
456,158 7,472
498,746
(350,5^6) (213,471)
-o-
514,191
Net Book Value
326,229
-o-
14,475
311,754
563,637
498,746
292,385
49,369)
9/24/56
Page D-4
GLD31235
CAMBRIDGE
SOLD - Land and buildings at 46 Lansdovne Street to Empire Metal Products Co.
Sales - 3 Years
Pre-Tax Profits 4 Years
Last Full Year 1953
1,308,738
1952 1,784,828
1951 1,905,306
(60,579)
(5,056)
36,227
Fluid Assets: Inventory Ret Receivables Other
Total
711,281 84,815 22,673
818,769
607,114 99,296 17,202
723,612
452,659 102,242
18,228
573,129
1950
Average 1,666,291
Last Partial
Year 1954
171,147
(8,740)
138,756 59,139 6,798
204,693
(9,537) (34,312)
July 1,1953
477,453 86,373 16,225
580,051
646,166 77,l8l
2,988
726,335
Fixed Assets: At Date of Sale Less: Assets Retained Transfers
Assets Sold 7/l/55
Cost
Reserve
48,815 -05,604
43,211
11,206 -0-
____ hm
9,073
Net Proceeds of Sale: Sale to Empire Metal Products Co. 7/1/55
Profit (Loss) on Sale
Cash proceeds Received for: Inventory Receivables Royalties
-0-0-0-
Net Book Value
37,609 -03A71
34,138
27,596
_J6^42)
9/24/56
Page D-5
CLD31236
YADKIN ILNENITE NINE
Abandoned: Property at Yadkin Valley Ilmenite Nine at Lenoire, N. C., IO/31/52.
Sold: Superintendent's and tenants' bouses, some automotive equipment and mis cellaneous equip*nt for scrap or salvage value.
Fixed Assets: At Date of sale Less: Assets Retained Transfers
Assets Sold
Cost
400,566 158>293 100,932
l4l,34l
Net Proceeds of Sale: Sale to: Sold as scrap to numerous buyers
Profit (Loss) on Sale
Reserve
285*777 106,089 J 100,833
Net Book Value
114,789 52,204 22,077 40,508
32,359
Cash Proceeds Received for:
Inventory Receivables Royalties
-0-0-0-
9/24/56
Page D-6
CLD31237
JOJOBA, YUMA, CASTELLA
SOU) - 1. Jojoba Plantation near Florence, Arizona, to Newell Beatty and Lyman C. Barlow.
2. Yuaa, Arizona, Warehouse including land, building, railroad siding and machinery and equipment to Stephen R. Blake and Marie C. Blake.
3. Caste11a mining property to R. L. Smith Lumber Co. Glidden reserved the rights to all metals, minerals and ore deposits in and underlying the land conveyed and the right to enter and excavate and remove the same.
Cost
Fixed Assets: Assets Sold 1. Jojoba Plantation 2. Yuma, Arizona 3. C&stella Mine
45,447 52,092
-0-
Total Assets Sold
97,539
Net Proceeds of Sales: 1. Sale to Newell Beatty 8* Lyman C. Barlow 9/46 2. Sale to Stephen R. & Marie C. Blake 2/27/50 3* Sale to Ralph L. Smith Lumber Co. 1/26/54
Profit (Loss) on Sales
Reserve
7,749 5,497 -013,246
35,173 52,000 47,717
Net Book Value
37,698 46,595
-084,293
134,890 50,597
Cash Proceeds Received for:
Inventory Receivables Royaltles
-o-o-o-
9/24/56
Page D-7
GLD31238
CALIFORMIA-NBVADA BARYTES MIMBS Barium and Barium King Hines
Argenta, Lander County, Nevada
The Mining claims known as Barium New Discovery patented claims Nos. 1 & 2 and Barium King patented claims Nos. 1, 2, 4, 6, 8 & 10 and land purchased from the Phlllpplni Ranching Company June l8, 1936, located at Argenta, Lander County, Nevada were leased with option to purchase to Food Machinery and Chemical Corporation on February 1, 1955 Lease and option to purchase were later transferred to their wholly-owned subsidiary Barium Products, Ltd.
