Document oemB0E8br6rnVQ0g1D7M3796w

FILE NAME Owens Illinois OWILL DATE 1981 DOC OWILL071 DOCUMENT DESCRIPTION Moody's Industrial Manual Entry * 1981 VOL 2 Z a OWENS- OWENS- ILLINOIS | COVERING NEW YORK AMERICAN & REGIONAL STOCK EXCHANGES & INTERNATIONAL COMPANIES INDUSTRIAL MANUALINDUSTRIAL WILLIAM O. DWYER Publisher HOWARD G. KIEDAISCH Ass't Publisher L. JOSEPH ROGERS Gen. Manager ROBERT P. HANSON Editor Editorial Board ROBERT W. BURKE DIANE R. KRUTZ BRIAN T. COFFEY ALFRED G. ELLINGHAM HAROLD H. GOLDBERG JOSEPH B. LEIGH WILLIAM H. MOORE WILLIAM M. PACCIONE ALVIN E. GOUVIA FRANK R. PLATAROTE JOHN J. IERACI MICHAEL A. RABBIA BERNARDO G. SCERI JR Moody'sMoody's Investors Service . DB company of company Bradstreet Corporation SEE FOLLOWING PAGE FOR COMPLETE LIST OF OFFICES INVESTORS Copyright '1981 by MOODY'S INVESTORS SERVICE INC New York All rights reserved MOODY'S INDUSTRIAL MANUAL {| ILLINOIS INC Times Interest CAPITAL STRUCTURE Charges Earned Price Range 1979 Amount LONG TERM DEBT Outstanding 1980 . 1979 Dates ge sis Di Di Issue n er eeeee 149,200,000 & 831-5912 831-5912 84 % 1. Term loans ences eee eee 22,000,000 75 - % 86 71 2. Owens Glass deb 34s 1988 ....-.----- A 81 - 71 99 - 84 Deb Ill ees 96,200,000 3. due 2001 2... .seeeeeeecse M 99 911 98,000,000 90 4. Sinking fd deb 9.35s 1999 ...-.....0.0e0 5. notes due 1981 .... 6. ee eee eee tee e eee 49,972,000 4.12 3.93 M J& % eseeeeee 100,000,000 6. % Notes due 1990 1992 36,500,000 M 2-55 7. Convert sub deb 4s 1987 7,900,000 July Je 8. Exchang sub deb 428 ....-------+ 100,000,000 tttitirs Divs eee 9. 8.45 notes due 1998 . 67,000,000 tt ttt 10. Guaranteed loans .....--.--seeeereeeeres Earned per Sh Divs per Sh 1980 Amount 1980 1980 CAPITAL STOCK Outstanding 1979 7684-75 7684-75 , Issue 106,325 shs 1,405.13 1,129.20 4.00 83 - 60 pfce cree e eee 1. % cum pfd .....- eere- eees 548,317 shs 271.74 202.83 4.75 28 18 +e. cere ees 2. 4.75 cum convert pfce ....-- eee er future 28,682,400 shs 5.09 4.56 1.40 shs as reported by Co. average Privately Callable 3. Common change eee e eee Callable 50 Subject to change see text in future see text placed on 1972 Co. formed a jointly Hygienic Ltd. Australia 50 Cridesa 49 Peldar Colombia HISTORY Joint Ventures In owned Co. with Jintan Terumo Co. Ltd. of ( Ecuador manufacture History Incorporated in Ohio Dec. 16 1907 Japan to and market the Japa- collection BUSINESS & PRODUCTS as The Owens Bottle Machine Corp.thseus ccaemse - nese Co.'s VenojecCto.blwoiloldbe known assyKsitme- m Company's operations have been classified sor to a New Jersey name incorporated corporation of Sept. 3 1903. Charter is in the U.S. The new Terumo Inc. and will be owned % by into three segments Packaging Food and Beverage Service and Packaging Products Other perpetual Name changed to The Owens Bot- % by Jintan Terumo Brothers Owens tle Co. Apr. 9 1919 and to Telglass containers Glass Co. Apr. 17 1929. Present title adopted In June 1974 Co. and Pilkington Ltd. a British glass maker set up make and sell glass for television Packaging Products The principal productsproducts produced by Com- in this segment include glass Moody's , 1965 prior to 1950 see Ltd. to tubes New company will take over Pilking- pany forest products plastic products products closures pri- MayFor acquisitions prior 1948 and 1949 Industrial Manuals ton's manufacturing plant and assets at St. marily for direct sales to industrial users mi- For acquisitions etc. in 1950 to 1959 incl Industrial Manual Helens England TCeol.gliansistibaullty wwiillll htoalkdeaa n opnority interest in share to 50 Glass containers are used used to package numerous products including soft drinks beer wine pharmaceutical and cosmetic see Moody's 1968 incl For acquisitions etc. in 1960 to 1969 tion to increase its Corpoplast Inc. a liquor Infoaoddditpharmiaceutical on Shield containers formed Gildemeister Manual see Moody's 1974 Industrial interest