Document Z4KYN4YQXr6nYY5oRGoGRk7Rd

FILE NAME: CertainTeed (CERT) DATE: 1962 Apr 17 DOC#: CERT057 DOCUMENT DESCRIPTION: Press Release from Manufacturers ofAsbestos Cement Pipe and Industrial Asbestos Products / FROM ND I N D U S T R I A L ASBESTOS PRODUCTS KEASBEY S MATTISON CO M PA N Y AM BLER PEN NSYLVAN IA Ml t t h Il 6-4 00 0 For Immediate Release: A p r il 17, 196 2 Certain-teed Products Corporation today entered into an agreement whereby it will acquire all of the asbestos-ceroent pipe producing properties of the Keasbey & Mattison Company. Keasbey & Mattison Company is a substantial producer of asbestos- cement pipe in the United States. It indirectly is a wholly owned subsidiary of Turner & Nevall Limited of Manchester, England. By this move Certain-teed is continuing its present policy of expan sion and diversification. The management of Certain-teed regards the asbestos-cement pipe industry as one with substantial growth prospects and feels that these pro perties can Increase their present position in the American market* The plants Involved are located at Ambler, Pennsylvania, St. Louis, Missouri, Hillsboro, Texas, and Santa Clara, California, as Veil as research facilities at Ambler. Distribution is nationwide. Turner & Nevall Limited is one of the foremost producers of asbestos products throughout the world. Hie Company has been a long time investor in the stock of Certain-teed. The late Sir Walker Shepherd, then Chairman of Turner & Nevall Limited, was for many years a director of Certain-teed. Turner & Nevall Limited has advised Certain-teed that they are taking the stock, called for by the agreement, for Investment. Through this transaction Turner & Nevall / III 2/ o o - 2- Llmited will become a substantial, but In no sense a controlling, stockholder of Certain-teed. In due course, Mr. H. G. Soothill, Chairman of Turner & Newell Limited, and Mr. R. M. Bateman, Deputy Chairman, may be asked to join the Board. The agreement involves the issuance of 580,000 shares of Certain- teed stock, plus payment in cash for certain stipulated items, such as merchandise inventories. The net sales of Keasbey & Mattison' s asbestos- cement pipe division in the year 1961 were $17,351,596, and net earnings ' therefrom, before taxes, were $2,313,088. The net earnings after provision for taxes on income vere $1,110,088, net of $115,780 pre-operating expenses for the nevly constructed plant at Hillsboro, Texas (unaudited, pro forma figures). s} f T ; Stockholders of Certain-teed will be asked to approve an Increase - in the authorized cannon stock of the Corporation from 3,000,000 to 7,500,000 shares at a meeting to be held M a y 9th, In order to complete the Keasbey fc Mattison transaction, and for other proper corporate purposes. Due to the shortness of time for the solicitation of proxies, the meeting called for May 9th will be adjourned to May 23rd, and no business vlll be transacted at the May 9th meeting.