The lease is for a period of five years commencing February 1, 1955, end ending January 31, i960. Food Machinery and Chemical Corporation are required to pay $1.50 per ton royalty on all ore shipped from the property, with a minimum annual payment of $50,000. If Food Machinery elects to exercise its option to purchase, the pur chase price will be $500,000, actuarily reduced by royalty payments paid, to net The Glidden Company not less than $375,000 after taxes. At the time of the lease, the ore land was carried on our books at $9,419. Since then ve have taken the 15> depletion charge allowed by Interned Revenue Code. By 12/31/55, the 15^ depletion completely worked off the net book value of the land. No further depletion will be charged against book income, but 15^ depletion will be taken for tax purposes on the tax returns.
Fixed Assets: At Date of lease Less: Transfers Assets Leased Less: Ore land fully depleted at 8/31/56
Net Book Value Remaining *
Cost
100,865 26,096 74,769
71,240
3,529
Reserve
87,756 23,836 63,922
61,821
2,101
Net Book Value
13,107 2,260
10,847
-9,^19
1^428
Cash Proceeds Received for:
Inventory
Receivables Royalties
-o-
-o-
See Schedule B - Royalties Received
* At Feb. 1, 1955* Depreciation is being charged against this and will continue to be so charged until such time as Food Machinery & Chemical Corporation exercises its option to purchase or assets are fully depreciated.
9/24/56
Page D-8
GLD31239
BUENA PARK
Abandoned August 31, 1956. Those assets which could be used by other divisions were transferred to then. The assets which were not marketable were abandoned and wrecked. Of the remaining assets some have been sold and the balance were written down to the anticipated market value.
Sales - 3 Years
Last Full Year 1955*
4,033.465
1954 5.259,654
1953 4,074,744
1952
Average 4,455,954
Last Partial
Year 1956
3,904,595
Pre-Tax Profits 4 Years
(11,032) (79,519)
(2,448) (176,352) (67,338) (65,125)
Fluid Assets: Inventory Net Receivables Other
Total
716,546 168,447
1,152,173 243,676 122,107
1,517,956
1,564,014
175,353 112,016
1,839,275 137,399
31
1,318,002
181,219 95,552
Sept.1,1955 r,756,118
196,639 56,475
Fixed Assets: At Date of Abandonment Less: Assets Retained Transfers
Assets Sold or Abandoned
Cost 890,520
60,192 830,328
Reserve 506,871
494,562
Net Book Value
383,649
47,883
Sale or Salvage
Value
Loss on
Abandonment
Assets Abandoned & Wrecked Assets written down to
anticipated salvage value Assets Sold
Total
174,410
422,871 233,047
830,328
100,555
214,796 179,211
494,562
73,855
208,075 53,836
-o-
54,963 27,223
82,186
73,855
153,112 26,613
253,580
Loss on Abandonment of Fixed Assets per Books and Federal Tax Returns - Taken on Books - 1956
- 1957
199,351 54,229
Cash Proceeds Received for: Inventory Receivables Royalties
-0-0-0-
* Sales & profits annualized in 1955*
11/15/57
Page D-9
CL031240
MARGARINE & SALAD PRODUCTS - TOTAL
SOLD - All margarine and salad products business East of the Rocky Mountains which has been serviced by the Macon, Norwalk and Iron Street plants. The Miami Margarine Com pany purchased the inventory and part of the fixed assets of the Norwalk and Iron Street operations on February 1, 1957. The Norwalk plant was used to manufacture salad pro ducts for Miami Margarine until they could get their plant into operation. Land and buildings at Norwalk and Iron Street were retained for outside sale. The Macon plant, equipment and inventory plus certain equipment at Norwalk and Iron Street was purchased by J. H. Filbert, Inc. on March 1, 1957. The Purchasers have the right to use the name "Durkee" for a period not to exceed (5) five years. The three succeeding pages show the effect of the sale by plant. These pages do not show the portions of the business sold to either Miami Margarine or J. H. Filbert, but show the total effect of both sales.
