Document VJn7YEzNgYwnj5Vz7Q17ojBkw

PITTSBURGH COCKING CORPORATION MINUTES OF THE KEETING G? THE SOARO OF CM SECTORS HELD AT ROU INC POCK CIUS, UGGNSER, PENNSYLVANIA. THURSDAY, JUNE }**. 1962 THt secular Qu**reRc,Y tiger i ms sr rs Soaod ? Ojrectgas c<~ Pittsburgh Cov;sc Corporation -was held ay ths appointed t i m a*o place on Thursday, June \Ut 1?62- MEM9ERS PRESENT: Ha. Russell B>ttnchah, Pressing mr. w. c, Decker Mr. 0. G. Hill M. ArtOfiY HOUCHtflN, JR. MR. Aciohy Houghton, Sr. Hr. Pelix 7. Hughes The President reported n the status of the New Technical Centerat Plum Borough, approve it was noted the Board had granted approval to builo this Centerand had THE su* OF $961,000 roR This purpose. After review tme estimatedcost of THE PROJECT WAS OS?E SwIH0 ?0 8E $860,000, AH0 AH APPROPRIATION REQUEST WAS ISSUED. As or Hay 31 , 1962, expenditures of $795,000 have mw haOE, with an additional com. plETiom cost or S55,OQQ sw>*sd. 7r total cost or the project is expected to be Slightly less than $850,000, OR 2.2% unoe* the Appropriation Request. The cost of THE lUJlOlWC ONLY WAS $21.^2 PE SQUARE FOOT. / WV-11685 -2 . CONJUNCTION WITH T h f QVC TO 7H| NEw CENTER, XHt C S"Mh ASSlS?5 ay* EMPLOYEES 1* TnS SfUiMG or the IS HOMES AnO nevM*e TO P'.Un SOSOUGH. as or MAT Si w wEf COMMITTED TO PURCHASE EiCKT EMPLOYEE HOMES Of which FIVE HAVE already SEE* negotiated for. The other three homes wh>. b purchased in the next rw months. Total cost or the homes is Estimateo at $126,000 against the obi&inu ESTimat? of $171,000. This DIFFERENCE IS DUE to oua not SUYihG Two HO"ES, Ve **v SifiNfc sales AGREEMENTS om two homes and are working On the remaining units. The President recalled to the Board that in Harch he had reported that nco~ t i at ( cms with Union Asbestos and Rubbe* Company or Chicago, fLt<*<jis, for the *u*c**s by Pittsburgh Corning Corporation or facilities or Union Asbestos ror the production OF A HIGH TEMPeATURE INSULATED* PRODUCT HAD BROKEN O0k, *HO THAT AT Tti m?}C "ME Board authorized the Company to erect a plant fqr the manufacture or an assestos base HIGH TEMPERATURE INSULATION PRODUCT, The President said that: <a) very shortly *rre rms $c*#e KitrikC ms has 3E orreapproacheo by the President Union Asbestos who said that they would be willing to sell their facilities ro The manufacture or its t/**ersros high rt*PAArvss }^sulatidh PRODUCT FOR THE SUM OF $750,000; U) I N H1S JUDGMENT SUCH FiGUftg wOuiD REPRESENT A FAIR PRICE FOR SUCH ASSETS; {0 THE PRINCIPAL * AW MATERIAL FROM VH<Ctt U*tSCS70S )S MANUFACTURE* IS AMOSlTE ASBESTOS FIBER A NO THAT THESE FIBERS ARE MINED IN THE U*IOM Qf SOUTH AFRICA 8r Cape Asbestos Company, limited or Oseay Britain *fc produces 90-95% or t*c vmad's PRODUCTION or AMOSlTE; (o) HE haO RECEIVED ASSURANCES From CAPE ASBESTOS Company, L im)TE0 - 3. * HA T (T woUlO BE WIIUNC TO SUPPLY PITTSBURGH COhikC C 0 RP 0 A A T i qh with iTS ft Z QU < R m ,, r S of a ho Site asbestos Fiaga for a period or at least five years; and (e) hi recommehded TH B0A*0 AUTHORIZE Th PURCHASE BY PITTSBURGH CORNING OF Th FACILITIES OF U*(0n AssestoS FOR THE manufacture OF UHI8ESTOS Fqb THE SUM of $750,000. AFTEB OlSCUSSlQN, AT T 8 KQTI0* OU L T MADE, SECONDED, AND UNANIMOUS:* CARRIED, THE FOLLOW!nQ RESOLUTION WAS ADOPTED: WHEREAS, Union Asbestos and Rubber Company of Chicago, Illinois, MAS INDICATED To P I T T S3 U R GH CORNING CORPORA!ion THAT IT WOULD BE WILLING ?o sell its Facilities for the manufacture o? the high temperature insu lation proouct known as Unibsstqs, which facilities consist of its plant and equipment at Tyler, Texas, a*o certain of its equipment in its plant at Bloomington, Illinois, for the sun or $750,000; and WHEREAS, it would be desirable for Pittsburgh Corning Corporation to purchase these facilities because it ooes not have a high temperature insulation product ano the sum of $750,000 appears to represent a fair piu.ce Fast Uw.i.a* A.xs.T.o,i' facilities for the manufacture of Unibestos. NOW THEREFORE, be it resolved that the proper officers of this Company be, ano they hereby are, authorized to Enter into an agreement FOB, ON BEHALF OF, AN9 IN THE NAME OF PITTSBURGH CORNING CORPORATION WITH Union Assestos and Rubber Company for t*e purchase by Pittsburgh Corning OF THE LATTER'S AF0ftEhENT 10Nf0 FACILITIES FOR THE MANUFACTURE OF U*lSST0$ TOGETHER WITH THE TRADEMARK "UNJ0$7O$" FOR THE SUM Of $750,000, The President states that when the assets of Union Asbestos ano Rubber Company located in Tyler, Texas, are purchased, Pittsburgh Corning should qualify to transact BUSINESS UNOfR THE laws QF THAT STATE MOVED THE FOLLOW!*C *CSOLUTsC w*IOH WAS OU'. T seconded ano unanimously adopted: Be it resolved that th$ proper officers of this Corporation se, AND THEY HEREBY ARE AUTHORIZES A*0 DIRECTED TO DO ANY ANO ALL ACTS AND TO MAKE, FILE ANO RECORD ANY ANO ALL DOCUMENTS REQUIRED BY LAW TO QUALIFY THIS CORPORATION to TRANSACT BUSINESS IN THE STATE OF TEXAS. IN CONNECTION WITH THE RAW MATERIAL SUPPLY FOR THE HIGH TEMPERATURE PRODUCT, the President advised that a cohyract with Cape Asbestos Limited, London, England, was IN THE PROCESS OF SStHG C**w* UP A*0 THAT HC WOULD SO TO SnClAhO IN TtiC ** FUTURE, if NECESSARY, TO FINALIZE THE CONTRACT. Vg WU.L ENDEAVOR TO NEGOTIATE A FlvE-rCAS CONTRACT, RENEWABLE ANNUALLY THEREAFTER, FO OUR RAW MATERIAL NEEDS. NO FURTHER BUSINESS BEING BROUGHT BEFORE THE BOARD, UPON MOTION' DULY MAOB, SECONDED AND CARRIED, ?H MEETING WAS ADJOURNED AT 7*.00 P.M. A* " Frank R.|Mas?on Secretary