Document 6bpkQ3qmVpmnj8BjMzrDgMVvo

EAkCSiUE 1 nCKER FOR THE FISCAL YEAR 1 ENDED NOVEMBER 3 0/ ,4 THE EAGLE - PICHER COMPAN N11813 t (i ! : ! : A (I ]. K - I* ] C II K, I! ('(>M PA \ V TO OCR SHAREHOLDERS: Tin1 year IDM was one of outstanding progress and achievement for The Eagle-I'icher Company. Important acquisitions and expansion of facilities have increased tied util and potential earning power, and shareholders' investment is now more broadly diversified and, in our opinion, more ell'ectively Tomployed than ever before. , Despite this basic progress, operating results for Ida! were disappointing. Darnings for the first six months1 of the year were affected by lower in dustrial activity and the tendency of many of our customers to adjust inventories downward..-As the year drew-to a close, it appeared that these trends had'been checked .and, in most-cases, reversed. ..... Net. sales of The Kagle-Picher 'Company for the'fiscal year ended November 30, 1054 amounted to $83,233,880 compared with $85,033,403 for the' preceding year, a decline of 2.1' Net profit for 1 dad was $2,44(>,829, equivalent to $2.47 per share, compared with $3,242,9K(5,. or $.`1.28-. per share, for 1953. . Dividends aggregating^i .at) [>er share were paid in both years. . . . : ... As at November ;!(), 1954, net .worth was $31,610,917, equivalent to $31.9(5 per share, a new all-t ime high.. .. . . . :. .Vf'tr ArfiriIi<`s In July, The Eagle-l'icher Company offered to purchase the entire stock of Eabricon Products, In.c.; at, $33 per share. Subsequently, all of the 300,000 shares outstanding were acquired and the' company, was dissolved. Its operations are now conducted as Fabricon Products, a division of The Fagie-Picher Company. Fabricon Products is a leading producer of trim t foundation panclst deadener felt and other fibre products for the'automobile industry. It also manufactures various types of plastic products and waxed paper and cellophane wrappers. For its fiscal year .ended. November 30, 1953, net sales amounted to $27,058,000 and net profit was $1,21S,U00. For the seven months ended June 30, 1954, net sales were $14,903.000 and net. profit was $051,000: net sales of $12,600,000 and net profit of $525,000 for tlie live months ended November 30, 1954 are included in our statement, : : The Company's new zinc roasting and sulphuric acid plant, tit, 'Galena, Kansas, was completed and commenced operations in August. It was grati fying that the final cost and completiondate coincided closely with (lie original estimates made two years earlier.; However, many operating prob lems have been encountered as often happens in a complex new operation of this character. Operat ing costs to date have been 'high but we are confident that results will meetcur expectations. Also in August, The Eagle-Picher Company purchased the zinc properties of Calumet it Hccla. Inc. in the Wisconsin-Illinois field, com prising leaseholds on approximately 8,(>50 acres of land, as well as a mill, suppA's and materials. This acquisition, which more than doubled our ore reserves in that area, is anot her instance of t he policy ol increasing, ivserves whenever favorable opportunitiesari.se. During the past, two-and-ene-lialf years, the Company has invested approximately $30,000,000 NET WORTH PER SHARE (A! November K)i (Hast'd on [irosent fafiitalizaiioni - -3- in furtherance of its expansion proyram, a sum nearly equal to its net worth of $81,610,917 as at November 80, 1954. There has been tio increase in ; stock1 rfipitalizat ion while this was beiny aeeoni- /plished.;, T /T.yy:b:.' y- .V ' . ' V .... Salt's - Net sales of 282,SSI.) for the 1954 fiscal year were, the second laryest, in fhe'-Company's: ' .history, beinjj exceeded only by $85,022,402 re corded in 19b::. f Sales declined from (he first Tmuter-rof TH52 throuyh !lie first, iptarli'r of 1954 but liavi- been in a steady uptrend since t hat time. Sail's for: (lit> fullsyyar were onIy,.2;1 rf beloiv 1952 despite ;t ilecline of .nearly 2!)', in the first six . iiionflisfwSiiles for (fie%vcond half of 1954 were: :$50,822,974, i>i' ;it an annua! rate of sliyhtlybetter t lam $100,OOd.OOO. ` 'y lutrninus . ; For I lie fiscal year ended November 20, 1 954, nel profit amounted lo $2,44(1,,829, or $2.47 per share, compared with $2,242,96(1, or $2.28. per .share.,-for 1952. ..Net profit. for the second half year -exceeded-.that for the second half of 1952 lnd (he irain was not. sufficient to offset, (he decline in the first six mont hs. , The-Company, adopted the base-stock method of inventory valuation .as at November 20, 1949 when it established 25,000 tons of metal as a base stock, consist,iny of 15,000 tons of lead- valued at (11 cents per pound.and 10,000 tons of zinc valued at. 5 cents per pound. Because of a materially diflcronf coni|)osit ion of the .Company's business; base-stock quantities were adjusted in 1951 fo 12,500 tons of lead and 12,500 tons of zinc. Rofleetiny improved inventory controls and the ehanj;<-<l nature uf the liu>ines>. nu-lal N*nJent of iead inventory ha- remained iniow !2,.VH tons for two years. Therefore. the Iia-s^stock quantity of lead was reduced further in 19.Y1 to u,<WXI tons and that of zinc was iiu-reasi-d to ld.ootl tons, h should he noted that ayyrcyalc basc-Moek> have been maintained at 25.000 ton.--and valuation prices have remained unchanyed. The adjust merit of hasc-stock quantities in 1954 resulted in a credit-to other income of $402,072. However, production and manufacturiny costs were .charyed with $4X1,(198, arisiny from hiyher market, prices for both lead and zinc. -Since--the debit to production and manufact uriny costs exneeded tile credit to other income, the base-stock method-of-inventory, valuation did not materially alfect 1!)5'1 earninys. . ., ;; _ :. . Ilalancr Shvrl The most, strikiny chanye in the balance sheet as at, November 20, 1954 -compared with that of a year earlier is an increase of-$8,240,424 in net property, plant and equipment, .and a decrease of $7.2(11,701 in workiny capital. This major shift in assets reflects the substantia! capita! expendi tures made duriny 1954. Net property account, lias increased by $14,722,002 over tire past three years to a total of $25,824,409 as at No.vomber 20, 1954. As a rousequence, more cash will be yenerated from operat ions by virtue of liiylier depreciation an<l depletion charyes. .. . v . Workiny capital of-$18,44-7,048 at, the close of 1954. while well below-the past two rears, is believed adequate for the needs ail' the business under present conditions and-should rise over (lie next year. The-increase of $2,2(19,549 in inven- YKAR-TO-YKAR COMPARISON First Half.. Second Half Year Nu t Sa mo s .1954 1952 Nu t Pr o f it Bk f o r k Ta n k s 1954 1952 $22,400,90(1$45,477,(588 $1,294,188 $2,212,107 50,822,974 29,555,715 2,552,641 2,640,859 $88,222,880$85,022,402 $4,9-16,829' $5,952,96(5 Nk t Pr o f it 1954 1952 Nk t Pr o f it : Pk r Sh a r k 1954 1952 $ (109,188 $1,787,107 $0.62 $1.81 1,827,641 1.455,859 1.85 1.47 $2,446,829 $2,242,966 $2.47 $8.28 lories during I In* year was due largely to rhe acquisition ofFabrieon Products, Inc. 'I'lic Company's investment in Mexico at Xo- vember l!)f>4 was a reduction of $1H0,470 for 'the year. At Xovemlier .