Sales - 3 Years
Last Full Year 1956
9,996,668
1955*
1954
9,317,578 10,364,058
1953
Average 9,892,768
Last Partial
Year 1957
1,007,341**
Pre-Tax Profits 4 Years
(372,378) (393,374) (756,004) (136,564) (414,580)
86,900
Fluid Assets: Inventory Receivables Other
Total
573,988 759,219
49,514
1,382,721
542,970
482,137 48,848
616,161 629,174
61,060
l,306,39i
556,616 565,920
1,176,941
572,434 609,112
53,457
1,235,003
Sept.1,1956 501,512 421,530 38,203
961,245
Fixed Assets: At Date of Sale Less: Assets Retained Transfers Assets Sold or Abandoned Assets Abandoned
Assets Sold
Cost
1,715,287
-0-
249,722 1,465,565
147,817
1,3IT,7W
Reserve
615,000
-0-
125,922 489,675
44,324
444,754
Net Book Value
1,100,287
-0-
123,800 978,487 103,493
872,99^
Profit(Loss) on Sale or Abandonment
(103,493)
Net Proceeds of Sales: Sale to Miami Margarine Sale to J. H. Filbert, Inc. Sale to M. A 3* Shayman Miscellaneous Sales Land & Bulling - Norwalk (Fair Market Value carried at 8/31/57)
Profit (Loss) on Sales
Profit (Loss) on Sale or Abandonment
110,304 464,194
42,670 11,385
150,000
778,553
(94,441) (197,934)
Cash Proceeds Received for: Inventory Receivables Royalties
443,569 -o-
See Schedule B - Royalties Received
* Sales and profits annualised in 1955* ** Total margarine & salad, products sales of $4,503,806 less increase in sales to
Miami and Filbert $3,496,465 for remainder of fiscal year.
11/15/58
Page D-10
GLD31241
MARGARINE & SALAD PRODUCTS - NORWALK
SOLD - The margarine and salad products business including inventories and fixed assets excluding land and building were sold. The building vas written down to its marketable value for future sale. The cash proceeds for the inventory applies to the inventory sold as of February 1, 1957 and does not include the salad products which we manufactured for Miami Margarine until it was feasible for them to produce salad products at their plant. Sales, pre-tax profits and fluid assets include the Elmhurst or Region 501 portion which was serviced by the Norwalk plant.
Sales - 3 Years
Last Full Year 1956
4,149,441
1955* 3,812,545
1954 4,318,142
1953
Average 4,093,376
Last Partial
Year 1957
1,801,101
Pre-Tax Profits 4 Years
Fluid Assets: Inventory Receivables Other
Total
(219,250)
295,069 360,245
ar.33 682,679
Fixed Assets: At Date of Sale Less: Assets Retained Transfers Assets Sold or Abandoned Assets Abandoned Assets Sold
(189,611) (295,749)
243,610 187,996
17,330
448^936
261,231 226,076
25,927
-2
Cost
761,402 -0-
144,442 616,960 108,804 508,156
Reserve
323,945 -0-
82,653 241,292
41,480 199,612
(32,662)
287,013 236,073
24,648
547,734
Net Book Value
437,457 -0-
61,789 375,668
67,324 --308,344
(184,318)
38,513
271,731 252,597
23,817
548,145
Sept.1,1956 234,984 207,057
--
472,604
Profit(Los8) on Sale or Abandonment
(67,324)
Net Proceeds of Sales: Sale to Miami Margarine Co. 2/1/57 Sale to J. H. Filbert, Inc. 2/1/57 Miscellaneous Sales Land and Building - Fair Market value carried at 8/31/57
Profit (Loss) on Sale
Total Sale & Abandonment Profit (Loss)
103,787 44,252 2,385
150,000
300,424
(7,920) (75,244)
Cash Proceeds Received for: Inventory Receivables Royalties
151,415
-o-
See Schedule B - Royalties Received
* Sales & profits annualized in 1955*
11/15/57
Page D-lOa
0LD31242
MARGARINE & SALAD PRODUCTS - IRON STREET
SOLD - The margarine and salad products business including inventories and fixed assets excluding land and buildings were sold. The building was written down to its marketable value for future sale. Sales, pre-tax profits and fluid assets include the amounts for the Montana Territory which has been serviced by the Iron Street plant but operations were reported under Berkeley. Some margarine was produced for Miami Margarine after February 1, 1957 to supplement their Cincinnati production, but this was produced at cost. The office and warehouse were sold to Max and Sophie Shayman on August 13, 1958 for $45,000 less fees.
