Document QaZrD2pXmrL8Y0ym9Gy87LxR

KIVCTES OF THE MEETING OF THE... 8Q*R0 OF DIRECTORS Or PITTSBURGH CORKING CORPORATION HELD X* KEU YORK CITY, DECEMBER 1. 1971 The regular meeting of the Board of Directors of Pittsburgh Corning Corporation was held at the appointed time and places Members attending? James H. Bierer, Presiding Robinson T. Barker William C. Decker David G. Hill Amory Houghton Aory Houghton, Jr, Felix. WV-11698 2- - With extraordinary writeoffs This is detailed as follows: y Normal Net Loss from Operations Normal writeoffs 1971 After-tax impact Extraordinary Writeoffs Unibestos-foamchane After-tax impact Total Loss Operations loss will be $833,000. $456,000 $252,000 214,000 940,000 442.00Q $688,000 nUA'ivrxrrrrr .PITTSBURGH CORNING CORPORATION OTHER DEDUCTIONS 19?I U.S. OPERATIONS EXTRAORPINARY WRITEOFFS UNI8EST0S Assets (book value, no salvage) Inventories Saverente Pay Fiber Loss tmaST Deferral Bad Debt Reserve Total UN1BESTQS $570H 68 123 28 . ?S 25 $839 -3 A review of the UNIBES70S operations was held. Mr. Bierer advised She Board chat the UN'IBESTOS basic raw material, Asbestos Fiber, was in short supply at the mine in Africa, expensive additional equipment will be required in the process, and competitive 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 Fort Allegany, Pennsylvania, and to dispose of the assets that cannot be used in other operations. was : After discussion, and upon motion duly made, seconded and carried, it RESOLVED, That the UMIBESTOS operations at Tyler, Texas, and Port Allegany, Pennsylvania, be, and ace hereby authorised to be, shut down and those assets which cannot be ..utilized in other operations be disposed of. \ 4'N FRHreh / Frank R. Hal ton Secretary V