Document OpMzyBVMBNN3mBe0m2KgzQqj

FILE NAME: National Gypsum (NG) DATE: 1982 NG025 DOC#: NG025 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual M O O p rS INDUSTRIAL MANUAL 4103 NATIONAL GYPSUM COMPANY CAPITAL. STRUCTURE , > * LONG T ER M PEBT * -'? Amount Rating Outstanding I promi<wy notes........... (11882,500,000 2, Other . . v ....................... 49,014,000 y Commercial Paper. . . . . . 60,000,000 c a p it a l STOCK Par Amount Issue Value Outstanding i Common.................................. . v m ......... $0.50 16,108,295 shs. (TjBased on avg. shs. as reported by Co. 1980 restated to ude operations Tim es Charges Earned 1981 1980 3*5 10.4 Interest O ates Call Price Price Range 1981 1980 Earned Per Sh. Divs. Per Sh. Call Price Range 1981 1980 . 1981 1980 Price 1981 1980 .41 JT3S3.66 $1.48 $1.48 ........ 31%- 18% 26 - 16% Cement Division as continuing operations. [^Excluding current maturities. h isto r y Incorporated in D elaw are A ug. 29, 1925. In 1926 acquired d ep o sits of gy p su m near B u ffa lo N. Y.f an d in 1927 acquired gy p su m lands in Iosco County, Mich. Plants were erected at both sites. Since that time, Com pany has m a terially broadened its scope of operations through internal development and acquisition of existing busin esses. In 1934, p urch ased for cash, p lan t of K a l man Steel Corp. at Niles, Ohio, a subsidiary of Bethlehem Steel C orp., for m an ufacture of metal lath. On Dec. 30, 1935, acquired fo r stock, busi ness and properties of Universal G ypsum & lim e Co., which had six m anufacturing plants and gy p su m an d lime raw m aterial resources. On Sept. 1, 1936, acquired for stock, busi ness and properties of Atlantic G ypsum Prod ucts Co., operating two m anufacturing plants and having su bstan tial gy p su m deposits in Canada. During 1937, acquired land and buildings at Mobile, A la., from G eneral C able C orp., for cash, which w as remodeled and expanded to manufacture wood fibre products. In 1941, a sse ts of General In su latin g and Mfg- Co. of A lexandria, Ind., were acquired for cash and stock. Co. operated under contract for U .S. Govt, ammunition plants a t M cG regor, T ex. (194246); W ahoo, N eb. (1951-56) and Parsons, Kans. (1951-57 and 1968-70). All contracts are presently terminated. In Dec. 1944, acquired K im ballton Lim e Co.. Shaw sville, V a., for cash and stock. On Ja n . 1, 1947, p ap er mill properties of Western B o a rd & P ap er Co. a t K alam azoo, Mich., w as acquired. In M ay of 1951, purchased N atio n al M ortar & Supply Co. (P a.), with a lime plant at Gibsonburg, O. for stock. In 1953, acquired for stock, Sm ith A sbestos Products, Inc. (N .Y .), and Asbestone Corp. In Oct. 1957. p urch ased a sse ts of Connecti cut A dam ant P laster Co., N ew H aven, for cash. During 1958-59, American E ncaustic Tiling Co.. Inc. a m an u factu rer of glazed ceram ic tile products w as acquired for stock. In 1959 ac quired Olean T ile Co. and M urray T ile Co. for stock and the three were consolidated and op erate today a s a subsidiary. Also in M ay of 1959, acquired H u ro n Portland Cem ent Co., lor stock (now op erated a s a division). In M ar. I960, acquired for siitock, Union Gjrpsum Co., of Phoenix, Ariz. 1960, acquired Allentown Portland Ce ment Co., for stock, which w as m erged in 1962 (now operated a s a division). In 1963, p u rch ased for cash, T ectum Corp. Of Colum bus, O. In N ov. 1966, A m erican Olean T ile Co. Inc., a subsidiary, acquired for cash, Pomona Tile Manufacturing Co* In Sept. 1968, acquired for stock, M ulticolor Con,,>,, H atfield, M a ss., m anufacturer of vinyl elI-ccoovveerriinngg f(nnnoww ooppeerraatteedd aa ss aa ddiivviissiioonn)V. In Feb. 1969, acquired Binsw anger G lass Co*. Richm ond, V a., for stock (now operated ** Bubisidiary). t in 19^9 acquired 699,900 (25% ) sh ares H.H. R obertson Co. com mon stock (sold on J*n . 