Sales - 3 Years
Last Full Year 1956
3,665,114
1955* 3,469,351
1954 4,155,736
1953
Average 3,763,400
Last Partial
Year 1957
1,503,354
Pre-Tax Profits 4 Years
(65,446) (164,787) (295,093)
(44,466) (142,448)
52,834
Fluid Assets: Inventory Receivables Other
Total
130,175 223,642
22,551
165,420
198,825 22,264
171,419 243,003
22,607
150,934 200,873
20,870
372,677
154,487 216,586
22,073
Sept.l,195f 132,445 138,199 6,074
aa2a7g6t,7 1s'8s
Fixed Assets: At Date of Sale Less: Assets Retained Transfers Assets Sold or Abandoned Assets Abandoned
Assets Sold
Cost
267,299 -0-
105,280 " 165;^9
-39,013
123,006
Net Proceeds of Sales: Sale to Miami Margarine Co. 2/l/57 Sale to J. H. Filbert, Inc. 2/l/57 Sale to H. C. Cristians Co. 2/1/57 Sale to M. & S. Shayman 8/13/57
Profit (Loss) on Sale
Profit (Loss) on Sale or Abandonment
Reserve
79,774
43,269 36,505 2,844
33,i
6,517 12,977
9,000 42,670
Net Book Value
187,525 -0-
62,011 125,514
36,169
89,345
Profit(Lose) on Sale or Abandonment
(36,169)
71,164
(l8,l8l)
(54,350)
Cash Proceeds Received for: Inventory
Receivables Royalties
118,618
-o-
See Schedule B - Royalties Received
* Sales & Profits annualized in 1955*
11/15/58
Page D-lOb
CLD31243
MARGARINE & SALAD PRODUCTS - MACON
SOLD - The margarine and salad products business including inventories, plant, pro perty and equipment vere sold to J. H. Filbert, Inc. on March 1, 1957* Sales, pre-tax profits and fluid assets include the amounts for the Southwest Region, which was carved out of the Macon Territories in September 1955, and continued to be serviced by Macon.
Sales - 3 Years
Pre-Tax Profits 4 Years
Fluid Assets: Inventory Receivables Other
Total
Last Full Year 1956
2,182,113
. .1955* 2,035,682
1954 1,890,180
(87,682) (38,976) (165,162)
148,744
175,332 (402)
133,940
95,316 9,254
323,674 . 238,510
183,511 160,095
12,526
356,132
1953
Average 2,035,992
Last Partial
Year 1957
1,199,351
(59,436)
118,669 128,974
8,887 256,530
(87,814)
(4,447)
146,216 139,929
7,567
293,712
Sept.1,195*
~:F,o 83
76,274 1,566
211,923
Fixed Assets: At Date of Sale Less: Assets Retained Transfers
Assets Sold
Cost
686,586 -o-o-
Reserve
211,281 -o-o-
211,281
Net Proceeds of Sale: Sale to J. H. Filbert, Inc. 3/l/57
Profit (Loss) on Sale
Cash Proceeds Received for:
Inventory Receivables Royalties
173,536 -o-o-
Net Book Value
475,305 -o-
-o-
475,305
406,965 (68,340)
* Sales & Profits annualized in 1955*
11/15/57
Page D-lOc
GLD31244
SCRANTON
SOLD - The land, buildings and equipment, the lead busineso and certain inventory to The EustcnLead Co., Inc. and Dumont Airplane and Marine Instruments, Inc. on June 9,
195b.
