Document byxYJzjZ1DaMyGb64qKwOdnY1

BOARD OF DIRECTORS Dwight P. Joyce Paul E. Sprague John P. Ruth Alexander D. Duncan B. W. Maxcy John H. Weeks R. D. Horner W. G. Phillips Willard C. Lighter Harvey L. Slaughter OFFICERS Dwight P. Joyce, Chairman of the Board and President Paul E. Sprague, Vice President John P. Ruth, Vice President B. W. Maxey, Vice President, Finance Willard C. Lighter, Vice President Alexander D. Duncan, Vice President Harvey L. Slaughter-, Vice President Newell Beatty, Vice President R. D. Horner, Secretary W. G. Phillips, Treasurer G. S. Warner, Controller W. P. Stetzelberger, Assistant Secretary CORPORATE DATA ExtcuHv* Oflktt Union Commerce Building Cleveland, Ohio Transfw Agtritt The New York Tins-: Company New York City The Cleveland Tim Company Cleveland, Ohio Raglstrnrt The Chase Manhattan Bank New York City Central National Bank of Cleveland Cleveland, Ohio Common stock of the Company is listed on the Mew fork Stock Exchange and has trading privileges on other major stock exchanges. jfveH-J>' j.ri' ' V '. '.'.: > r _'.- -''J...'! ,j ... ' . '. ::.'j 'bfv-; i . * :-."5: .>It?'?** '. -/ :- ; k . >,V1 ' ! > < -:. . -,-t' ; Imam* Mm Tnii ^V,>'i' ' .1 Taxal On Incnmn Nat laraata AHar Tax** vi,. P--at.l.k.o--r-a ' ** &K$Z; ' * * ' r: ' ' ' < ':: ':; Colli Dlvldandi Daclarad On .; [:. Caaimaa' ` ' sSij^j, ':''farSkara ' f % Of Nat lacama ' :' Eantngi Ralnvaatad Slacklinldan' Equity ' Rat Shaia Lang Tana Daht v.jj.-.i t, -. ,, : Nat Working Capitol r ? ^' ; Currant Hollo ' *.'. ?.' vvy.-i./,?>...k' r.-,, *v*f<yq . Plant And Equip*Ml-Nat' > - Total Aual* K~~C !. . ' >fVO. DapraclaHan _ *.. . Oral* ExpandHutai For ` SiS's'-lf*:** Equipment < -';?5y 4 :i;' :v C 's` > ' 91:'. ' " ' " '"'v l': :Eharai OuHtandlng' t-?.y~?," Nvntbar af Stodckaldar! > ] ; : *' i.`- ; C-'ii M . ^Naaikar af Batplayooa".'S'/?f * ' THE PRESIDENT'S REPORT TO THE STOCKHOLDERS November 7, 1955 At the last annual meeting, the stockholders approved a change in the fiscal year-end from October 31 to August 31, and because of this your 1955 annual report covers results for ten months instead of the usual twelve. It is gratifying to report that profits for this shorter period, both before and after taxes, exceeded those for the previous twelve months. Net profit after taxes and all charges for the ten-month fiscal year was $7,112,567, equal to $3.10 per share on the 2,295,350 shares outstanding August 31, 1955. This compares to a twelve-month net profit after taxes in 1954 of $7,093,043 or $3.09 per share on 2,293,455 shares outstanding at October 31, 1954. Your management estimates that earnings would have amounted to $3.65 per share if 1955 had contained the usual twelve months. Sales for the short year were $180,524,822, an increase of 5.2% over the corresponding ten-month period of 1954. This sales increase was accomplished despite the elimination of our Indianapolis feed mill and our Oakland lithopone operations, whicli were sold during fiscal 1954. Eliminating the results of these operations from 1954 shows a dollar sales increase for the ten months of 7.7% and a physical volume sales increase of 15%. Net profit margin on sales increased to 3.9% for fiscal 1955 compared to 3.4% in both 1954 and 1953. This was brought about, in part, through management's policy of eliminating low profit margin operations, a concen tration ofeffort on higher profit margin items, increased efficiency of producing units and improved volume. Your management will continue to eliminate any present plants, processes or products which become either obsolete or are incapable of returning profits commensurate with the financial and managerial investments required. We also continue to study all elements that will contribute to an accelerated growth of your company either through the acquisition of going enterprises and products or the development of new products by our own or outside research laboratories. Paint Division Continuing its role as the company's largest profit producer, the Paint Division registered significant gains in both profits and sales over the similar period of last year. Most recent figures indicate that our sales gains are much better than those of the paint industry as a whole. Our long range