`50. Pl-IB. invest merits in ami advance-. to foreign -uh-idiarie- amounted to 142. of whicii $2.!):>4,t!7u rep- resented Mexican subsidiaries and $74S.4.72 was investment in Canada. Our slock in the Canadian company was sold in 111.7:1 and the Mexican invest ment lias been reduced to its present amount by repayment of advances. Funds derived from these sources have provided an important part of the. funds spen1 on new facilities. . ., A term loan .was arranged during 1!);">4 with a more favorable maturity schedule..and the same ' principal- amount and interest rate as the loan which, it replaced. 'The present $1 a,000.000 TV, tiotes tire to be paid $1 ,()<)(),()()(> annually starting in 11)60 whereas the .preceding loan called for payments aggregating $4,MOO,000 prior to 1!)(50. ('.ustonirrs The Company's business is now quite different from that of a few years ago. Tin* automobile in dustry in the aggregate, is the largest user of our products. The storage battery, paint and steel in dustries, comparable in importance, tire next in size. Other major industries' constituting .important cus tomers include- the building, food, farm equipment, fertilizer, rayon and ceramics industries. : Most of Hagle-i`ichor's stiles are made to other ..industrial, companies, rather than the ultimate consult*?*, .so thal. Iht1 U*rni "u nuuuifactuivr's manufacturer" is descriptive of its economic limefion. The Company ranks as a principal supplier of most;of the products it sells. Inventory fluctua tions have been reduced considerably by better inventory control, the new character of our busi.ness, and the base-stock method of inventory valuation followed for the past -live, years.'.-The present, operating divisions of the Company all -appear;.to have a favorable growth potential and each one is, in elfect, competing with the others for funds available for expansion. Matuigemvtil ('hanges Mr. Orson A, Rockwell, formerly Vice President of Calumet & Hecla, Inc., was elected a Vice President and Director of The Fagle-Picher Com- t\ri *4 it pany .-.in March P.G-i, Mr. Rockwell serves as (tenoral Manager of ..the-' Mining and Smelting 1 livision: : -: At the same time. Mr. Clen J. - Christ ner. (Jenoral Manager of the Insulation Division, was elected a Vice President, and Mr. Richard Serviss. formerly Assistant Secretary, was elected Secre tary. , . : . Mr. Louis A. Fisher, formerly President of Fabrieon Products, Inc., and now President and General'Manager of the Fabrieon Products Divi sion, was elected a Vice President of The KaglePicher Company in Xovember Ifta-l. Outlook It appears tiiat general indust rial activity will he on a -.higher level (luring 1 and might ap proximate or even exceed the peak year-. P.f>:5. Given such a background, the coming year should be a- more profitable one for The - Kagie-Picher Company. In addition to benefit ting from a higher level of business, the expansion program of tin* past two years should improve earnings. Wo are extremelv optimistic about tin* long-term growth of the American economy. We believe that, business organizations with capable manage ment, skilled workmen and essential products-will find opportunities to expand and to employ capital profitably. We shall strive constantly to be an active,dynamic and growing company so ihat our shareholders may benefit from this larger econ omy. Ju k i. M. Po w i.b v Chairman .Cincinnati,- Ohio February 1, ! !).">."> T. SritNCKR SlIOItK . President. ^............................. t i n -; isic-p i <` ii k j * r<>.\s i*.