Sales - 3 Years
Last Full Year 1957
1,100,590
Pre-Tax Profits 4 Years
52,028
Fluid Assets: Inventory Net Receivables Other
Total
274,695 89,748 23,696
388,139
1956 1,271,300
79,126
354,120 82,550 2M23
1955* 1,407,848
79,352
364,129 94,369 23,906 482,404
1954
Average
1,259,913
Last Partial
Year 1958
515,163
53,720
347,336 76,838 17,471 441,645
66,056
335,070 85,876 22,774 443,720
10,523
Sept.1,19: 190,344 126,762 14,215
331,321
Fixed Assets: At Date of Sale Less: Assets Retained Transfers
Assets Sold
Cost
462,745 -o-o-
462,745
Reserve
418,435 -o-o-
Net Proceeds of Sale: Sale to The Euaton Lead Company, Inc. and Dumont Airplane and Marine Instruments, Inc. 6/9/58
Profit (Loss) on Sale
Net Book Value 44,310
-o-o-
44,310
75,000 30,690
Cash Proceeds Received for Inventory
Receivables Royalties
25,806
-0-
-o-
* Sales & Profits annualized in 1955-
11/15/58
Page D-ll
g LD3U45
ST. HELENA TiOg
SOLD OR ABANDONED - Part of the machinery and equipment waa sold to Brill Equipment Company for $294,000 and the remainder v&s abandoned. The land, land improvements, buildings and railroad siding were written down to an appraised sound value. The maintenance supplier inventory was written down to salvage value. Adrian Joyce Works will handle the business previously handled by St. Helena.
Fixed Assets At Date of Sale Leas: Assets Retained Transfers
Assets Sold or Abandoned
Cost
Regular Reserve
Writedown Reserve
Net Book Value
7,364,489 2,721,989
-0-
4,642,500
5,434,608 1,537,536
-0-
3,897,072
686,769 686,769
-0-
-0-
1,243,112 497,684 -0-
745,428
Net Proceeds of Sale: Sale to Brill Equipment Co. 8/28/58
As set8 Abandoned - Machinery and Equipment Writedown to appraised sound value - Land and Buildings Writedown to salvage value - Maintenance Supplies
Toted Profit (Lo bb) on Sale or Abandonment
Cash Proceeds Received for: Inventory Receivables Royalties
-o-o-o-
294,000
(451,428) (686,769)
(77,042)
0,215,239)
11/15/58
Page D-12
GLD31246
ELMHURST BUILDING
SOLD OR ABANDONED - The refinery business was moved, to Louisville and the condiment and coconut business was moved to Bethlehem. The land and building, including the railroad siding and some machinery and equipment, were sold to 37-11 35th Avenue Corp. on 8/1/58. The major portion of the abandoned loss was taken on the books in 1957 with a small adjustment taken in 1958*
Cost
Fixed Assets:
At Date of Sale(Abandonment) 3,318,509
Less: Assets Retained
-0-
Transfers (Do not
use)*
337,072
Assets Sold or Abandoned
2,981,437
Assets Abandoned and Misc. Sales: Taken on books 8/31/57 8/31/58
914,060
Total Abandonment
Reserve 1,780,158
-0154,251 1,625,907
619,803
Assets Sold 8/1/58
2,067,377 1,006,304
Net Proceeds of Sale: Sale to 37-11 35th Avenue Corp. on 8/1/58
Profit (Loss) on Sale
Net Book Value
Sale or Salvage
Value
1,538,351 -0-
182,821 1,355,530
Loss on Abandonment
29^ Ml ( ( (
1,061,073
35,270 267,959 (27,245) 18,473
* 288,432
1,095,265 3^,192
* Do not use as these were incidental to transfer of Elmhurst business to Bethlehem and Louisville.
11/15/58
Page D-13
OLD 31247
BUENA PARK LAND SOLD - Approximately 15 acres of land to United Wallpaper, Inc. on January 28, 195.
