Document ZJeYjO9EM34En9za7w3QNjDeL

IE FU 1AUURU11 UUlUIMiu mum n i i i i !! --, HELP AT 11CONI Eft* PENNSYLVANIA, THURSDAY, JUNE 6, 1963 The regular meeting of the Board of Directors of Pittsburgh Corning Corporation was held at the appoints time and place* MEMBERS PRESENT? Russell Britt ingham, WILLIAM C. DECKER Harry 8. Higgins David C. Hill Amort Houghton, Jr* Ahcry Houghton, Sr* Felix T* Hughes Presiding The minutes of the meeting held March 6, 1963, in Hew York City were APPROVED. The Presioewt reviewed yke Sales ahd Incws for the year to date and the FORECAST FOR YEAR 1963* These were as follows: KET SALES rm Homs YEAR TO DATE ESTIMATED YEAR 1963 Budget Actual Last Year $5,971,000 6,061,000 5,**12,000 $15,812,000 16,0*42,000 1*4,957,000 KET INCOME Budget Actual tAST YEAR $ 430,000 **60,000 356,000 $ 1,200,000 1,263,000 969,000 The Cash Forecast for the period of June through October was reviewed* As THIS |NO IGATED A FAVORABLE CASH POSITION, THE PRESIDENT RECOMMENDED CONSIDERATION OF A dividend* After motion duly made, secowoeo awo carried, tr has P5'fltVFe.-^MAT TMERE e>^VHD^EREBY..JS,, DECLARED FROM THE SURPLUS PROFITS OF THE CORPORATION A REGULAR DIVIDEND OF $12.50 PER COMMON SHARE FOR THE QUARTER ENDING June 30, 1963, payable on the 27th oay of June, 1963, to HOLOCKS OF RECORD OF SUCH STOCK ON THE 13TK DAY OF JUNE, 1963; and the Treasurer is hereby directed ano authorized TO CAUSE SAME TO BE PAID ON THE DATE SPECIFIED* The election of Office** of the Corporation for the ensuing year was the NEXT ORDER OF BUSINESS* AFTER MOTION DULY MADE, SECONDED AND UNANIMOUSLY CARRIED, THE FOLLOWING OFFICERS WERE ELECTED TO SERVE FOR THE ENSUING YEAR OR UNTIL THEIR SUCCESSORS ARE ELECTEDt WV-11152 ' 1 ----------------- ------------------------------------- Russell Brittihghah Robert Buckley Karl Bauhler Frank R# Maston Ralph E. Ooehla Evelyn A# He jl President Vice Presidert-sales Vice President-Hahoeacturinc Secretary a ns Treasurer Assistant Treasurer Assistant Secretary The status of the Belgian operation was presented to the Board# Hr. BR ITT INCHAH AOVISED THE BOARD THAT TWO POTENTIAL PARTNERS--SAI NT CoBAIN AND SOCIETE GENERALS--HAD BEEN SEPARATELY OFFflZQ A PARTICIPATED# I# THIS VHTV*B AS A WINDS ITY, partner# Both companies, after discussion, had refused our offer; and ws will hot HAVE OUTSIDE PARTICIPATION AT THIS TIME# A Bank loan of $3,000,000 had been negotiated with the Bank of Brussels* This is two-thirds of the plant value and carries an interest rate of 2% for a fiveyear period. The Bank has asked for a Parent Company guarantee in the amount of $1,500,000 and will also require a mortgage for the balance or THE loan if certain conditions have not been met# This u in lieu of a first-line mortgage of $2,000,000 AND A PROMISE OF AN ADDITIONAL MORTGAGE OF $1,000,000 IF CERTAIN CONDITIONS ARE oT MET# The Board requested that discussions be held with the Financial Vice President of PPG and outs toe financial people to determine if these conditions were the best we could get. Tk WIBESTCS operation was reviewed. Indications are that Net Sales will BE WITHIN $30,000 OF THE $1,300,000 FIRST-TEAR ESTIMATE AND THAT GROSS MARGIN WILL BE WITHIN $2,000 OF THE $337,000 ESTIMATE# THE PRODUCT IS RECEIVING C000 ACCEPTANCE AND A SECOND PLANT WILL BE COMPLETED AT PftT ALLEGANY IN OCTOBER, 1963, TO SERVE THE Eastern section of the United $tates. Mr# Brittinghah reviewed the two Appropriation Requests for the FCAMGLAS warehouse and the new UNiBESTOS Plant. He indicated these appropriations will be OVER THE ORICIHAt ESTIMATES AS. APPROVED SY THE BOARD JANUARY 51, 1963, DUE TO THE FACT THAT THE OVENS PURCHASED FROM UNION ASBESTOS AND RUBBER COMPANY WERE NOT USABLE AND THE DUST COLLECTING SYSTEM HAD TO BE EXPANDED# THE TOTAL INCREASE IN COST WAS CSTIMATLO in *$S2;03 *?-YHC-NBM *OSAd_. MOULD . $62?,000 FOR THE TWO REQUESTS# THIS U STILL WITHIN THE 10% ALLOWANCE BEFORE A SUPPLEMENTAL APPROPRIATION REQUEST U REQUIRED* The President presented the list dp Additional Compensation Personnel for THE YEAR. Ht NOTED THAT THERE WERE NO ABOITtOHS TO THE LIST THSS YEAR# THE BOARD WILL REVIEW THE AMOUNTS RECOMMENDED FOR DISTRIBUTION AT THE DECEMBER MEETING#' Mr# Brittingham advised that a study of our FCAKGIAS distribution was CONTEMPLATED. ThE BOARD AGREED THE STUDY WOULD BE MADE BY HcKlNSEY AND COMPANY AFTER THE OBJECTIVES HAD BEEN CLARIFIED BY ROBERT . BUCKLEY, VICE PRESIDENT- SALES, and Mr. fB T. Mushes#