\ x .'7s7,7 .7 7 '7177'::i5;A..a ;;::T7.777-. , 7 ,7x 7: '7. ' % ;.r r ASSKTS yfecT y K'-' _ -'v`: . :. ' 7. ' 77s.. \.,V" "' 7 y. . VS 1!.:,! ':r '.... . TA.::- s; ' . . , 'S', ' ' ^ S S;S . ,\ ' 1 . !; J;.., ' A- ' 7 r.-KUKN-T ASSKTS: , . .. ,7 V.;u V..... : .r -- ..... . V - '.T.f v: r7;C':;y7,7'y7^^ . y: 77; ..... !*.l-> 1.880 . I . S. Co' Accounts and .... $252,020 and $24!>,425. 11 cost i market. v ;i!ik $888.<5!t7 -- :;.v.7...y..7..7..7..:...':.;.'vs ..... .................................................... ........ ... ^ sS-.li"sK.o-;,o,Ks - . . . --77 '7: i0:,.851 .885 , . . - ..3..J.d.a..2, ui; !nventories of niw materials, work in process, finished products and A.,.supplies (note 1): , s s s : Ores, metals and metal heariu.ir products ; . . 7..-77: y7.y.,: 41 ,4(5(5,852 Oilier:: ss. : ' 7 yyy-yyyyv,>...- s .-7 7.(570,75! .-j .o o u o .i 5,715.050 . V .. 77;'7'V. ,"'7 ; "V'.....7t ':7 77 ; ...:' .s' Xy7;7;.. 77; yV..: :: 12.14(5.108 : dd.or. 1,182 8,77(5,4a4 7 7 21.81 r>,(tl 7 : ,v:.7.77,/777yi7, ;y y' - ' ' -. .. A.)..TH. Id..v... AS.S...K. .TS :.7.. : , : 'p'\;S;7'\AVy;vr::^7.; Repair parts and maintenance supplies . . 7 7: . 7 7 "... 7.v:7s : ,7 7 8(54.810 : , lnvest.nK'ht:.in ,;uid advances to associated comjKt.ny and sundry .so- : 7 7 curities at or helow cost . . . . . . ,. : 7; . > . 7 7..;,7 . . . : ... 7 .7, /. 814,(578 7 7 7 Miscellaneous.accounts and advances: 7 v7-; s- ,7 7 .. -' '7 7 . ' "7, -v:77-A7 7 .. . : 7 .7 .. So. . 77;. : .77 7: 2;. 87(1,1:71 1:,541M>8!)7 :s ..:.7-.".7.T.s..:.. .....7.,..-.,.'p.7....;7. ,,, . ...... . a,..'::, /.',;'':-.77. ..... 5;; ... 7-77.S 7,7: .7: . I W'KS'I'M KN'r. A:T ('()S'l', AN IV"ADVANICKS ` M KXK'AN SIT.SIDIARIKS.................................. ,7. .7. 7..;, 7 ,, . .7. >7 ,: .7 ....... '` .'-7 42(5.(582 :1,02(5.(5(58 81(5,927 488,128 1781.72S (507,152 .-s,;. y'-.s.:.', : . 7 7'-, 7v.' '7' 7` 7y7'7.7;y-77 : -77:7;'' .7.7.7 ' I'ROI'KRTV, IM.ANT AND KQIMI7MKXT: 7.'7: 7;..:,7 yd.'TA. ' 7 7 Mining lands and leases; mills. smelters and manufact.uriny plants; : ; railroad and oilier properties at cost.................... .. ; . . . . . . : , . . f)8,7f>8,42(5 x /.css: Allowance .for. depletion,.depreciation, elc.-.......... . . . ...82,1)84,017 25,824,40!) 47.(548,41)4 20,0(54,50!) 17.588,1)85 RRKPAII) AND DKFKRRKD CHARCKS: ['repaid freight, insurance, etc. . Miscellaneous deferred charges. . . . 415,81!) S(58,155 1,2 i'8,S)74 85!), 180,887 2!)(5,(578 48(5.885 738,5(58 $52,521,445 The iu'campttiiuimj vofrs are tn VAN I) HUM KSTIC S V B S I 1) I A U I K S MAHIUTIKS 1951 (TRRFXT UABIUTIKS: Accounts payable. . . Dividend payable Accrued liabilities. . Federal taxes on income, less 1'. S. Covernment obligations, $3,443,325 at November 30, 1953. . . .... .. I.onir-tenn debt current port ion To t a l Cl k u io n t Fia h il it ik s .. $ 4.759.001 593.500 2.357.827 3.893,741 11,004.135 1953 $ 3.130.202 593.500 2.120.500 150.000 0,000.208 -ONC-TKRM DFBT mote 4>: , 3:! ,rf' notes, maturinir serially to September 1, 1972, less payment :dm* within one vear, $ 150,000......... .................. , . . . 3:i ,r,' notes. maturing serially to July 15, 1974. . . .. . 15,000.000 15,000,000 RKSFRYKS FOR SFDF-IXSFRAXCF: ; Workmen's compensation . . . . , .v. . . .. . ..... ......... ....................... Fire and tornado . . . .............. .. . . . . . ................... :........... . . ; . 750,25!) 15(5,57(5 015,835 710.28(5 149.8-16 8(59,132 STOCKHOLDFUS' KQl' 1TY : Capital stock - par value $10 per share; authorized 1,500,000 shares; issued and outstanding 080,177 shares (note 5)........................................ Surplus: Capital surplus.......... .. Famed surplus (note 4j ...................................... . 0,801,770 2,771,081 18,047,400 31.(510,91'; $59,130,887 9.801,770 2,709,110 17,985,159 SO,040,045 $52,521.445 THE I*: A<; Li'-l'K 'll ER COMPANY AXI 1 M M KST1C Si iiSH ll ARIES YKAKS KN'DKI> S'OYKM 1IKU :!0. IHVl ANI* !**Yi n et s al es PRODUCTION AND MANUFACTURING COSTS. CROSS PROFIT- before depict ion and depreciation. S FI,LINT I, GENERAL, ADMINISTRATIVE AND EXPLORATION FXPKNSKS.................................. 0PERAT1N'(I PROFIT - Indore depletion and depreciation. OTllFR DEDUCTIONS. NET: Interest. v:e-..A . ^, -v: ; Other income (note 11 .N.: 7.; P.;''':; 'V PROVISION FOR DEPLETION AND DEPRECIATION. . NET PROFIT - before1 Federal and State taxes on income. . . FKDKRAL ANI) STATF TAXKS ON INCOMF.............. NKT PROFIT FOR YFAR................................................ . WARNED SFRPLUS AT RFC INNING OF YEAR. CASH DIVIDENDS PAID AND ACCRUED.. \ . . EARNED SURPLUS AT END OF YEAR (noted).,. 1 954 lit.'4 $83,233,880 .585.0:1:1.40:1 (>9,241,556 70.245.3S0 13.992.324 14.7SS.023 7.000.4-lf, G.D2S.S7D 7,070,984 7.711.039 5G9.38G <577.914) (8.528: 0,937.407 1,990.578 044,8!)!) (444,198) 200,701 7,510,338 1,557,372 4.946.829 5.952,966 2.500,000 2,710,000 2.446.829 3.242,9(56 17,5)80,15!) 20,431,988 1G,243.025 19.485,991 1.484.522 1,500.832 $1S,947.466 $17,985,15!) 7 tic uct'Oin/utityi Htj iiotcx tire an .mteyral part of this statr`wcitt. i i Itcnot^e credit. THK KACLK-I'K'IIKH COMPANY AM) I>< >\t KSTIf' SI'HS!HI Ai.. NOV KM UK It 30. 1974 I Ores, metals andmetal bearing products ha ve been valued at the lower of cost or market w inch has l-en Ter i ; dueed to state basic quantities.of lead and zinc at fixed prices, based on <>.7 cents per |vound for lead New York - and 7cents per .pound for zinc (Hast Si. I.ouis i, under the base stock method of inventory valuation adopted at..'November .'1(1, 1949. AL November 30, 1 974, basic quantities were 9.(100 tons of lead and Hi.OOP tons of zinc compared w ith 12,70(1 toils of each metal at'November -'SO, ] 9.1:1, or a total of 27,000 tons of both metals at the beginning and end of the year. This shift in basic quantities has been made because of the materially changed nature of tin1 company's operations and its basic inventory requirements. For; the past two years the metal content of lead inventory has 'been substantially below the established quan tity of Id..10(1 tons. . Tii give recognition to t he chunked .operating' conditions and inventory requirements, t he basic quantities of inventories were restated at November .'ill, 19.1-1, with a resultant credit of $402.073 . ... to other income., Due to the .rise .in metal prices during the year, a charge, to production costs of $4SI,fi9K ."... was required to maintain basic quantities at the stipulated fixed prices. . ,c Other inventories have been valued at average and standard costs, or lower, .which approximate replacement ' '.'.market.''. ' - V-; : - - ' : 'v- ' ' . '. 2. In .July 1974 The Kagle-l'icher Company acquired substantially all of the outstanding capital stock of Fabri- con Products, Inc. at a costwhich was approximately $97(1,000 in excess of the book value of the net assets. This excess has been allocated to property, plant and equipment in the consolidated financial statements. <_>i:,^-X1i'!.9iat.emenl.'nr_ensnli(late<! profit urt(lj!s8,'.ut<Jutlj,s.iipj|3ilitH>s of this subsidiary front July. 1 to N.qv-. ember 30, 1974. For this period the acquired company had net sales of $12,1)00,0(10 and net profit of "''d;$727.ooo.''Y J't . t o v -;, C. , -i.; .t ..;./-'.' .'w\ / .".