Fixed Assets:
At Date of Sale Less: Assets Retained
Transfers
Assets Sold
Cost
Reserve
27,240 21,823
-0-
5,417
750 750
-0-
-0-
Net Book Value
26,490 21,073
-0-
5,417
Net Proceeds of Sale: Sale to United Wallpaper, Inc. I/28/58
Profit (Loss) on Sale
180,374 174,957
11/15/58
Page D-l4
CLD31248
CHEMURGY DIVISIONS
SOLD - The existing soybean processing and grain merchandising operations to Central Soya Company, Inc. Central Soya purchased the Inventories and supplies at market value and agreed to collect for The Glidden Company the accounts receivable outstanding at August 31, 1958. The physical properties are being operated by Central Soya under a Lease, License and Option Agreement, which provides for an annual rental of $2,175,000, plus property taxes and insurance from September 1, 1958 to August 31, 1961. Central Soya, at its option, may purchase the physical properties on August 31, 1961 for $8,550,000, payable in cash. This option was exercised and payment was received September 1, 1961. Central Soya purchased some of the Sterol Dept, fixed assets at net book value and the remainder were abandoned. The Sterol patents, applications and technological knowhow were sold to Charles Pfizer & Company for $110,000.
Sales - 3 Years
Last Full Year 1958
31,982,480
1957 35,124,625
1956 35,826,393
1955*
Average 34,311,166
Last Partial
Year 1958** 31,982,480
Pre-Tax Profits 4 Year8
1,477,859 1,264,698 2,324,618
946,828 1,503,501 1,477,859
Fluid Assets:
Inventory Receivables Other
10,348,245 1,875,751 520.129
8,830,494 2,085,317
713.532
8,921,645 1,506,675 1.758.084
4,033,347 1,326,405
985.119
8,033,433 1,698,537
994.216
Sept.1.1957 5,499,188 2,098,783 860.498
Total
12,744,125 11,629,343 12,186,404 6,344,871 10,726,186 8,458,469
Fixed Assets: At Date of Lease Less: Transfers Assets Abandoned Assets Sold Assets Leased Less: Transfers Assets Abandoned Assets Retired Depreciation Taken 1959-61 Assets Sold
Cost
Reserve
22,736,045 13,468
132,527 35.628
22,554,422 -0-
139,371 322,850
-022,092,201
8,890,269 5,897
53.659 13.660 8,817,053 -019,854 315,702
6.088.153 14,569,650
Net Book Value
13,845,776 7,571
78,868 21.968 13,737,369 -0119,517
7,148 6.088,153 7,522,551
Profit(Loss) on Sale or Abandonment
(78,868) - *
(119,517) - *
Net Proceeds of Sale:
Sale to Central Soya Co. 8/3J5&
21,968
8/3L/61
8.550.000
Profit (Loss) on Sale
1.027.449 -
Sale and Abandonment Profit (Loss)
1961
907,932
Net Rental Income 1958-61
327,100 -
1958
(78.868)
Total Profit (Loss) on Sale
1,156,164
*Sales and profits annualized in 1955.
**1958 taken aB both last full and partial year since Chemurgy was sold
as a going business on 9/1/58.
12/1/61
Page D-15
GLD31Z49
Cash Proceeds Received For:
Inventory Receivables Rental Income 1958-1961
Depreciation Miscellaneous Expense Net Rental Income Royalties - See Schedule B
6,525,000 (6,088,153)
(109,747)
Royalties Received
3,756,249
-0-
327,100
Page D-15 (Cont'd)
SOUTHERN PINE PRODUCTS
ABANDONED - August 31, 1958. Inventories were sold to regular customers throughout the year and receivables vere collected. The fixed assets were not marketable so they v/ere abandoned and sold as scrap. The Retort Maintenance Supplies vere abandoned.