in Em- joint In Jveunnteur1e97wi4th a division of items weight glass containers with a foam- In Jan. 1970 acquired % S.A. a manufacturer of cor- jAo.iGnt. West Germany for distribution of pat- plastic wrap are produced for numerous balleges Laurent contain- contaaipnpelribcoaatridons rugated containers in France com- ented new speed plastic container machinery to produce pbleasthiecabdeqvuearratgeered in To- packaging clude Forest products incorrugated and solid f - mul- In July 1970 purchased 800,000 mon shares from the Allied Chemical Corpo- ers Joint venture ber shipping containers compositeacnadndsimen- Joint plywood ration for 33.6 million In 1970 sold 360,000 Glass Fiberglas common shares of for net ledo ledo O. In 1974 acquired a 25 venture Hankuk Electric interest in a joint Co. with Han- tsiiwoanlall slhuipmpbienrg shilpupmbierng Pblaagstsicanpdroducts include beverbottles rigid containers shipping Corning Fiberglas Corning Corporation kuk Glass Co. and Nippon Electric Glass to age sacks and shrink and stretch film in gain of199.76 0 miinlclrieoansed ownership in United establish a plant South Korea to seal black and allied products including lids caps manufactured fitfor In Glass Ltd. to 22.5 and in 1972 increased in- and white television bulbs 1975 National Petro Chemicals Corp. tings and accessories are manufactured and metal containers Vials caps National terest to 50 thru acquisition of shs from In jointly jointly owned by Distillers & Chemi- glassapclcaesstsiocries are also manufactured for Distillers Co. Ltd. pharmaceutical In Nov. 1970 it was decided to discontinue cal Corp. & Co. will build a plant in Houston Tex to increase its current 350,000,000 lbs an- and containers Service the Bahamian sugar operation awnodulw dansotabn- e nual capacity for density polyethylene Food and Beverage produced by Co- principal products nounced that the 1971 cane crop crop would production by harvested although the be mainsought Ac- 150,000,000 lbs In Dec. 1976 exchanged 1,226,016 shares of Fiberglas Corp. com stk for . The mapny in this segment include disposable pa- tubs and lids for and plastic cups Oth- Owens home plates tained whilaen a exbtruayoerrdiwna as ry chbaeirngge of 22 mil- 1,362,240 Illinois com stk home recreational and institutional uses include a broad cordingly stemware lion was made to reduce the carrying value of In Feb. 1979 Co. said it entered into two er products of this segment tumblers blown- the Bahamian assets to a realistically conser- separate glass container manufacturing ve nn o- t range of glass items and decorative and flo- vative basis The logging operation in be tures Ecuador and Egypt Terms were in which Co. owns glass specialty for household commercial and pulpwood which had a small profit in 1970 will con- disclosed Co. said Cridebsuaild its second glass ral glassware These products are sold pri- GmbH Guayaquil tiDnuuerding 1971 Gerresheim acquired a GmbH in- a 49 interest plans to container manufacturing manufacturing plant at will more than triple its existing capaci- imnasrtiiltyuttioondailstdisrtriibutborsutors and retailers by terest in SpessarterIl Holhi lgnlaosiwesrkeOverseas wthyiCcohnstruction building scheduled scheduled to begin in mid- Other The principal products produced Com- Germany Lohr Capital Corporation acquired a % interest and the Henry S. Dabdoub goup of paper 1979 and the building is expected to be com- pleted in 1980 Eu- in this segment include specialized glass pany and related products such as television in interest corrugated box companies in Mexico Compa- Separately in Egypt Co.