-t :l. The company has secured certificates of necessity' on certain facilities, which permit $2,719,00(1 of the cost to he amortized over a sixty month period for the determination of income subject to Federal taxes, in the financial statements depreciation of such facilities has been computed on the basis of the estimated useful lives.of the assets in accordance with the company's established depreciation policy. The amortiza- (ion deducted Tor. Federal income tax purposes is $1 (>(>,000 in excess of t he depreciation recorded in the accounts. Federal taxes on income have been reduced by $S(>,000 as a result, of this additional taxable de- . du'rtion.. .......... - > 4. Under the provisions of the loan agreements pertaining to the 3;ii% notes due July 17, 1974 icntered into on . July 17, 1974 and replacing the agreements pertaining to the notes due September 4, 1972.1, the company .is-.required to prepay $1,000,000 on July 17 of each year to maturity commencing in 1900. The.`i:,.j% notes contain a covenant which, so long as any of the notes remain outstanding, restricts t he amount which may be declared as dividends (other than those payable in capital stock of the company) or applied. : to the purchase, redemption or retirement of the company's capital stock. At November JO, 19.74 the . amount not. so. restricted was $7,023,420. ? . ; . , , ;. ; : ., 7. On March 23, 1 974, the stockholders of the company approved a stock option plan under .which options to .purchase an aggregate of 77,0(10 shares of the'capital stock of the company may lie granted to key cm- . ployees,. . . ,v - ... .. "... '..'..Options granted, under this plan shall be for terms not to exceed ten years and shall not lie exercisable until . one year from.the date.granted or unless the last sales price '(market quotation') before the date of exercise' is at least 20% above,the option price, .the option price being the fair market value at the date of granting but not. less than the last sales price of such-stock on the New. York Stock Exchange. The shares subject to each .option shall become purchasable to the extent of 27% on the first and each successive anniversary of the date on which the option was granted, the installment; rights lining cumulative. Options were granted on March 29, 1974 and November 3, 1954 entitling the holders thereof to purchase 62,500 shares at $ 19..'177 per share and 7,000 shares at $26,375 per share, 'respectively. fi. A portion of the company's sales for the year ended November 30, 1974 is subject to renegotiation under the Renegotiation Act of 1971Management is of the opinion that adjustment, if any, for the year then ended, will not be significant. \ b- 'i K ! .M . \ _________ __________FOR THE FISCAL YEARS 15)30 1513! SOIJBCE OF FI NDS Net Profit . ..............$16,358,512 Depreciation and Depletion. . 8,860,5)21 Increase in Long-Term I)i*bl . 7,500,000 Decrease in Foreign Investments. . . 3.256,460 Net Proceeds Sak' of Fixed Assets . 8,628,50!) Reserves and Other Sources............... 823.741 $351,5)28,173 APPLICATION OF FI NDS Dividends Paid . ... $ 7.231.323 Capital Additions 23.684.361 Increase in Working Capital (Cash & U. S. Covts., $4,271,1611 3,827,476 Increase in Other Assets. . . ... ... 807.828 Surplus Adjust meat . ... / 376.5)83 $35),5)28,1" KOIt TIIK YKAItS lONDF.I) NOVKMliKK 30 INCOME STATEMENT 1 15)31 15)33 15)52 I1 . . ' . . . . 15)51 15)50 Net Sales.................................... $83,033,403 $81,85)3,067 $82 086 318 #00 1^3 003 Depletion and Depreciation.;. . . . . ' 1,95)0,578 Net Profit, Before Income Taxes. . . . . . 