Document MM1nQNR4j9mN3momrDZjD8Qgz

MEHPTES OF THE MEETING OF TOE BOA*D OF DIRECTORS of rerrssuscH corkikg corioratiok HELD IK KSV YORE CITY, DECEMBER 1. 1971 ' ii j The regular meetlog of the Board of Directora of Pittsburgh Corning t Corporation was held at the appointed else and .place; . \\ Ketobera acteadiag: Je&es H.'.Bierer, -Pres1dfag `>A * JtobioBon'T. Barker \ ViHiam C Decker : David a. Bill* \ ' ' \ Apiory Houghton i \ ^ Jusory Boulton, Jr. \. Felix T. Hughes hr. Bierer reported to the Board the actions taken to reduce ^osts and the rethinking of the Corporate plans for growth. ?.?. Contact has been Bade with Corniag GUss BndIndustries personnel to discuss with them the Pittsburgh Corning''C^poretion situation and to seek ways and Beans to solve ocaebf Pittsburgh Coming's problems. WV-11160  2- / y . T' V tfc? V i -3- A review of the UNIBESTOS operations was held. Mr.Bierer advised the Board that the UKISESTOS basic raw material, Asbestos Tiber, was to abort supply * , at the aloe in Afrlee, expensive additional equipment will > Required vlir'the process, j and cospetitive pricing practices are such that the gross profit margins Are not . sufficient to generate an adequate.operating profit, he requested authority to ' close down the plant at Tyler,'Texas, and Tort Allegany., Pennsylvania, and to dispose 1 of the assets that -cannot be used in other bpe^atiofis. was: Tort Allegany, Pennsylvania, he^ tsd-\#iie';heEaby `Viithoriied to he shut down and those assets which fcanaot^W utilised in other operations be disposed of- ; 4 'W'/ :...y ** 'X ` ,,+ ^ t V*%*-s * -,X^` _ <-- . C W*'. V. , V..v` "..'v/vi*V* > .\ V < V. "' - " After discussion of the eaeh need* of the Corporatto* end;the *pratin* \ Budget# for 1972> the Board decided not to declare a dividendI for tnj *rsfr ! -quarter. The Officer# of the Corporation were .requited *\ *rd at 1 - later date their Best estimate of how toon the Coti cad^get back on a regular dividend best#. \:v \\ % '-~S .*f* v>\/ FKH:eh ?rank"B. Barton Secretary \