program to establish industry leadership in merchandising, 2 GLD002687 Paint Chemicah-PIgments-Metals hY Durkee Famous Foods ) Chemurgy W Southern Chemical------- 32% 8% 41% 16% 3% PERCENTAGE OP SALES BY DIVISIONS distribution and technical development has been formalized and has begun to produce results. In 1955 our Dramatone Color System was introduced. This system not only provides a complete decorating service to the paint consumer, but also permits the retail dealer to offer a wide range of colors without materially increasing his inventories. For the coming year we have planned a major advertising program to increase consumer paint sales. Included will be participation in two network programs over NBC-TV-- the "Home" show with Arlene Francis and "Today" starring Dave Garroway -- plus advertisements in leading national publications. To further strengthen our distribution system, we opened ten new branch warehouse units. We now have 53 located in major market centers throughout the country. Seven more are presendy under construction and will be opened in the next several months. As previously announced, our goal is to have 100 such branches in operation by 1959. Permitting fast and efficient service to dealers and other customer:! in the area served, these new branches will con tribute significandy to increased sales and earnings. Consumer acceptance of Spred Glide-On, our new exterior vinyl latex paint for masonry and asbestos shingles, has been excellent. Along with Spred Satin, this product has helped maintain our continued growth in the con sumer field. The high level of industrial activity during 1955 was reflected in increased industrial paint sales. Most of the major household appliance manufacturers are now using our Nubelilc finishes on their products. Sales of coatings for metal food containers have been growing due to the consumer demand for canned beverages, and sales of polyester resins for the plastics industry con tinue to increase. In April we acquired the business ofthe Zapon Industrial Finishes Division of Adas Powder Company. This acquisition will add in excess of$3,000,000 annual sales. We obtained a riumlier of capable sales and technical people. Only in ventories and receivables were purchased, Adas retaining the physical facilities. With the growing demand for our products in the Southeast, it has been necessary to make a second addition to our Adanta plant which was acquired in 1953. Likewise, the substantial growth of our business in Eastern Canada required that we increase the capacity of our Montreal factory. These new plants are designed so they can be expanded as volume is developed. Im- 3 GLD002688 portant plant increases were also made at our Reading, Pennsylvania, plant and our Nubian industrial plant in Chicago. The paint industiy has shown a steady upward growth since 1946. The development of new colors and easier-to-apply paints for the consumer together with new, improved chemical coatings for the industrial user should stimulate further growth. Your company has outperformed the paint industry in the past and, with the increasing chemical nature of this industry, there is every indication that we will continue to do so in the future. Chemicals-Pigrnents-Melals Division Both sales arid profits for the ten-month fiscal year were considerably better than those for the entire twelve months of fiscal 1954. With these increases this division's profit was exceeded only by that of the Paint Division. The increased demand for white opaque pigments and metal powders, plus improvements in plant capacity and operating efficiencies, were re sponsible for this excellent performance. Further expansion ofour metal powder plant at Hammond, Indiana, is con templated for the coming year, both to handle growing demand for our present products as well as for new products presently being developed and tested. Construction of our new titanium dioxide plant at Baltimore is proceeding on schedule and it should be in operation in the Spring of 1956. This plant has been designed to permit the addition of two comparable units. We are now considering construction of the second unit in order to serve the increas ing markets for titanium pigments. Additional capacity