25, 1978 for 823,796,000). in Feb. 1970, acquired H am ilton of Indiana, me., for stock. . fliju ly 1970, acquired D M H Corp. St. Lou- for stock. aJvSS** 1973 sold operating a sse ts of N ational Ajpestos M ines Lim ited, terminating compa ^ * Participation in A sbestos mining indus- (oiipt<rpn, N .C.,9t7_h_4ruacaqnuierxecdhBaningne ionfgc'so, mIn. cs.t,kL. exIn Ju ly 1974, C o acquired T h o m a s Strah an TM *or com . stk . iiiui\Lnsu^t>3idia1r9y7.6s, olAdmitesriPcoanm-oOnleaa, nCaTl.ilgelazCeod.-, ?i A 1to Pacific Holding Co. Aug. 1977 form ed N atio n al G y p su m EnLo. to participate on a joint venture ba- Jj^ u rces rat* n and development of energy (iJ^L T ^p t* 1978, acquired D ow dflor Corp. l TJ?lsc*y n e Decorative Products. Inc.) f*iV? yio v - 1978, acquired the polyvinyl siding of KeUer Products, Inc. 1980, Binsw anger G lass Co., subsidi- its Ham ilton at Indiana, Inc. subsidi- Hamilton G lass Products. J n ,1981, acquired the alum inium win- S i *i f xHr oduostoorn , orations T eeaxas. of C lark A lu m in iu m In Ja n . 1981 com pany increased its partici pation in its 40% owned French G ypsum b u si n ess by 821.1 million. In M ar. 1981, sold asb e sto s cem ent prod u cts plant in N ew Orleans, Louisiana* In A pr. 1981, sold three m obile hom e m an u facturing plants in K an sas and M innesota. In Oct. 1981, acquired P an Am erican Win dows of Miami, Fla., a m anufacturer and dis tributor of aluminum windows and doors. SUBSIDIARIES UW.IUU1-V1MUI AUb VV.i A1V, (1 Newfoundland M inerals, Ltd. (Can.) Biscayne Decorative Products, Inc. (Del.) Binswanger G lass Co. (Va.) National Gypsum Energy Co. (Del.) BUSINESS N ational G ypsum is prim arily' engaged in the manufacture and sale of products for the building and construction industry. Gypsum & Related Products: Gold Bond Building Products Division m an ufactures gypsum wallboards, lath, sheathing and plaster; joint cement com pounds and lin er-board paper. Wall & Floor Covering: T he W allcovering Division m anufactures wallcovering and related decorating products. Products include printed and em bossed deco rative fabric- and paper-backed vinyl wallcov ering and pressure sensitive decorative vinyl; washable, vinyl-coated wallpaper and vinylacrylic wallcoverings; printed fabrics. Prod ucts are sold under names " Style-Tex" and " Thom as Strahan" (wallcoverings), " H un tington" (decorative-fabrics) and " M agic Cover" (pressure-sensitive vinyls). American Olean Tile Com pany, manufacturer of ceramic tile, produces all three basic types of tile: glazed, unglazed ceram ic m osaic, and quarry. Biscayne Decorative Products, Inc. m anu factures vinyl resilient floor coverings. Glass A Mstak The Binswanger G lass Division includes Binswanger G lass Co., Binswanger M irror and G losserait Products. The Division installs and distributes virtually every type of glass used in the building and construction an a autom o tive lass replacement m arkets. Seventy-six distribution centers are located throughout the South and Southwest. It fabricates m irrors and thick glass for furniture and architectural applications. T he Bm nin's Division produces a wide v a riety of aluminum windows, doors, bath en closures and related products for the residen tial, light commercial and remodeling kets. Specialty & Other Products: Gold Bo: ppaanneels, m etal w all produ cts and accessories, lime and limestone, and vinyl exterior siding. It also distributes fiberglass home insulation. Csmsnt: N ational G ypsum 's Cement Division sells a full line of Portland and m asonry cements un der the "H uron" and " Allentown" brand nam es in separate m arket areas from N orth D akota to Central New York State and along the E a st Coast from Connecticut to Virginia. The Cement Division serves Great Lakes m arket areas efficiently with its own fleet of six self-unloading, bulk cargo ships. 1981 mi980 31979 urn & Related Gy^ S . 36% 36% 38% Cement. 13 15 16 Wall & Floor Covering ........ 