Document M2wXbpED4XDnjnQ94ayvZak

PLAINTIFF'S EXHIBIT CERTAIN-TEED PRODUCTS CORPORATION CTD035785 V f- DIRECTORS Rawson G. Lizars, Chairman of the Board Henry W. Breyer, Jr. Thomas F. Brown H. B. Campbell Elmer G. Diefenbach* * Chairman of the Executive Committee Herbert W. Hirsh John V. Lizars Hamilton Pell Byron S. Watson Rawson G. Lizars Paul E. Fischer . Russell R. Galloway C. Kenneth Hobson Andrew R. Craven John L. Fennell . Cecil D. French . Arthur O. Graves Mellor Hargreaves OFFICERS . Chairman of the Board and President . Vice President . Vice President . Vice President & Comptroller . Assistant Vice President . Assistant Vice President . Assistant Vice President . Secretary . Treasurer TRANSFER AGENT Bankers Trust Company, New York REGISTRAR The New York Trust Company, New York AUDITORS S. D. Leidesdorf & Co., Chicago This report and the financial statements contained herein are submitted for the general information of the stockholders of the Corporation as such, and are not intended to induce, or to be used m connection with, any offer of sale or purchase of any stock or other securities of the Corporation, CTD035786 TO THE STOCKHOLDERS OF CERTAIN-TEED PRODUCTS CORPORATION T HE present Board of Di--rectors of your Company was elected on May 24, 1944. It has been its policy to keep our stockholders informed of the Company's progress. To that end, interim reports have been submitted as well as special reports covering important developments. A special meeting of stockholders was held on November 21, 1944, at which various propos als of the Board relating to the Company's financial affairs were approved by the affirma tive vote of the holders of more than two-thirds of the outstanding common shares. FINANCIAL POSITION Since assuming office, the present Board of Directors has given constant study and atten tion to the financial condition of the Company. In the seven months prior to the conclusion of our fiscal year, substantial progress has been made in the reduction of the funded debt, in decreasing the amount of prior preference stock outstanding and reducing the aggregate divi dend arrearages thereon; at the same time, the Company increased its holdings of cash and government securities and materially improved its working capital position. The Company was successful in disposing of its holdings in SloaneBlabon Corporation at a satisfactory cash price, and also liquidated its investment in the Westberg Company. All subsidiaries of the Company are now wholly owned. CTD035787 The following compilation summarizes the financial progress made since December 31, 1943: At December 31, 1943 At December 31, 1944 Cash and Government Securities......................... $3,751,514.36 $5,471,678.56 Changes Effected + $1,720,164.20 Ratio of current assets to current liabilities........ 3.9 to 1 5.6 to 1 Working capital.................................................... $6,291,914.29 $7,929,644! 13 + $1,637,729.84 Funded debt--5 l/2r/ debentures due March 1, 1948 .................................................................. $7,100,000.00 $5,000,000.00 --$2,100,000.00 6% Cumulative Prior Preference Stock ($100 par value) .......................................................... $6,737,300.00 Common Stock ($1.00 par value)................... $ 625,340.00 Surplus Accounts.................................................. $2,071,015.23 $3,207,000.00 $1,298,260.00 $5,516,723.62 --$3,530,300.00 + $ 672,920.00 + $3,445,708.39 In addition to the reduction of $2,100,001) in funded debt pointed out above, the Company redeemed an additional $1,000,000 of funded debt on March 1, 1945. The reduction in funded debt will mean an annual saving in interest charges of $170,500. Plans are under way to refund on a favorable basis the balance of the funded debt which matures On March 1, 1948. The decrease of $3,530,300 in the par value of prior preference stock outstanding resulted from voluntary acceptances by prior preference stockholders of two offers of exchange made to them on July 17 and November 21, 1944. Except for a small amount of cash offered in connection with the second offer, both offers in volved the exchange of prior preference stock for common stock. As a consequence of accept ance by over 52% of the prior preference stockholders, dividend arrearages of more than $1,585,000 have been eliminated, and we also have been relieved of the obligation to pay annually $211,818 in dividends on the shares exchanged. Surplus accounts were restated, with the approval of