should result in further profit improvements. Durkee Famous Foods Division The Food Division registered substantial and satisfactory gains in profits. Each of our four vegetable oil refineries operated at or near capacity during the past year, indicating the success of our product development and mer chandising programs. Your company continues to be a leading supplier of shortenings and other products for the bakery and food processing industries. In addition, our distribution of food products to restaurants, hotels and other mass-feeding establishments is still being expanded. During the year we in creased the capacity and improved the efficiency of our refineries at Louisville, Berkeley and Elston Avenue in Chicago. We have recently reorganized our Durkee consumer products sales organ ization so that each stdesman will now handle the entire Durkee line of food 4 GL D002689 products. We believe this revision will give us greater sales and lower distri bution costs. Although margarine results are still below our standard, considerable im provement was shown over the previous year. The oudook for spices and sea sonings is good. New package designs and new merchandising techniques are strengthening our position in this field. Chemurgy Division The relationship between the price of soybeans and their primary end products, meal and oil, continued to be unsatisfactory. For the past three years, the combination cf government price support policies, adverse weather conditions and growers' marketing'practices has resulted in severe pressures on soybean processing; margins. It seems unlikely that these conditions will continue to exist indefinitely. Due to our policy of hedging inventories whereever possible and of chemically upgrading meal and oil into wider-margined products, our profit decline was not as great as that of many soybean processors. During the year we increased our productive capacity for isolated proteins by 67%. There is increasing; acceptance of these products for use in paint, paper and other industrial products. A new edible protein is now being tested by several major food processors as a nutritional supplement for their products. The potential for this new protein is promising. Our new $6,000,000 grain elevator on the Calumet River in Chicago is nearing completion. Dus to the fact that a five-year write-off will be taken, the operation of this elevator will not in itself significantly increase profits during the write-off period. However, the completion of this unit will give the Chemurgy Division greater flexibility in its processing and grain merchan dising operations. Southern Chemical Division While this division continues to be a major producer of the basic naval stores products--rosin, turpentine and pine tar--much of its present activity and research is directed toward chemical derivatives based on these products. It was felt that changing the name from Naval Stores to Southern Chemical Division would more appropriately describe this operation. Profits for the ten months exceeded those for the twelve months of 1954. This continued profit improvement is largely the result of our emphasis upon chemically upgrading the prime naval stores commodities. We are in the midst of improving our facilities at Jacksonville to permit a 20% increase in the production capacity of present terpene based products. This expansion will be completed in the Spring of 1956. During the latter part of the year, two major research programs were successfully completed. Presently planned utilization of this research will approximately double the size and scope of the division's over-all activities. Overseas Activities Several major steps were t.iken to further develop your company's activities in world trade. 