17 15 14 Glass & Metal Prod................. 21 20 18 Specialty & Other 13 14 14 ^Restate to include operations of Cement Divi sion as continuing operations. Other Businesses: Energy--Current share of reserves at Dec. 31, 1981 exceeds 24 billion cubic feet and reve nues froln sales continues to increase. These revenues are reported in the specialty and other segm ent of business. French Gypsum Venture--Sales of venture could exceed 8160 million in 1981 with in creased share of profits. PROPERTIES Gypsum A Rslstsd Products: Co.'s gypsum mines and quarries and its manufacturing plants for gypsum waUboara products are located at Phoenix and Winkel- Ariz.; Long Beach and Richmond, Cal.; T am p a, F la.; Savannah, G s.; W aukegan, HL; Shoals, Ind.; Fort Dodge, la.; Medicine Lodge and Sun City, Kans.; Weatwegp, La.; Balti more, M d.: National City and T aw as, Mich.; Portsmouth, N i l ; Burlington, N .J.: Clarence Center an d R ens s elaer County, N .Y .; Wil mington, N.C.; Lorain, O. and Rotan, T ex. These facilities and plants are owned in fee accept for dock and unloading facilities a t B a l timore and the plant sites at Long Beach, T am pa, W aukegan and Westwego. Co. owns or controls under long-term leases gypsum mines and quarries in U .S. which are estim ated to contain ap p rox. 267 million ton s of gypsum. Co. ow ns ab o u t l,t)00 acres of land estim at ed to contain in excess of 350 million tons of gypsum at E ast Milford, N ova Scotia. It also holds mineral rights in about 5,000 acres of contiguous or nearby lands where the pres ence of large gypsum deposits has been prov en by diam ond drilling but which have not been adequately outlined to permit accurate estim ates of tonnage. Co. also owns about 60 acres and leases ab ou t 100 acres on tidew ater at Bedford Basin near Halifax, where its docks and loading facilities are located. Co. owns mills producingpaper for gypsum board at Anniston, Ala.: K alam azoo, Mich.; Stockton, Cal.; Milton, Pa. and Pryor, Okla. with a daily capacity aggregating approx. 1,100 ton s of paper. Wall & Floor Coverings: Co. m anufactures glazed tile at Lonsdale, Pa. and Jackson , Term.; saic tile at ucts at Lewispoi ville, Cal., and a t Pa., and Fag- ette, Ala.; and resilient floor coverings at ami, F L . Co. owns or controls under a long term lease, pyrophyllite reserves sufficient to support its clay manufacturing operations at present levels for approx. 75 years. Co. m anu factures paper and vinyl wallcoverings at Hatfield, M A; and Chelsea, MA; and coordi nated fabrics at Lawrence, MA. Glass 8 M stsl Products Plants are located at Grenada, M iss., Chan dler, Ariz. M ajor warehouse and distribution centers for Co.'s G lass Division are located in Richmond, V a., Memphis, Term, and H ou s ton, T ex. T h is D ivision operates 74 retail and wholesale outlets for glass and millwork prod ucts throughout the South and Southwest. Fifty-five of these locations are leased premis es. Co. m anufactures aluminium prim e and storm windows and doors at Lexington, NC, Miami, Fla. and Houston, T X . Specialty 8 Other Products: A co u sd 'caian d ceiling t e s.an d pil.anks are m ^ ufa1ctured a t plant m M obile, Ala,, M etal w all produ cts an d aacccceesssoorriies fabri cated at Niles, Oh. plant. Co. owns a limestone quarry and plant lo cated at Y ork. Pa. and a limestone mine and plant at Kimballton, Va. These mines and quarries contain limestone reserves estimated to be approx. 9.9 million tons. Vinyl exterior siding manufactured at M an chester, New H am pshire plant. C sm snt _ Co. owns a mill at Alpena, Mich., with ca p acity to produce 2.5 million tons of variou s types of Portland and m asonry cement annu ally, and nearby limestone reserves sufficient to support present operations for approxi m ately 100 years* Co. also owns a cement mill at Evansville, Pa. with an annual capacity of 935,000 ton s and reserves of limestone sufficient to supriy present capacities for approx. 25 year, i o serve th` is mar'keting ar--ea, it O]perates storage and distribution facilities a t N orth H" aven, Conn.; Bowie, Md. and Jersey City, N .J. M AN AGEM EN T O fficers R .E . Sdfres, Chmn. and Chief Exec. Off. J.P . H ayes, W es. & Chief Oper. Off. C.R, M organ, Senior Vlce-Pres.--Fin. Admin. E J . Killian, Group Vice-Pres. T .w . Ferguson, Jr., Group Vice-Pres. J.A . KeUer, Group Vice-Pres, E.W . Fordyce, J r ,, Vice-Pres., Gen. Counsel 8c Asst. Sec. R .E . Swanson. Vice-Pres.--Fin. & Treaa, J.C . Quinly, Vice-Pres.--Int'l. Oper.