Sales - 3 Years
Last Full Year 1957
1,070,947
Pre-Tax Profits 4 Years
103,448
Fluid Assets: Inventory Net Receivables Other
174,144 6l,0l8
17,750
Total
252,912
1956 1,141,379
83,357
219,189 85,882 38,` O? 343,476
1955*._ 1,163,724
61,938
176,310 82,778
(30,681) 228,407
1954
Average 1,125,350
Last Partial
Year 1958
439,409
24,216
136,779 94,038 24,657
255,474
68,240
176,605 80,929 12,533
270,067
(74,532:
Sept.1,195 144,487" 72,534 9,208
226,229
Fixed Assets: At Date of Abandonment Less: Assets Retained Transfers
Assets Abandoned 8/31/58
Cost 222,173
-0-0-
222,173
Reserve 186,349 -0-0-
186,349
Net Book Value 357B2* -0-0-
35,824
Net Proceeds of Sales: (Abandoned assets sold as scrap) 15,515
Profit (Loss) on Abandonment Profit (Loss) on Sale or Abandonment -
Retort Maintenance Supplies
Total Profit (Loss) on Abandonment
(20,309) (55,928)
Cash Proceeds Received for: Inventory Receivables Royalties
-0-
-0-0-
* Sales & Profits annualized in 1955.
12/4/58
Page D-l6
GLD31251
\
VALDOSTA
SOLD - This operation with its fixed assets and inventories was sold to Nelio Resins, Inc. on March 28, 1960.
Last Full Year 1959
1958
1957
1956
Average
Last Partial
Year 1960
Sales - 3 Years 2,941,738 3,111,203 3,291,529
3,114,823 1,750,942
Pre-Tax Profit 4 Years
320,127
193,390
53,451
59,715
156,671
234,113
Fluid Assets: Inventory Net Receivables Other
783,765 203,866
11.676
843,165 198,183
22.447
865,930 211,264
51.252
1,098,799 199,248 42.799
897,915 203,140
32.043
Sept.1.1959 951,213 189,684 11,320
Total
999,307 1,063,795 1,128,446 1,340,846 1,133,098 1,152,217
Fixed Assets: At Date of Sale Less: Assets Retained Transfers Assets Sold
Cost 492,823
-0-0492,823
Reserve 268,564 -0-0268,564
Net Book Value 224,259 -0-0224,259
Net Proceeds of Sale: Sale to Nelio Resins, Inc,* 3/28/60
499.560
Profit (Loss) on Sale
275,301
Cash Proceeds Received For Inventory Receivables Royalties
777,624 -0-0-
Division of Turpentine & Rosin Factors, Inc.
12/1/61
Page D-17
GLD 312 5 2
MARGARINE AND SALAD PRODUCTS - BERKELEY
SOLD - The Margarine and Salad Products business along with the related machinery, equipment and inventories to Beatrice Foods, Inc. on April 30, 1960. Certain ware house space at the Berkeley Plant has been leased to Beatrice Foods for a period of three years beginning May 1, 1960 for $1,900 per month.
Last Full Year 1959
1958
1957
1956
Average
Last Partial
Year 1960
Sales - 3 Years 5,645,470 6,014,984 6,522,293
6,060,916 3,930,692
Pre-Tax Profit 4 Years
98,726
214,419
101,610
(147,608)
66,787
95,189
Fluid Assets: Inventory Net Receivables Other
195,232 282,273
17,202
245,342 300,750
4.074
205,617 326,115 60.581
256,262 308,447
21.378
225,613 304,396
25,809
Sept.1.1959 192,733 306,455 10,606
Total
494,707
550,166
592,313
586,087
555,818
509,794
Fixed Assets: At Date of Sale Less: Assets Retained Transfers Assets Sold
Cost
2,061,474 1,656,614
-0404,860
Reserve 1,240,809
996,773 -0-
244,036
Net Book Value 820,665 659,841 -0160,824
Net Proceeds of Sale: Sale to Beatrice Foods, Inc. 4/30/60
200.000
Profit (Loss) on Sale
39,176
Cash Proceeds Received For: Inventory Receivables Royalties
233,617 0- -
-0-
12/1/61
Page D-18
CLD3125 3
TULSA
SOLD - The paint plant and machinery located at 3000 Charles Page, P. 0. Box 1798,
Tulsa 1, Oklahoma to Mr. W. S. Clift, former District Manager of the Tulsa operation. We did not have ownership of the land.