the stockholders, as of October 1, 1944. There are submitted herewith the consoli dated balance sheet of the Company at Decem ber 31, 1944, and related statements of con solidated profit and loss and surplus accounts for the year then ended, certified by Messrs. S. D. Leidesdorf & Co. OPERATING RESULTS Our net sales for the year, ended December 31, 1944, amounted to $21,184,761.17, an increase of 6.2% over the preceding year. This increase was accomplished in spite of a short age of manpower and materials. Operating profit amounted to $1,618,605.72, an increase of 12.4% over the preceding year. Provision for income and excess profit taxes amounted to $624,115.20 and net profit after all charges and an appropriation of $100,000 as a reserve for contingencies, amounted to $692,168.39. Our income was affected by charges amounting CTD035788 to $215,458.98 incurred by the former man agement in connection with an abandoned plan of recapitalization and by other unusual expenditures. OUR RELATIONS WITH THE CELOTEX CORPORATION In 1938 our Company entered into the first of a number of agreements with The Celotex Corporation which had acquired a substantial interest in Certain-teed. These agreements and other related matters involving the two com panies and various of their officers and direc tors (other than the present officers and di rectors of Certain-teed) were the subject of litigation brought by certain of our stockhold ers. Prior to the present management's assum ing office, a decree was entered approving an offer of settlement of this litigation made by The Celotex Corporation. An appeal by a stock holder is pending from the decree approving the offer of settlement. The present manage ment is taking all possible steps to protect the interests of Certainteed in its contractual rela tionships with The Celotex-Corporation. FUTURE PROSPECTS Careful attention is being given to rehabili tating our plants and equipment, improving processes and developing new products so that the Company may participate in full measure in the anticipated expansion bf the building material business. The nature of our business is such that we will not be confronted with a major problem of reconversion to peacetime production. The management is appreciative of the co operation it has received in carrying out its plans from both prior preference and common stockholders. It also appreciates the unusual effort made by the Company's employees at all its plants and offices, both domestic and Cana dian, to carry on and improve the business of the company. After the war the management intends to follow a policy of reemploying every qualified Certain-teed man and woman. We face the future with every confidence in the profitable development of our business. March 6, 1945. Chairman of the Board PANTEX ORDNANCE PLANT The Company operates the Pantex Ordnance Plant under contract with the War Depart ment. On October 20, 1944, the Company was awarded the Army-Navy E for its excellent record in the production of war equipment at this plant. 3 CTD035789 CERTAIN-TEED and wholly owned CONSOLIDATED As at December ASSF. T S Current Assets : Cash on hand and in banks ................................................................................... United States Government securities at cost, plus accrued interest to date (current market value $1,250,509.00) ........................................................... Dominion of Canada Victory Loan and War Bonds at cost (current market value $553,853.75) ...................................... ...................................................... Notes and accounts receivable -- Notes receivable, trade ...................................................................................... $ Accounts receivable, trade.................................................................................. The Celotex Corporation (accounts receivable for current transactions) (Note 6) ................................................................................................. ` .. Miscellaneous notes and accounts receivable................... $ 3.664,401.13 1.253.289.25 553,988.18 28,528.93 1,953,076.04 138.734.27 110,875.62 Less -- Reserve for doubtful items, discounts and allowances $ 2,231,214.86 338,268.54 1,892,946.32 Merchandise inventories at the lower of cost or market -- Raw materials and supplies ................................................ Goods in process .................................................................. Finished goods ...................................................................... $ 1.705,931.69 185,860.65 407,034.56 2,298,826.90 Total Current Assets............................................................... Funds Restricted Under War Contract : Cash in special bank accounts (subject to lien of the United States)........... $ Advances received, less disbursements ............................................................. $ 9,663,451.78 394,365.20 394,365.20 -- Other Investments, Receivables, and Deposits (Less Reserve of $48,972.71) ............................................................................................................... Deferred Charges ............................................................................................................ Property, Plant and Equipment (Adjusted at December 31. 1939 to the Lower of Cost or Appraised Values Plus Subsequent Additions at Cost) : Operating properties -- Land ................<.................................................................................................... $ Building, machinery and equipment (less depreciation reserve of $10,372,268.83) ............................................................................................. Gypsum and gypsite deposits (less depletion reserve of $63,581.74)......... Non-operating properties -- Land ................................................................................................. Building, machinery and equipment (less depreciation reserve of $86,199.09) ........................................................................................................... Oil development (at nominal value) (Note 2) ................................................. Timber concessions and water power rights (at nominal value)...................... 469,356.76 5,836,220.89 380,801.62 58,807.93 43,109.39 2.00 2.00 284,599.60 336,700.56 6,788,300.59 Goodwill, Trademarks, Patents 1.00 $ 17,073,053.53 The notes to financial statements appended hereto are an integral 4 CTD035790 PRODUCTS CORPORATION subsidiary companies BALANCE SHEET 31, 1944 LIABILITIES Current Liabilities : Accounts payable and accrued expenses............................... Accrued interest on funded debt ......................................................................... Accrued taxes other than taxes on income (Note 3)................................... Employees' payroll deductions for the purchase of war bonds and stamps . $ Less -- Cash on deposit in special bank accounts and war bonds and stamps on hand .............................................................. ............................... $ 33,056.18 962,656.90 91,666.67 373,649.20 33,056.18 Provision for United States and Canadian taxes on income (Note 3) ...... $ 1,168,119.88 Less -- United States Treasury tax notes at cost plus accrued interest to date ................................................................................................... '.......... 862,285.00 305,834.88 Total Current Liabilities Reserves : For product guarantees ..........................................................................................$ For contingencies .................................................................................................. $ 1,733,807.65 169,172.33 148,089.93 317,262.26 Twenty-Year 5yi% Sinking Fund Gold Debentures, Due March 1, 1948 ($200,000.00 Principal Amount to be Retired SemiAnnually) : Originally issued .................................................................................................... $ 13,500,000.00 Less -- Debentures retired (including $400,000.00 retirement applicable to 1945) (Note 8) ........................................................................................ 8,500,000.00 5,000,000.00 Capital Stock and Surplus : 6% cumulative prior preference stock, par value $100.00 per share (Note 4) -- Authorized, 186,996 shares Issued and outstanding 32,070 shares ............................................................. $ 3,207,000.00 Common stock, par value $1.00 per share -- Authorized, 2,000,000 shares Issued and outstanding, 1,298,260 shares ....................................................... 1,298,260.00 Capital surplus, per accompanying statement........................$ 5,339,890.49 Earned surplus (from October 1, 1944), per accompanying statement .................................................................................. 176,833.13 $ 4,505,260.00 5,516,723.62 10,021,983.62 part of this statement and should be read in conjunction therewith. 