Document nmwe6eVykE1NJR5x4RgLLgJem

I & i MEETING OF THE BOARD OF DIRECTORS November 13, 197^ Paae 2 l Hr. Money reported that the three year Corporate Plan had been com pleted. Sales of $88,987,000 and pretax profit of $8,877,-000 are planned for Foseco, Inc. including Cleveland Flux for 1977. Hr. Money presented an analysis of historical and projected balance sheets together with projected cash flows. He pointed out the increasing weakness of the equity section of the balance sheet. 2. O.S.H.A. and Environmental Protection Considerations Dr. Phoenix reported that the capital budget for 1975 only contained top priority projects for O.S.H.A. and environmental protection and warned that Foseco, inc. may be faced with additional capital expenditures in 1975 to meet O.S.H.A. and environmental protection standards. 3. State of Pennsylvania Financial Assistance Dr. Phoenix reported that in September a fire at the Mt. Braddock plant completely destroyed the brick shed. A replacement warehouse facility was needed and if this was incorporated into the facilities plan for Mt. Braddock, the total amount of money required may be financed by the State of Pennsylvania. Approval was given to approach the State of Pennsylvania to investigate the possibility of financial assistance. 4. Sales of Foseco Land (Sheldon Road) Dr. Phoenix reported that in view of the tight cash position, and as no plans were foreseen for the five acres of land at the corner of Sheldon Road and Eastland Road, he proposed selling the land. He stated the land V/as worth $150,000 to $175,000. Approval was given to offer the land for sale subject to final approval by the Executive Committee. FOSECO 1792