Document gDN7eQYExd8kVKoZKx4dVVz09

FILE NAME: Crane Company (CRC) DATE: 1929 Mar 20 DOC#: CRC030 DOCUMENT DESCRIPTION: Newspaper Article - New York Times BUYS SOUTHERN ASBESTOS. Thermoid Company Acquires Con trolling Interest. A controlling interest in Southern Asbestos Company, manufacturers of asbestos cloth and yarn, has been acquired by the Thermoid Company, manufacturers of brake linings for automobiles and industrial machin ery, it was announced yesterday. Public financing is being arranged through a banking syndicate com posed of Schluter & Co., Inc.; East man, Dillon & Co. and Oliver J. Anderson & Co. The plant of the Southern Asbes tos Company at Charlotte, N. C., has sufficient orders to keep in full oper ation, for a year. Its total assets on Oct. 31, 1927, amounted to $1,816, 055. The Thermoid company was founded in 1897. In addition to its principal product, brake linings, it manufactures clutch rings, rubber belting and hose, asbestos packing and other products. R. J. Stokes, president of the Ther moid company, said the acquisition of the Southern Asbestos Company would insure Thermoid of a steady supply of asbestos yarn and cloth. y elKto orkFirnes Published: March 20, 1929 Copyright The New York Times