5 $ 17,073,053.53 CTD035791 CERTAIN-TEED PRODUCTS CORPORATION and wholly owned subsidiary companies STATEMENT OF CONSOLIDATED PROFIT AND LOSS For the Year Ended December 31, 1944 Sales (Less Discounts and Allowances) : Products manufactured and purchased ...................................................... Products sold as agent .................................................................................. 10% oe Conversion Costs (As Deeined Under Contract With the Celotex Corporation) ........................................................................... Cost of Goods Sold, Amounts Remitted to Principals for Sales Made as Agent and Selling, Administrative and General Expenses (Excluding Depreciation and Depletion) .................................................$ 19,022,602.11 Depreciation (Buildings, Machinery and Equipment) .................. !....... 639,861.70 Depletion (Gypsum and Gypsite Deposits) .................................................................11,479.73 Operating Profit .......................................................................... Other Income: Oil and gas income ................................................................................................ $ Dividends received on Class A 6% Preferred Stock of Sloane-Blabon Corporation ......................................................................................................... Cash discounts earned ............................................................................................ Profit on sale of fixed assets ................................................................................ Profit on sale of investmentin Sloane-Blabon Corporation ............................ Income from fixed fee contract (less expenses, and depreciation of $405.87) ................................... Income from farms and dwellings (less expenses and depreciation of $6,160.86) .................. Miscellaneous ............................................................................................................ 18y910.16 18,291.00 73,311.87 8,614.17 132,906.38 178,893.30 2,765.93 61,812.50 Other Deductions: Expenses of non-operating properties (including depreciation of $30,363.68, less income received) ................................................................... $ 50,742.84 Expenses of abandoned refinancing plan .......... ................................................ 215,458.98 Expenses of new refinancing plan........................................................................ 30,000.00 Miscellaneous ........................................................................................................... ............ 19,021.68 Interest on 5Sinking Fund Gold Debentures Provision for United States and Canadian Taxes on Income, Esti mated: Federal normal tax and surtax ............................................................................$ Federal excess profits tax, after deducting post-war credit of $19,800.00 applied against debt retirement allowance ..................................................... Canadian income tax ............................................................................................... Canadian excess profits tax, after deducting refundable portion of $21,796.80 ............................................................................................................. _ Net Profit for the Year, Before Appropriation to Reserve for Contingencies................................................................ Appropriation to Reserve for Contingencies.................................................... Balance Transferred to Earned Surplus..................................... 330.600.00 178.200.00 35.135.10 80.180.10 $21,143,842.93 40,918.24 $21,184,761.17 107,788.09 $21,292,549.26 19,673,943.54 $ 1,618,605.72 495,505.31 $ 2,114,111.03 315,223.50 $ 1,798,887.53 382,603.94 $ 1,416,283.59 624,115.20 $ 792,168.39 100,000.00 $ 692,168.39 The notes to financial statements appended hereto are an integral part of this statement and should be read in conjunction therewith. 6 CTD035792 . . . . STATEMENT OF CONSOLIDATED SURPLUS ACCOUNTS For the Year Ended December 31, 1944 Particulars Balance, December 31, 1943 ........... Capital Surplus $ 2.773,598.98 Earned Surplus \ Combined Surplus $702,583.75 $2,071,015.23 Profit for Year Transferred from Statement of Profit and Loss.................................................. Less --- Amount applicable to three months ended December 31, 1944 (see below) ........................................................................ Profit for Nine Months Ended September 30, 1944.... -- -- 692,168.39 692,168.39 193,833.13 193,833.13 $498,335.26 $ 498,335.26 Excess of the Par Value of 18,732 Shares of 6% Cumula tive Prior Prf.ff.rf.nce Stock Over the Par Value of 374,642 Shares of Common Stock Issued in Exchance Therefor ........................................................................ Excess of the Fair Market Value of 374,642 Shares of Common Stock Issued in Exchange, Over the Par Value of 18,732 Shares of 6% Cumulative Prior Preference Stock Retired...................................................................................... Excess of Cost or Redemption Price Over Face Value of Debentures Purchased or Redeemed During the Nine Months Ended September 30, 1944................................... Deficit as of September 30, 1944 Charged Against Capital Surplus (See Note Below) ......................................................... 1,498,558.00 280,991.50 489,224.99 280,991.50 3,985.00 489,224.99 1,498,558.00 3,985.00 -- Balance, September 30, 1944....................................... $ 4,063,923.49 Profit for the Three Months Ended December 31, 1944.... Excess of the Par Value of 16,571 Shares of 6% Cumula tive Prior Preference Stock, Over the Par VAiLue of 298,278 Shares of Common Stock and $82,855.00 in Cash Issued in Exchange Therefor (See Note Below)................... -- 1,275,967.00 -- $4,063,923.49 193,833.13 193,833.13 1,275,967.00 Excess of Redemption Price Over Face Value of Deben tures Redeemed During Three Months Ended December 31, 1944 ..........................................'............................................... _ 17,000.00 17,000.00 Balance, December 31, 1944 .................................................. $ 5,339,890.49 $176,833.13 $5,516,723.62 NOTES: The deficit as at September 30, 1944 was charged against capital surplus in accordance with action of the stockholders taken on November 21, 1944. In the absence of any earned surplus against which the excess of the fair market value of the 298,278 shares of common stock and $82,855.00 in cash over the par value of 16,571 shares of 6% -Cumulative Prior Preference Stock issued in exchange therefor subsequent to September 30, 1944 could be charged, the capital surplus was increased by $1,275,967.00 representing the excess of the par value of 16,571 shares of 6% Cumulative Prior Preference Stock over the par value of the 298,278 shares of common stock and $82,855.00 in cash. Italics indicate red figures. The notes to financial statements appended hereto are an integral part of this statement and should be read in conjunction herewith. 7 CTD035793 Notes to Consolidated Financial Statements As at December 31, 1944 1.Net assets of Canadian subsidiary companies included in the accompanying consolidated balanca sheet aggregate $1,493,725.02, of which $781,481.63 comprise fixed and other miscellaneous assets and $760,333.32 represent net current assets, including cash of $90,185.08. Current and miscellaneous assets and current liabilities and reserves are carried at the current official rate of exchange and fixed assets are carried at the rates of exchange prevailing at the time of acquisi tion. Under regulations promulgated by the Canadian Foreign Exchange Control Board, the amount which may legally be withdrawn from the Canadian subsidiaries is substantially less than the net current assets of $760,333.32 stated above. The consolidated net profit includes net profit of $47,519.27 (stated in U. S. Dollars) of earnings of the Cana dian subsidiary companies. The income and expenses of the Canadian subsidiary companies have been converted into United States currency at the current official rate of exchange, except as to depreciation, vyhich has been converted at the exchange rates at which the related fixed assets were capitalized. 2. The oil development was fully depleted upon the books of the company at December 31, 1944 and the cost there of amounting to $196,617.56 (less a nominal value) was charged to the reserve for depletion. The wells are continuing to produce a limited quantity of crude oil. 3. The liability for Federal taxes on income for the years 1935, and 1939 through 1944 is subject to final determi nation by the Bureau of Internal Revenue. The liability for other State, local, and Canadian taxes on income is also subject to final determination. 