Sales - 3 Years
Pre-Tax Profits 3 Years
Fluid Assets: Inventory Receivables Other Total
Last Full Year
1961
398,897
(7,795)
184,676 54,958
239,654
i960
383,071
(28,164)
226,648 38,516
265,164
1959 431,798
30,569
261,693 32,075
293,768
Fixed Assets: At Date of Sale Less: Assets Retained Transfers Assets Sold or Abandoned Assets Abandoned Assets Sold
Net Proceeds of Sales; Sale to W. S. Clift 5/23/62
Profit (Loss) on Sale
Cash Proceeds Received for; Inventory Receivables Royalties
Cost 49,049 8,477
40,572
Reserve 8,685
926
7,759
Average 404,589
Last Partial
Year 1962
"198,238
(1,796)
(55,058)
Sept.30,1961
224.339
166,258
41,850
49,037
266,189
215,295
Profit(Loss)
Net Book on Sale or
Value
Abandonment
40,364
____ L551
32,813
25,000
(7,813)
12/26/62
Page D-19
GLD31254
A t'rll I t.n* l.llfJl I IV. >.) Ui-t.fi 1)1 v i:v Inn
ABANDONED - Machinery and equipment of the flat ana corrugated panel operation at Marietta, Georgia on approximately June 23, 1964
Fixed Assets Loss on Abandonment
Cost
68,947
Reserve 11,457
Net Bock Value
57,490
SOLD - Miscellaneous aluminum sheets and rollers of the panel operation at Marietta, Georgia approximately June 23, 1964.
CQ3t
Reserve
Net Book Value
Fixed Assets Net Proceeds
2,782
182 2,600
1.3S8
Loss on Sale
1,242
1/65
Page D-20
GLD31255
Collinsville
Liquidation of all Lithopone manufacturing facilities including buildings, machinery
and equipment as of August 28, ' 4.
A contract was let for the dismantling and razing of all buildings within the confm of the existing plant fence with the exception of a warehouse change house, office building and garage. In addition, most office equipment is being retained for admin istrative work.
Fixed Assets Loss on Abandonment
Cost 855,719
Reserve 695,220
Net Book Value
160,499
160,499
1/65
Page D-21
GLD31256
Frozen Food Abandonment
F.-irt l i 1 arid continuing abandonment and oaLe of ti.o frozen food operation at Eden, new Yor* oeginning as of April 6, 1964. Although not physically abandoned, th; equip ment is to be kept in top working condition so that it can be sold.
Sold;
Certain of the land, buildings, machinery and equipment, furniture and fixtures and automotive equipment to Growers and Packers Cooperative Canning Co., Inc. of North Collins, New York.
Sale to Gro-Pak Cost
Reserve
Net Book
Value
Fixed Assets Net Proceeds
378,551
65,389
312,662
85,000
Loss on Sale
227,662
Fixed Assets Net Proceeds Loss on Sale
Fixed Assets Loss on Abandonment
Other Miscellaneous Sales
Cost 69,971
Reserve 12,005
Abandoned
Cost 198,071
Reserve 35,972
Net Book Value
57,966 31,139
26,827
Net Book Value 162,099
162,099
Total Fixed Asset loss Packaging Material Loss Dismantling and Moving Personnel Expense Inventory Write Down Excess Cost
Total Loss
4l6,588
11,480 28,084
6,631
1,099 86,511
550,393
1/65
Page D-22
GLD3I257
Buena Park Land
SOiiD - 13 acres of land to the City of Buena I'iiia . California on November
LX''
Fixed Assets Net Proceeds
Gain on Sale
Cost
13,698
Reserve -
Book Value
13,698
425,645
411,947
SOLD - 6.47 acres of land to the Movieland Wax Museum on February 2, 1964.
Cost
Reserve
Net Book Value
Fixed Assets Net Proceeds
4,79?
- 4,792
161,613
Gain on Sale
156^821
Total Gain on Sale of Buena Park
568,766
Assets with a Net Book Value of $333 were transferred from idle Buena Park land, Division 75, "to Buena Park operating, Division 3*
1/65
Page D-23
Gl 31?5 e