5 GLDOOZ690 A new wholly-owned subsidiary, Glidden International, C. A., has recently been incorporated in Venezuela. This subsidiary will handle the licensing, dis tribution and prod uction of Glidden products in countries other than the United States and Canada. If the right opportunities can be developed we will con sider reinvesting the e.imings of this subsidiary in further overseas expansion. We entered into licensing and technical know-how agreements with sub sidiaries of W. R. Grace and Company for the production and sale of paint products in Peru and Chile. Our Cuban associate, Fabrica Nacional dc Pinturas, S. A., opened its new paint plant in September. We receive royalties from this company and, in addition, have a minority stock interest. OurJapanese associate, Ishihara Sangyo Kaisha, Ltd., brought its titanium dioxide plant into full production. We have technological assistance agree ments with Ishihara for both titanium dioxide and paint, as well as a mi nority stock inter'ist in this company. Your company has actively promoted its paint products and technical skills in world markets. At present we have paint technological assistance agreements covering 15 overseas countries and new ones will be executed when attractive opportunities exist. Research Our current budget for research and development is about 20% higher than the previous ye;ir. The greatest part of our research effort is directed toward new product development, improvement and cost reduction to strengthen our compe titive position in present products and to upgrade our basic materials. We are continuing the modernizadon of our major laboratories. Principal among these is the construction of a new laboratory for the Elston Avenue, Chicago, edible oil refinery and the completion of a laboratory at our Toronto paint plant. Our research in the past has been very beneficial and we are convinced it will continue to contribute materially to future growth. Personnel We have recently expanded our program of "personnel planning and de velopment" throughout all levels of the company. With our decentralized organization, wc have many opportunities to place young men in responsible supervisory positions where they can gain experience in over-all management. Top priority is given to the development of strong and capable leadership. Labor relations at all our plants are excellent. Financial Regular cash dividends of $2.00 were declared during the fiscal year and charged agaiast Retained Earnings. This includes the 50 cent dividend paid October 3. Other dividends of 50 cents per share were paidJanuary 3, April 1, and July 1. Dividends have been paid continuously since 1933. Cash at August 31 was $13,233,718. As further expansion is approved it may require certain linancing, probably in the form of an increase in debt. 6 GLD002691 \ Artist's conception of calciner and finishing buildings at new titanium dioxide plant. Year-end inventories, after deduction of LIFO reserve of $1,449,559, amounted to $33,701,460. Inventories are relatively low and well balanced in relation to sales volume. Your company continues to hedge major com modity inventories which, with LIFO, provides protection against extreme market fluctuations. Retirement funds for employees deposited with bank trustees now total $7,830,458. Our pension phns are non-contributory, the company paying the entire cost. The Government has reviewed our Federal Income Tax Returns for all years except 1954 and 1955. No major adjustments are anticipated. The company has adopted the "sum of the years-digits" method of depreci ation. Financial statements of the company will reflect depreciation charges on the same basis as reported for tax purposes. Gross plant additions during fiscal 1955 amounted to $8,155,366 and maintenance expenditures were $2,251,347. With construction now in progress and planned, capital expenditures will exceed $13,000,000 in 1956. General Comments Selling prices and costs remained relatively constant throughout the year. However, at present there is a gradual increase in manufacturing and material costs which may necessitate price increases on some of our products in the near future. Your management has confidence in the future economy of our country and in our ability to carry the company through a period ofsubstantial growth. We want to express our appreciation to all our employees, customers, stockholders, suppliers and friends for their loyal help and cooperation during the year. GL0002f>92 CONSOLIDATED BALANCE SHEETS THE GLIDDEN COMPANY AND SUBSIDIARIES AUGUST 31, 19 55 AND OCTOBER 31, 1954 ASSETS CURRENT ASSETS Cash............................................................... Trade accounts receivable, less allowances for doubtful accounts, 1955--5400,244; 1954-5441,789 ....................................... Inventories--raw materials, in process, and finished goods Priced at the lower of cost (accumulated average) or replacement market except for basic raw materials stated at cost (last-in, fii-st-out method) which did not exceed replacement market................ Other current notes and accounts receivable, advances and investments.................... To t a l Cu r r e n t As s e t s ....................... OTHER ASSETS Prepaid insurance and expense................ Miscellaneous notes and accounts receivable, advances and investments.................... To t a l Ot h e r As s e t s ............................. PROPERTY, PLANT, AND EQUIPMENT Land, at cost............................................... Buildings, at cost....................................... Machinery and equipment, at cost .... Less accumulated depreciation, depletion and amortization................................... To t a l Pr o p e r t y , Pl a n t a n d Eq u ip me n t , Ne t ............................ 1955 S 13,233,718 17,080,926 33,701,460 1,388,986 5 65,405,090 $ 652,563 710,992 5 1,363,555 5 3,606,158 23,689,062 37,126,162 5 64,421,382 24,427,903 5 39,993,479 5106,762,124 1954 $ 16,061,456 15,914,940 32,454,157 2,042,268 5 66,472,821 5 961,907 741,881 5 1,703,788 5 3,167,935 19,504,967 34,534,198 5 57,207,100 22,713,954 5 34,493,146 5102,669,755 8 Gl o o ?693 38th ANNUAL REPORT LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable....................................... Accrued taxes, insurance, royalties and in terest ........................ ....................... Dividend payable October 3, 1955 .... Serial notes maturing within one year . . . Federal, state and dominion taxes on in come, estimated ... ........................ ....To t a l Cu r r e n t Lia b il it ie s 1955 1954 $ 6,346,925 5 5,480,190 1,307,975 1,147,675 1,500,000 1,134,542 --0-- 1,500,000 7,946,532 7,132,415 $ 18,249,107 $ 15,247,147 LONG-TERM DEBT Serial notes, payable $1,500,000 annually, interest 3% to ............................... 9,000,000 10,500,000 STOCKHOLDERS' EQUITY Capital: Common stock par value $10 per share in 1955, and without par value in 1954: Authorized 3,000,000 shares (reserved for sale to key employees, 1955 -- 95,980 shares; 1954 -- 97,875 shares) Issued, 1955 --2,295.350 shares; 1954-2,293,455 shares................... Additional amount paid in**................ $ 22,953,500 9,791,272 5 5,733,638 26,944,704 Earnings retained for use in the business (includes retained earnings of Canadian subsidiary, 1955 --$4,766,533; 1954-$4,471,406)................................... To t a l St o c k h o l d e r s ' Eq u it y .. 46,768,245 $ 79,513,017 5106,762,124 44,244,266 5 76,922,608 $102,669,755 * "During the year common capital aliares were changed from ihare* without par value to shares having a par value of $10 each, and in order to state such shares at the aggregate par value of shares issued, $17,203,725 of capital paid in in prior years was transferred to the capital stock account. 9 GLD002694 CONSOLIDATED INCOME AND IAENIN6S IlITAINID FOR USE IN THI BUSINESS THE GLIDDEN COMPANY AND SUBSIDIARIES TEH MONTHS ENDED AUGUST SI, 1955 AND TWELVE MONTHS ENDED OCTOBER SI, 1934 INCOME Net sales ........................................................... Other income................................................... 1955 1954 $180,524,822 *$209,083,579 480,287 1,078,858 $181,005,109 $210,162,437 Cost of goods sold........................................... Selling, administrati ve and general expenses . Provision for depreciation, depletion and amortization........................................... Interest expense............................................... .In c o me Be f o r e Ta x e s o n In c o me $140,008,434 24,144,648 2,234,960 292,500 $166,680,542 $ 14,324,567 $165,700,255 27,513,536 2,332,685 380,918 $195,927,394 $ 14,235,043 Taxes on income--estimated: Federal normal tax and surtax ................ Dominion and state taxes............................ Net In c o me ................................... $ 6,865,000 $ 6,734,000 347,000 408,000 $ 7,212,000 $ 7,142,000 $ 7,112,567 $ 7,093,043 EARNINGS RETAINED FOR USE IN THE BUSINESS Balance at beginning of period.................... Net income for period................................... $ 44,244,266 7,112,567 $ 51,356,833 $ 41,733,083 7,093,043 $ 48,826,126 Deduct cash d ividends -- $2 per share, including dividend of {>.50 payable October 3, 1955 . ....Ba l a n c e a t En d o f Pe r io d 4,588,588 $ 46,768,245 4,581,860 $ 44,244,266 10 GLD002695 ACCOUNTANTS' REPORT ERNST & ERNST ClIVELAND Stockholders and Board of Directors, The Glidden Company, Cleveland, Ohio. We have examined the consolidated balance sheet of The Glidden Company and subsidiaries as of August 31, 1955, and the related state ments of consolidated income and earnings retained for use in the business for the period of ten months then ended. Our examination was made in accordance with generally accepted audidng standards, and accordingly included such tests of the accounting records and such other auditing procedure!; as we considered necessary in the circumstances. In our opinion, the accompanying balance sheet and statements of income and earning retained for use in the business present fairly the consolidated financial position of The Glidden Company and sub sidiaries at August 31, 1955, and the consolidated results of their opera tions for the period of ten months then ended, in conformity withgenerally accepted accounting principles applied on a basis consistent with that of the preceding year. Cleveland, Ohio October 14, 1955 ERNST & ERNST Certified Public Accountants 11 GLD002696 PAINT DIVISION Al x x a n d i* D. Du n c a n , Via htnial HANTS Cleveland, Ohio-Central Region Consumer and Industrial Painti, Enamels, Lacquen and Varnishes. Reading, Pennsylvania--Eastern Region Consumer and Industrial Paints, Enamels, Lacquers and Varnishes. Chicago, Illinois--Nubian Industrial Region Industrial Painty Enamels, Lacquers and Varnishes. New Orleans, Louisiana--Southern and Texas Region Consumer and Industrial Paints, Enamels and Varnishes. St Louis, Missouri--Mississippi Region Consumer and Industrial Paints and Enamels. Minneapolis, Minnesota--Northwestern Region Consumer and Industrial Paints, Enamels and Varnishes. Atlanta, Georgia --Southeastern Region Consumer and Industrial Paints, Enamels and Lacquers. San Francisco, California--Pacific Region Consumer and Industrial Paints, Enamels, Lacquen and Varnishes. Los Angeles, California--Pacific Region Industrial Paints, Enamels and Lacquers. Chicago, Illinois--Midwest Trade Sales Region Consumer Paints and Enamels. ^q S;.<SS4cTM`'"w" Consumer and Industrial Paints, Enamels, Lacquers and Varnishes. CONSUME! PRODUCTS Interior Latex Paints-- SPRED SATIN* SPRED* GLOSS Spred * Texture Professional Ultra Flat Latex Exterior Latex Paints-- Spred Glide-On * for Masonry and Asbestos Shingle-Siding Spred * Patch Other Interior Paints-- Japalac * Enamel Ripolin* Enamel Florenamel* Pli-Namet* Speed-Wall * Other Exterior Paints-- Endurance* Imperial House Paint Endurance* House Paint Dramatone* Tinting Colors Glid-Strip* Paint Remover Glid-Tone * Stains Gliddcnspar* Varnish Interior Maintenance Finishes-- Spray-Day-Lite * Brush-Day-Lite * Graphic Arts Finishes Mound City Paints* Climatic * Paints Heath & Milligan* Paints Royal * Paints Finishes for Household Appli ances and a Wide Range of Metal Products-- Nubelite* Nubelon' Nubdyn* Nubeloid* Nu-Pon * Duranite* Nu-Flex Paper Coatings Nubelac General Purpose Lacquen Cclsyn Wood Lacquers Decorative Metal Finishes-- Spatterloid * Spattertone* Hammerlold* MeUiescent Glidvar* Wire Coatings FINISHES Polyester Resins and Coatings-- Qlidpol* Gel-Kote* Container and Closure Coatings Industrial Maintenance Finishes Glidkote * Conversion Varnishes Glid-Tex* Multicolor Finishes Zatex* Multicolor Finishes Vinyl-Cote* Protective Finishes Bombay Black * Stains, Fillers, Sealers, Var nishes and Lacquers for Wood Furniture GUdalr* Aviation Fisiiahes Marine Finishes Railway Finishes Zapon* Industrial Finishes GL 0002697 SOUTHERN CHEMICAL DIVISION Pa u l E. Sv r a o u k , Via Prta&ui PLANTS Jacksonville, Florida Pine Tar, Pine Oils, Terpene Cbeiricils and Other Naval Stores Products. Valdosta, Georgia Gum Rosin, Gum Turpentine and Special Resins. Jacksonville, Florida Affiliated