4. The 6fo cumulative prior preference stock is redeemable at call upon not less than 60 days' notice, or in the. event of voluntary liquidation, at $1 10.00 per share and unpaid cumulative dividends. Dividends in arrears on this stock at De cember 31, 1944 aggregated $1,491,255.00 or $46.50 per share. On February 5, 1945 the company made an offer to the preferred stockholders to issue in exchange for each share of the outstanding 6fo cumulative prior preference stock 17 shares of common stock plus $5.00 in cash. This offer expired February 28, 1945. 5. Renegotiation proceedings for the year 1943 resulted in a clearance without refund. The management believes that the profits on renegotiable business for the year 1944 were similarly fair and reasonable and that no refund will be required, 6. The company is defendant in the following litigation: (1) An anti-trust suit now in process of trial involving the company's activities in the gypsum industry: (2) Cases pending before the National War Labor Board involving disputes between the company and employees of some of the company's plants with respect to wage increases, vacation pay, overtime pay, etc., and (3) Stockholders' suits, seeking, among other things, accountings under and cancelation of certain contracts with The Celotex Corporation, copies of which contracts were filed with the Securities and Exchange Commission and the New York Stock Exchange. An amended offer of settlement of said litigation has been made by The Celotex Corporation and approved by the trial court. An appeal has been taken by a stockholder from the order of ap proval, which appeal has not been disposed of. Under the terms of the settlement, if finally confirmed, the com pany may be required to pay the expenses and disbursements, including attorney's fees of the litigation to the extent allowed by the Court. 7. The company is cognizant of, but admits no liability for, certain claimed legal fees in the approximate aggregate amount of $50,000.00. 8. On March 1, 1945 the company retired $1,000,000.00 of its outstanding 20 year 5)4% sinking fund gold deben tures. 8 CTD035794 NEW YORK CHICAGO ST. LOUIS S. D. LEIDESDORF & CO. CERTIFIED PUBLIC ACCOUNTANTS FIRST NATIONAL SANK BUILDING CHICAGO 3 HARRY L 0PPENHE1MER. C P.A. RESIDENT PARTNER TELEPHONE STATE 0202 Bn.trd of Directors, Certain-teed Products Corporation, Chicago, Illinois We have examined the consolidated balance sheet of Certain-teed Products Corporation and wholly owned Subsidiary Companies as at December 3 1, 194+ and the related statements of consolidated surplus and profit and loss for the year then ended; have reviewed the system of inter nal control and the accounting procedures of the companies and, without making a detailed audit of the transactions, have examined or tested accounting records of the companies and other supporting evidence by methods and to the extent we deemed appropriate. Our examination was made in ac cordance with generally accepted auditing standards applicable in the circumstances and included all procedures which we considered necessary. In our opinion, the accompanying consolidated balance sheet and related statements of surplus and profi t and loss, together with the notes to financial statements, present fairly the consolidated position of Certain-teed Products Corporation and wholly owned Subsidiarv Companies as at December 31, 1944 and the results of their operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. S. D. Leidesdorf & Co. Chicago, Illinois, March 3, 19+5. 9 CTD035795 YOUR COMPANY AND ITS PRODUCTS D M W ack in the dawn of this cen tury when houses had bay windows, gables and zinc lined bathtubs--the General Roof ing Manufacturing Company announced from East St. Louis, Illinois, that it was ready to do business. That was the origin of Certain-teed--one of today's outstanding manufacturers of quality building mate rials. For forty-one years Certain-teed has grown and progressed with our nation. Irr that time we have branched out into new lines, adding gypsum products, fibre wallboard, hardboard and siding. And in that time we have made and sold asphalt roofing and shingles to preserve and protect over 10,000,000 structures. I In 1923, Certain-teed purchased the Acme Cement Planter Company, which was Certain-teed's entrance into the field of manu facturing gypsum materials. "Acme," has been and still is the term under which Gyp sum Wall Plaster is known in the southwest. In 1928, Certain-teed acquired The Beaver Products Company. This purchase added other well-established