4,5)46,82!) 1,337,372 ; 3,5)32,5)66 1,623,123 4,323,643 1,45)7,202 5),508,807 1.65)2.616 6,:i!)!),2!)6 Net Profit........................................................ 2,446,82!) 3,242,5)66 4,035,643 3,708,807 2,!)2!),25)6 Net. Profit Per Share"*. . . . . .. ;......... .... v. 2-47V. 3.28 4.08 8.71 2.5)6 Dividend Per Share1' - 'Calendar Year CwLbdC; a Lot) V i.f)0 1 .fit) 1.3.6 t BALANCE SHEET '--w.. \ ; Property, Plant & Equipment,, net .. . $23,824,405) Working Capital.......................................... 18,447,048 Investment in Foreign Subsidiaries. . . . 426,682 Long-Term Debt ....................................... 13,000,000 $17,383,5)85 $16,45)3,018 $11,102,406 23,808,745) | 607,152 | 15,000,000 | 25,176,5)75 j 1,318,155 | 13,575,000 ! 18,625,755 2,25)6,776 7,500,000 $11,825,613 15,486,220 3,354,45)3 7,500.000 Net Worth..................................................... 31,610,5)17 30,646,045 j 28,85)8,443 26,35)8,15)5 24,441.85)4 Net Worth Per Share'1.............................. 31.5)6 30.98 25).21 26.68 24.71 '1 Tor share data based on 989;477 shares presently outstanding.' sswMIBWIWSWr' b s s |s k IM:` j \( It 1. 1 ARRICON I'UOI)(TTS DIVISION' INSULATION DIVISION ! A i J TT MANUFACTURING PLANTS: tttvf:n liin <;i:. mh t iio \n ; riin.- U'KLPtitA. P1.NNSY1A \N|\: PITTSWKCH. rt.NNSYJ.YANI \: Los a n o k l k s . < \l ii o r m \ I 'lUNiTI'AL PltoprclS Automotive: ,loor rio.r pancb. trunk liuing-v foundation parts. sound de-nleoers. door ear}"-t mats. sun visor-. d:i'h "mats, gjovc. bows; waxed papers: bread, candy and Tend wrappers, print(i *>r plain, mil nr slits*?; aniline printed ndlophatie atitl polvethy- I*m* food wrappers; plastics: custom impregnated j :i textiles ami glass cloth; molded polyester Tiberglns parts .; ; MANUFACTURING PLANTS: m.a k k . n k v a d a : DmT.it, ma y JKItSKY; JOIM.IN', MISSOURI: WAHASIL INDIANA PRINCIPAL PKODUCTK 'Mineral wool insulations: cements, blocks, blankets, felts: aluminum storm windows anil screens, storm, ami screen doors: diatomaeeous earth products :: . Ml NINO AND SM HI TING DIVISION MINKS: T1M-STA.TK DISTRICT (Missouri, Kansas, Oklahoma i; c.ALKNA, ILLLNOLS; Slim,LSlUIltt;, WISCONSIN; PARItAL, MKXICO ZINC' SMKLTKR: iiu n k y u t t a , Ok l a h o ma ' CONCKNTRATING MILLS: c o mml u c k , Ok l a h o ma ; o a i.k n a , II.I.INOIS; I'ARICAt., MKXICO GFRMANIUM PLANT: mia mi, Ok l a h o ma CONSOLIDATKI) SUPPLY COMPANY: t h b k u k ," Ka n s a s NORTHKAST OKLAHOMA RAILROAD COMPANY: Mia mi. OKLAHOMA . . PRINCIPAL PRODUCTS Slab aitic; chat; cadmium; germanium; gallium 01110 RDHIJKR COMPANY I DIVISION ACT '"'-cy.. 'y cA:; -T \l A N UFAC.TU RING PI,AN'I S: wil l o u c u h y . omo: t'o n n i;a i''c VlbLK, PIv NNSYIA'ANIA; I.ONtS ISF.ACII, CAI.II'OltNIA PRINCIPAL PRODUCTS Molded, extruded rubber-to-met.al meclianieal rubber products: automobile lloor mats, miseellaneous mats, .weatherstrip, tuhing, vibration mountings, handle grips, semi-pneumatic tin's,defroster hose, tracks for track-laying vehicles, flexible vinyl parts and perforated materials; products manufactured from natural, synthetic and silicone rubbers c . P1GMHNT DIVISION MANUFACTURING - PLANTS: c s a l k n a, Ka n s a s ; iiil l k b o r o , ILLINOIS; JOPLIN, MISSOURI;MAVA1IK, NBW JBKSBY PRINCIPAL PitODUCTS Lead free zinc oxides, leaded zinc oxides, white lead carbonate, super sublimed white lead, sublimed blue lead, basic silicate white lead, lead silicates, red lead, lead peroxide, orange mineral, litharge, sublimed litharge, lithoponc, germanium metal and dioxide, sulphuric acid s - - 12 -