Document NEEpj9bpbeDVn9mw590a8nJZ8

PITTSBURGH CORKING CORPORATION PITTSBURGH, PENNSYLVANIA MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF PITTSBURGH CORNING CORPORATION HELD AT NEW YORK, NEW YORK. MARCH 3, 1965 The regular meeting of the Board of Directors of Pittsburgh Coming Corporation was held at the appointed time and place. Members present: Mr. Russell Brittingham, Presiding Mr. Robinson F. Barker Mr. William C. Decker Mr. Amory Houghton, Jr. Mr. Felix T. Hughes Mr. George D. Macbeth The minutes of the meeting held December 2, 1964, at New York CjHy were approved. O . ii j l /, The President reported estimated sales and profits for the two months* ending February 28, 1965, to be: -vi (In $1,000's) BUDGET ACTUAL 1964 Net Sales $1,898 $2,354 $2,087 Net Income 17 148 127 X to Net Sales 0.9 6.3 6.1 l;:- o Net sales and Income are up due to heavy shipments of high-margin FQAMGLAS to date. European shipments were low due to the dock strike, and * domestic shipments were at a higher net return. Orders and backlog statistics indicate that Glass Block volume has shown a further decline but that FQAMGLAS orders and backlogs are at a high level; the first eight weeks of 1964 showing orders received 137. over a year ago and backlogs up 62X. 7"bB~00 23497 7 FHIS DOCUMENT WAS NOT A RECORD OiJpG INDUSTRIES, INC. DID NOT COME tROM T'S FILES AND CANNOT BE AU T; it.; I iOAi cU RY PPG IMDUSTiT.ES, INC. . 4731 2 The Board discussed Che current status of Glass Blocks: a. Mr. Brittingham stated that two consulting firms were reviewing this product line to determine possible new uses and designs. b. It was suggested that we may tie in our sales promotional activity with ^ 0 r',1 the work that PPG is doing in promoting the use of glass. o c. A reduction of Glass Block thickness and weight would reduce both manu^ !: J facturing and shipping costs. This will be reviewed and reported on. "V.. c; The Cash Forecast for the period ending July 31. 1965, indicated^ c: that Federal and State Income Taxes of $1,020,000 will be paid in this period and that another $800,000 will be paid in September-December. Capital Assets r- for our U.S. operations will be $295,000. .It is anticipated that $500,000[J t ... will be repaid on the Mellon Bank Note in March. O The status of the European plant was discussed. The tank will be lighted shortly after the middle of March, and startup is expected to be early In April. Two lines will be activated; and after training of personnel has taken place, the remaining two lines will be started. The cost of the plant will be slightly under the $6,050,000 estimate. The European plant financing was outlined as follows: Capital Stock purchased by Pittsburgh Coming Corporation - $1,500,000 Loan from the Bank of Brussels to PICOBEL----- ----------------- --------- 3,000,000 Loan to PICOBEL by Pittsburgh Coming Corporation--------- ---- 3.000,000 TOTAL TO DATE $7,500,000 On February 16 and 17 Pittsburgh Corning borrowed $1,800,000 from the Mellon National Bank and Trust Company, part of a line of credit of $2,500,000. The $1,800,000 was transferred to Belgium and $1,500,000 loaned to PICOBEL with the other $300,000 retained in the PC bank account there on a short term invest ment basis. The $300,000 will not be transferred until we know the final financing needs of this subsidiary. THIS DOCUMENT WAS NOT A RECORD OF PPG*INDUSTRIES, INC. DID NOT COMEf*OM IT'S FILES AND CANNOT Be. AUTHu .nOATED ov dpc INC. i BB 4792 3 A repayment on the Mellon Note will be made in late March and the remaining balance formalized in a regular, instead of a standby, note. We will sign a standby agreement at that time for a $300,000 line of credit for a six months' period. The status of the pending legal cases was reviewed: a. The Sculpcraft case was dismissed by an Ohio Court as. the service made*-* on a Pittsburgh corning Ohio sub-distributor was not valid. We have not been served with papers in Pennsylvania to date. b. Hunt Foods is still in the status quo. No service has been made on ^. ^ Pittsburgh Coming at this time. A motion to dismiss the case was. taken under advisement by a Los Angeles judge, but no decision has -- rT` " , been made as of this date. c. Mr. Sam North, stockholder of North Brothers, Inc., has requested the Courts to force North Brothers to open up their books to him. No decision had been reached prior to the Board Meeting. A verbal report was given on the status of the UNIBESTOS product. A review will be issued to the Board. Mr. Seeker requested that the quarterly Agenda include an item for the consideration of a quarterly'dividend. Future Agendas will contain this item. The Annual and Five-Year Financial Forecasts were requested to be presented to the Board periodically. Operating and Capital Expenditure estimates will be given to the Board. No further business being presented to the Board, the meeting was adjourned as of 2:40 p.m. 1 -B 223--92 1 4733 BY PPG INDUSTRIES, INC. S cTetary