names in the build ing field. Certain-teed acquired at that time the famous original Beaver Board as well as Beaver Plaster, Agatite Plaster and Bestwall, the original Gypsum Wallboard. Another outstanding addition that went along with this purchase was the acquisi tion of the famous brand of roofing--Vul canite -- well known throughout the roofing industry. From its origin in 1904 as a roofing manufacturer, Certain-teed has made steady growth through research and scientific de velopment and today it offers hundreds of different Quality Building Products. At present, Certain-teed Products Cor- poration owns seven roofing plants, five gypsum plants and one fibreboard plant in the United States and one newsprint, boxboard and fibreboard plant in Canada. Sales of asphalt roofing, shingles and related products comprise the largest portion of the Company's sales. Gypsum plasters, wallboard, lath and miscellaneous gypsum prod ucts comprise the next largest portion of such sales. If you will visit our nearest sales office or plant you will find much of interest. Great advances have been made during the war in supplying products which supplant materials now unavailable. You will also be better able to recommend Certain-teed products to friends and acquaintances. Refer to the back cover of this report for our nearest sales office or plant. IO CTD035796 Listing of Manufactured Products ROOFING MATERIALS Asphalt Shingles in a wide variety of pleasing colors; all "Millerized" for longer life; for application on new or old roofs . . . "Millerized" Asphalt Roll Roofings; smooth or mineral surfaced; in a variety of weights and sizes . . .) "Millerized" Asphalt Sidings: Roll Brick-tex and Wide Space; Corrugated Asphalt Siding, Asphalted Building Board, Asphalted Backer Board . . . "Millerized" Saturated Felts and Building Papers; a most complete assortment . . . Asphalt Roof Coating . . . Asbestos Roof Coating . . . Lap Cement . . . Plastic Cement . . . Asphalt Primer . . . Blind Nailing Cement. GYPSUM PRODUCTS Plastisized Gypsum Plasters: Base Coat and Finishing Plasters . . . Gypsum White Molding Plasters . . . Gypsum Casting Plasters . . . Fireproof Plaster Bases: Gypsum Lath, Gypsum Perfolath . . . Gypsum Liner Board, Gypsum Sheathing, Gypsum Partition Tile . ... Gypsum Insulation (dryfill) . . . Gypsum Acoustical Plaster . . . Gypsum Wallboard: In a variety of styles, sizes and finishes . . . Gypsum Tile Board . . . Gypsum Laminated Board Products: Partition Board, Weathershield Siding, Roof Decking; replace critical lumber. . . . Gypsteel Roof Plank . . . Gypsum Land Plaster (fertilizer) . . . An extensive line of Industrial Gypsum Products including various types of Casting Plasters, Pottery Plaster, Plate Glass Stucco, Plate Glass Polish ing Plaster and many others which are specially made to meet the users' requirements. FIBREBOARD PRODUCTS Beaver Fibre Wallboard and Fibre Tile Board CTD035797 Acme Agatite Alligator Beaver Blockedge Bestwall Brick-tex Certain-teed Certrock Climax Corporal Diamond Point Durite Dutch Lap French Lock Great Western Gypsum Plaster Guard Gypsum Plaster Gypsteel Asphalt Roofing Hexagon Fibreboard, Gypsum Plaster, Gypsum Wallboard, Gypsum Lath, Building Papers Jumbo Kalite Asphalt Roofing Kenmore Gypsum Wallboard, Joint Systems Asphalt Siding Asphalt Roofing, Gypsum Plaster, Gypsum Wallboard. Gypsum Lath, Roof Decking Gypsum Plaster Gypsum Plaster Patrol Perfolath Plankote Satin Spar Sunflower Standard Asphalt Roofing Thermocrete Asphalt Roofing Tufcast Asphalt Roofing Tuf-tite Asphalt Roofing Universal Asphalt Roofing Vulcanite Molding Plaster Weathershield Asphalt Roofing Gypsum Roof Plank Asphalt Roofing Fibreboard Acoustical Plaster Fibreboard Asphalt Roofing . Gypsum Lath Gypsum Composition Finishing Plaster Molding Plaster Roof Coatings Dry Fill Insulation Molding and Casting Plaster Construction Felt Asphalt Roofing Asphalt Roofing Gypsum Siding I2 CTD035798 CTD035799 s in Ccrtain-teed's 1944 advertising program was concen trated on the farm market. Our company is aiming at a substantially larger share of sales in this field because we recognize its tremendous present-day and post-war importance. 