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