Document 99DO8ZawM1NqNxXga2EKNwwwV

_/ RECilVtO. 2137 ! aON. CHM. n- THr. 30. MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS or Pittsburgh coiensc corporation HELD IN HEW YORK CITY. N. Y., MARCH 7, 1974 The regular meeting of the Board of Directors of Pittsburgh Corning Corporation was held at the appointed time and place. " Members attending: James H. Bierer, Presiding Robinson F. Barker Allen W. Dawson Amory Houghton Amory Houghton, Jr. Felix T. Hughes T5-4S Pi Of'5 1 M PIL. Stanton William^,1 i J i-j/ ! t k I. \ !'/ *.ir r W * f | I 'w > ' i HIH I NOT COME FROM PPG FILES The minutes of the meeting held December 6, 1973 in New York City were approved. Mr. Bierer reported on sales and income for the two months ended Feb r ruary 28, 1974. These were as follows: (In $1,000*s) P. C. Europe Budget Estimated United States Budget Estimated Consolidated Budget Estimated Net Sales Net Income $1,181 $ (278) $1,463 $ (118) $2,280 $ (122) $2,504 $ (40) $3,461 $ (366) $3,967 $ (114) Mr. Bierer also-reported on the current order receipts and backlog position, advising that the current period is reflecting a stronger tone than the past several years. The Board discussed the Impact of increases in materials snd labor costs n corporate profits and requested that a review of possible action by the Company be made. A.report, is to be made at the next meeting of the Board. The cash position of Pittsburgh Coming and Subsidiaries was presented and reviewed. After a review of the Cash Balances and estimated cash positions at year-end, upon motion duly made, seconded and carried, it was RESOLVED, That it is in the best interests of the Company that a dividend not be declared for the quarter ending March 31, 1974. __ ----T'TT.'V*' THIS DOCUMENT WAS NOT A RECORD OF PPG INDUSTRIES, INC. DID NOT COME FROM IT'S FILES AND 'CANNOT BE AUTHENTlCAiED BY PPG INDUSTRIES. INC. 5717 2 ( The Board vas sent a copy of Appropriation Request A-1484 on Jan uary 21, 1974, Informal approval was granted in late January and early February to proceed with the Project, It was After discussion, and on motion duly made, seconded and carried, % -\ RESOLVED, That Appropriation A-1484 in the amount of $190,000 for the Purchase and Installation of SemiAutomatic Finishing Equipment on iines 1, 2 and 3 in Plant 2 at Port Allegany be, and hereby is, approved and the proper officers of the Corporation are authorized and dirteted to procood with th. pco3e"-N0TE;THiS DOCUMENT DiD NOT COME FROM PPG FILES The current status of Product Development projects was reported. Mr. Blerer discussed the following projects: GEOCOUSTld Systems orderr and prospects FOAMSIL 28 NODULES f Mr, Maston advised the Board that the Pittsburgh Coming Corporation Employee Welfare Committee had met on February 9, 1974 to review proposed changes in the Pittsburgh Coming Corporation Employee Investment Plan. A rewrite of the Plan incorporated two Amendments that hml been approved ?n 1973; specified with drawals from Fund C and D (Company Contribution) Funds to be made in CASH, and Plan sections had been rephrased for better understanding. The Employee Welfare Board approved the changes and recommended that the Board of Directors ratify this action. After review of the changes, and on motion duly made, seconded and carried, it was RESOLVED, That the actions of the Pittsburgh Coming Corporation Employee Welfare Committee on February 9, 1974 in approving the changes in tha Employee Investment Plan be, and are hereby ratified. Mr* Blerer Informed the Board that an Agreement had been signed 3ith SEDIVER, INC. on February 22, 1974. SEDIVER Is a licensee of SERAVER, Paris, France and will produce insulators in the United States, Pittsburgh Coming will manufacture glass parts used in the assembly f the Insulators, The Agreement will be for an initial five years, starting with the date of the first purchase order or January 1, 1975, whichever comes first. Renewal of the Agreement will be every two years thereafter subject to certain conditions. THIS DOCUMENT WAS NOT A RECORD OF PPG INDUSTRIES, INC. DID NOT COME FROM IT'S FILES AND CANNOT BE AUTHENTICATED BY PPG INDUSTRIES, INC. IWUoo'i"bb' 571S 3 f SEDIVER will furnish the equipment necessary to produce the glass parts Pittsburgh Corning Corporation will install the equipment under the supervision of SEDIVER personnel. Production will start approximately June 30, 1975. pected to be 250,000 units in 1975 and 400,000 in 1976. J ' Shipments are ex Mr. Bierer reviewed the current status of the class action law suit initiated against Pittsburgh Corning Corporation et al. The Board requested that Mr. Walter McGough be invited to attend the June Board Meeting to give the Board an tip-dace on the status of this suit. The Salary Committee met to review new appointments. Mr. John H. Price, Jr Managing Director of Pittsburgh Corning Europe, will be transferred to the United States as of March 1, 1974. Mr. Price will assume the responsibility for International Operations and hold the title of Vice President-International Operations effective March 1, 1974. Club. The next meeting of the Board will be held June 6, 1974 at Rolling Rock No other business being presented Co the Board, the meeting was adjourned at 2:40 P.M. Frank R. Maston Secretary \ BY PPG INDUSTRIES, INC. | BB 0023844 | 5719