14 In 1944 we promoted dealer good will through trade publi cation advertising. We contin ued to offer our dealers a variety of sales helps, including attrac tive literature, direct mail pieces, and product samples. CTD035800 Employee Relations The health, security and general welfare of our employees are of prime consideration to the Certain-teed Management. To this end, the Company provides a comprehensive group plan, incorporating life, hospitalization and accident insurance, at reasonable cost. A program has been instituted at all plants by our Safety Director, with awards and honorable mention for the plant with the best rating for accident prevention each month. This safety program has achieved commendable results toward the elimi nation of lost time accidents and safety hazards, and has resulted also in a reduction of more than 20% in our insurance pre miums. Our workers are becoming more and more safety conscious and still better results should be obtained. Our house magazine, "Certain-teed Sa lutes", was established for the purpose of keeping our more than 800 men and women in the Armed Services in touch with Certainteed, with each other and with their former co-workersi Photographs and news items are solicited by our Advertising Depart ment and they have done a splendid job in turning out a most interesting paper. "Certain-teed Salutes" is mailed every other month to all of our people in the Service and their families, and distributed to all Certain-teed employees. We are looking forward to the return of our men and women in the Service and expect them to take an important part in the post-war expansion and prosperity of our Company. A statement to this effect by the President of our Company appeared in a recent .issue of "Certain-teed. Salutes" and brought gratifying comments. Those men and women who *have re mained in our service have been obliged to undertake added duties and responsibilities due to the demands of wartime conditions. This they have done willingly and effec tively, in a way that is an inspiration to all and greatly appreciated by the Management. CTD035801 1. Flag Raising ceremony. 2. Lt. Commander Hood, U S. Navy. 3. A group of Pantex guards with Award of Merit flag. 4. Col. Thomas F. Brown, Certain-teed Director, 5. (left) Lt. Col. T. C. Gerber, Field Director of Ammunition Plants; (right) Capt. R. M. Smith, Commanding Officer at Pantex. 6. There are 170,000 empty bomb cases in this group shown in storage at Pantex. 7. Part of crowd attending ceremony. antex AWARDED ARMY AND NAVY "E" N OCTOBER 20, the Pantex Ordnance plant, which is as big as a good sized city, O Plant, operated and managed by was built and equipment installed. It has Certain-teed as Prime Contractor, was for met all schedules set for it by the Ordnance mally awarded the Army and Navy "E" Department from the beginning of oper for sustained excellence in war production. ations to the present time. This plant has received written praise from Pantex was rated this recognition upon officers on major fronts for its production the basis of accomplishments, internal se of war munitions. curity, low absentee record and other fac The .first munitions were turned out 5 tors, but mainly for efficiency of operation months and 21 days after Certain-teed was and for exceeding its schedule in production given the contract. In that short period the of bombs. 16 CTD035802 DISTRICT SALES OFFICES ATLANTA, GEORGIA 134 Peachtree Street, Atlanta 3, Georgia BALTIMORE, MARYLAND Lexington & Liberty Streets, Baltimore 1, Maryland CHICAGO, ILLINOIS 120 So. La Salle Street, Chicago 3, Illinois CLEVELAND, OHIO 1123 N.B.C. Building, 815 Superior Ave., Cleveland 14, Ohio DALLAS, TEXAS 502 Towers Petroleum Bldg., Dallas 1, Texas EAST ST. LOUIS, ILLINOIS 17th Street & Broadway, East St. Louis, Illinois KANSAS CITY, MISSOURI Plaza Station, 4722 Broadway, Kansas City 2, Missouri NEW YORK, N.|Y. 100 East 42nd Street, New York 17, New York PHILADELPHIA, PENNA. Second Street and Erie Avenue, Philadelphia, Pennsylvania RICHMOND, CALIFORNIA 1014 Chesley Avenue, Richmond, California THOROLD, ONTARIO, CAN. Beaver Wood Fibre Co., Ltd., Thorold, Ontario, Canada EAST ST. LOUIS, ILLINOIS KANSAS CITY, MISSOURI ROOFING PLANTS MARSEILLES, ILLINOIS NIAGARA FALLS, NEW YORK RICHMOND, CALIFORNIA SAVANNAH, GEORGIA YORK, PENNSYLVANIA GYPSUM MINES AND PLANTS ACME, TEXAS FORT DODGE, IOWA AKRON, NEW YORK GRAND RAPIDS, MICHIGAN BLUE RAPIDS, KANSAS FIBREBOARD PLANT BUFFALO, NEW YORK FIBREBOARD, BOXBOARD AND NEWSPRINT PLANT THOROLD, ONTARIO, CANADA CTD035803 BUILDING TEED PRODUCTS (jEBJAIN-TEED MANUFACTURERS OF QUALITY BUILDING MATERIALS ASPHALT ROOFING ASPHALT SHINGLES & SIDING GYPSUM PLASTERS GYPSUM WALLBOARD & LATH FIBRE WALLBOARD NEWSPRINT CERTAIN-TEED PRODUCTS CORPORATION GENERAL OFFICES, CHICAGO, ILL. 120 South La Salle Street CTD035804