Corporation: Jacksonville Processing Corporation-- Gum Rosin, Gum Turpentine. PRODUCTS Products for the Coating, Floor Covering and Ink Industries -- Nelio* GN and NXD Gum Rosin Nelio* Gum Turpentine Nelio* Refined Sulfate Turpentine Sunny South* DD Turpentine Meres* Metal Resinatcs Ester Gum, Lobeite * Limed Rosins Rosin Based Resins Gloss Oil Terpex* Guai-A-Phcne* (Anti-Skinning Agent) Glided* (Anti-Skinning Agent) Products for the Rubber Industry -- Piginexitar" Penetrell* Cordage Tar Terpex Rosin Oils Chemical Intermediates and Solvents -- Alpha and Beta Pinene Gamptene, Nopol, Myrcene Dipentme Terpene Aromatics Anethole Pine Oils Flotation Oils j CHEMURGY DIVISION Wil l a r d C, Lig h t e r , Via Prevent PLANTS Chicago, Illinois--Laramie Avenue Crushes Soybeans for Meal and Oil. Produces Soya Products and Fine Chemicals. Federal Licensed Elevator fot Grain Storage and Merchandising. Chicago, Illinois--Calumet River Grain Elevator under Construction. Indianapolis, Indiana Crushes Soybeans for Meal and Oil. IVcduces Soya Products. Federal Licensed Elevator for Grain Storage and Merchandising. Buena Park, California Crushes Soybeans and Flaxseed for Meal *od Oil. PRODUCTS Soybean Oil Meal Soybean Oil Linseed Oil Meal Linseed Oil Edible Soya Products -- High Protein Flours for Bakers, Confectioners, Meat Packers Lecithin -- Food Emulsifiers OH Free Phosphatide* for Pharmaceuticals RG* Soya Lecithin Promine --Isolated Protein Industrial Soya Products-- Isolated Protein*-- Alpha* Protein Beta" Protein For Paint, P aper, Insulating Board and Allied Industries Protein Fours--Prosein* Adhesive* for Industry Lee ithin--Gliddol * For Oils and Fuels Fine Chemicals -- Steroid Hormones Several Corticoiis Grain Storage and Merchandising DURKEE FAMOUS FOODS DIVISION Ha r v e y L. Sl a u g h t e r , Via PrtsUml PLANTS Chicago, Illinois--Elston Avenue Refines Vegetable Oils and Manufactures Shortening, Hard Butters, Specialty and Confectionery Products. Louisville, Kentucky Refines Vegetable OQs and Manufactures Shortening and Specialty Products. Elmhurst, Long Island, New York Refines Vegetable Oils and Manufactures Shortening, Hard Butters, Specialty and Confectionery Products. Produces Spices, Seasonings, Extracts, Coconut, Famous Sauce, Worcestershire Sauce. Berkeley, California Refines Vegetable Oils and Manufactures Shortening, Specialty Products, Bakers Margarine, Table Margarine, Mayonnaise, Salad Dressing and Other Salad Products. Chicago, Illinois--Iron Street Bakers Margarine, Bakers Puff Pastry and Table Margarine. Macon, Georgia Table Margarine, Mayonnaise and Other Salad Products. Norwalk, Ohio Table Margarine, Bakers Margarine, Mayonnaise, Salad Dressing and Other Salad Products. PROOUCTS Durkee Products In Consumer Durkee's Baker and Institutional and Institutional Sixes-- Shortenings -- Margarine Stayfrcsh * Coconut Dude Cut* Coconut Betrkake*, Greamtex*, Mdvo *, Puff Pastry A-P-O* (All Purpose OH) for Institutional Use Spices and Extracts Meat Tenderiser Seasoning Salts Vegetable Flakes Durkec*s Bakers Margarine Hard Butters for Confection Coatings Shortenings for Food Processors Special Products for Bakers, Worcestershire Sauce Confectioners, Pretzel, Potato Mayonnaise Whipped Salad Dressing Sandwich Spread Chip, Bread and Cracker Manufacturers Refined Vegetable Oils-- Cottonseed Oils French Dressing Soybean Oils Famous Sauce Shortening Salad Oils Coconut Oils Peanut Oils Corn Oils Palm Oils Deep Frying Oil Margarine Oils CHEMICALS-PIGMENTS-METALS DIVISION Jo h n P. Ro t h , Via Prtsidni PLANTS Baltimore, Maryland--St. Helena Worki Titanium Dioxide and Cadmium Colon. Baltimore, Maryland --Adrian Joyce Work. Titanium Dioxide under Construction. Collinsville, Illinois Lithopooe. Hammond, Indiana Metal Powders and Copper Products. Scranton, Pennsylvania White Lead and Lead in Oil. Shasta County, California Zinc and Copper Mines. PRODUCTS Pigments for Paints, Paper, Metal Powders-- Plastics, Rubber, Linoleum and Copper Ink-- Lead Zopaquc* Titanium Dioxide Sunolith * Lithopoac Lead and Copper Alloys Lead and Antimony Alloys Cadmolith* Cadmium Colon Tin and Antimony Alloys Euston White Lead Cuprous Oxide Cubond * Brazing Compound Cupric Oxide * Gliddcn Trade Mark GLD002^8