Document J6D0QLdgYzrzrBKZvMQX166v

GLD003005 William G. Phillips Elected Chief Executive Officer At its regular meeting on May 24, Glidden's Board of Directors unani mously elected William G. Phillips to the position of Chief Executive Officer of the company. He succeeds Dwight P. Joyce, who had served as Board Chairman and Chief Executive Officer since 1955 ard who will continue as Chairman of the Board. Mr. Phillips, 47, was elected Presi dent of the company in 1964. He joined Glidden in 1948 as a tax accountant. In progressing to the presidency, he served as Treasurer, Coordinator of Long Range Planning, Vice PresidentPlanning, and Administrative Vice President with executive responsibility for Durkee Famous Foods. He was elected to the Board of Directors in 1953. Mr. Joyce was elected President of Glidden in 1947. At the time of his election as Chairman and Chief Execu tive Officer in 1955, Glidden's sales amounted to just over $200 million. By fiscal 1966, sales totaled nearly $352 million. Mr. Phillips and other members of Glidden's top management group have played increasingly major roles in Glidden's growth under the leadership of Mr. Joyce. In announcing the election of Mr. Phillips, Mr. Joyce pledged hia "full support of the leadership of Bill Phil lips and his management team." In about a month, we expect to mail your proxy statement regard ing the proposed merger of The Glidden Company and SCM Cor poration. This statement will give you detailed information on the merger. A SPECIAL GLIDDEN Chinese Red paint formulation distinguishes the Nationalist Chinese pavilion. Although there is no Glidden pavilion at Canada's dramatic Expo 67 in Montreal, Glidden is there nonetheless--and in a most impressive manner. Glidden coatings and resins products are used to protect and beau tify more than 20 buildings and facilities at Expo. Polyester resins, marketed under the Glidpol name, are used in building products, panels, ceiling and wall boards throughout the exposition. Combining lightness with strength this material offers resistance to most forms of corrosion and weathering and permits dramatic architectural and struc tural variations. A major use of Glidden products at Expo is in the lighting system, created by Cana- Glidden at expo67 g LD003006 PANELING at "miniriil" stations is made from fibergiuus reinforced Glidden polyester resin panels finished with Gel-Kote. dian General Electric, which consists of more than 2,000 individual fixtures. Filamentwound tubes for these Ights were made with Glidden's polyester retins reinforced with fiberglass. Glidden's interior and exterior coatings were used on a number of national pavilions, including Canada, Nationalist China, Great Britain, and Australia, as well as those of the provinces of Ontario and Quebec. Coat ings were also provided for the Bell Telephone pavilion, Canadian Pulp and Paper Industry, Air Canada, Labyrinth (created by the Na tional Film Board of Canada), Man and the Community and Man the Provider pavilions. The concrete floor of the Man and the Ocean pavilion features Glidden's Nu-Pon HABITAT 67 incorporates many new architectural designs, including prefabricated bathrooms of Glidden's polyester resins finished with Gel-Kote. Cote epoxy. Glidden'B exterior paints cover all seven minirail stations. One of the fea tures of Expo 67 which has attracted a great deal of interest, as well as controversy, has been the massive, architecturally distinctive Habitat 67, a residential structure designed to demonstrate economies possible through the use of prefabricated mass-produced build ing components. Glidden is there too--with its sanitary white Gel-Kote used in the mold ed one-piece bathroom unit which includes walls, tub, sink top, and wash basin. Through these and other progressive Glid den products, your company is sharing in Expo 67's presentation of Man and His World. MORE THAN 2,000 Expo 67 street lighting fixtures are made of Glidden's polyester resins reinforced with fiberglass. THE CANADIAN Pulp and Paper Industry's pavilion features a striking roof pattern with varied shades of green from Glidden. CLD003007 The Glidden Company and Subsidiaries SUMMARY OF CONSOLIDATED INCOME STATEMENT June 30,1967 To the Shareholders: At the regular meeting held on May 24, 1967, the Board of Directors declared a cash dividend of 25 cents a share on com mon stock payable July 1, 1967 to share holders of record at th> dose of business June 8, 1967. Net sales for the nine months ended May 31 were 8264,699,890, compared with sales of 8248,666,469 for the same period of the previous fiscal year. Net income for the first nine months was $6,918,395, equal to 97 cents per common share, compared with $7,664,146, or $1.12 per common share in the same period last year. The decrease in net income for the nine months ended May 31, 1967, as compared to the nine months ended May 31, 1966, is attributed by Glidden management primarily to conditions affecting certain limited areas of the Glidden operations. These include the continued start-up ex pense of two new chemical operations, in creased depreciation and interest costs, and a price decline in vegetable oils which Glidden had to absorb in finished product costs. In addition, Glidden's sales and profits decreased in certain operating areas due to the decline in the automotive and construction industries, which both directly and indirectly affected operating results. Sincerely, ,/ (/ Dwight P. Joyce Chairman of the Board ffi n> 3 n " f*- V * * Q M 3 CB o?v s-i sr 2Z K09 MS5' s4A oo h <35 (Q3 cccono 'cccoon Icodpo I Mo co 3|2 8.8 GLD003008