% saiidntaernedstitisn the picture tubes scientific and SlaUbNorPaA toKryO gsloalssa-r acquired tubing ny a % interest in P.T. Kangar ropean affiliate acquiGrleasds aManufacturing Co. ware and and this are ef- glass Consolidated Industries Djakarta Java a and new Middle East construction of a glass con- energy collectors collectors Sales ofitnhdiusstsreigalmeunsters and Indonesian newly organized corporation which will begin Lim- in Cairo this spring The plant fected by direct sales to and Hygienic Containers Pty Company ited Australia agreed to combine the Austra- tainer also is plant expected to be completed in 1980 distributors Sales by Business Segments 000 omitted Limited lian business of Lily Cups Overseas 1199880 0 1979 1978 3,042 a second tier Canadian subsidiary of Owens- Illinois acquired in the 1968 merger with Lily- SUBSIDIARIES Wholly except as indicated Packaging Food 547 2,795 462 2,500 396 Tulip Cup CorpoLriamtiitoendwCiothmptahantyofacHqyugiireendica ForesDtomPersotidcucts Corp. Railroad S.C. Railroad Tomahawk & Western 405 312 dr65 276 dr60 Containers Pty newly 48 interest in the organized AustraLily Limited in ex- Marinette Co. Wisc 3,112 Hygienic 3,906 lian company assets of Lily Cups Over- Owens Development Corp. Ohio 3,504 change for certain Limited Lily Cups Overseas Limited was Illinois America Corp. OCoh.iToex- PROPERTIES seas subsequently liquidated into its parent Lily Sabine River & Northern Railroad PLTAhNeTSpri&ncipal manufacturing facilities and Cups Limited Canada acquired Gillion as Valdosta Kimble Div acquired Gillion Southern Railroad Co. other material properties of Illinois are industry seg- In 1972 Co.'s Florida busi- Co. Inc. a small pharmaceutical rubber O International Sales Corp. Mich described below grouped by shown are owned in fee ness interest in L.E. Smith Glass Co. Community Maumee Valley Community Urban Redevel- ment All properties except where otherwise indicated by footnote In 1973 acquired major Oct. co in Germany a small Corp. Ohio Segment opment Packaging Products pgllaasstsicconptaaciknaegrifnigrm in Venezuela and a scien- Foreign Gerresheimer Glas AG Germany % Glass Container Plants Volney N.Y. tific glassware firm in England England Gerresheimer Buender Glas GmbH Germany Alton Ill Ga Waco Tex shs % In 1973 Co. exchanged 1,200,000 Corp. for Durobor S.A. Belgium 99.30 Atlanta Bridgeton N.J. Winston N.C. Corning of Fiberglass Britain 1,333,333 Co. com shs Ratio of exchange was for each Co. com Emballages Laurent S.A. Trident Ltd. Great Britain 80 Brockport N.Y. Charlotte Mich Rio de Janeiro Brazil Sao Paulo Brazil 0.9 sh of Owens was Lily Cups Limited Canada Pa Campo Bom Brazil shs Offer which expired Nov. 26 1973 of Manufacturera de Vidrios Planos C.A. Vene- Clarion Ind Achern Germany made as part of Co. plan to divest itself shs zuela ) Gas City W.V. Budenheim Illinoisde 2,600,000 of its 3,100,000 Corning Owens Venezuela C.A. Venezue- Huntington Germany Over- over the next 5 yrs . Illinois In 1974 merged Illinois la International S.A. Switzer- Lakeland Fla Dusseldorf Germany June Illinois Los Angeles Cal Lohr Germany seas Capital Corp. Bermuda % In late 1974 sold Fecker Systems opera- land Kimble Italiana S.p.A. Bermuda Mansfield Mass New Orleans La Minden Germany Oldenburg Germany tions tions Juan In Dec. 1974 acquired controlling interest in Owens Insurance Ltd. Papeteries d'Esplay S.A.R.L. France % e North Bergen N.J. San Puerto Spain Rico Panel Technology Inc. L.E. Smith Glass Co. Sao Raimundo Administracao Participacoes Oakland Cal Madrid Spain Brazil In Dec. 1975 acquired Representacoes Ltda Sao Paulo e Rio Rio Bra- Portland Oreg Seville Spain In 1977 acquired Philippine interest in a Philippine glass contain- Companhia Industrial A 24 Corp. Ma- 79.41 Spain Giralt Spain S.A. Streator Ill Toano Va Valera Venezuela Venezuela er firm Union Glass & Container Giralt Laporta . Williamsburg Valencia nila Indonesia 19.4 interest in a Japanese Japanese glass con- PF.aTb.riIcgaardeJVaimdario Los Andes C.A. Venezue- . Trac A company Nippon Electric Glass Co. la 70 imestone Plant tainer Pa- Affiliates National Petro Chemicals Corp. Volcano Cal Plants A 50 interest in a French paper mill United Glass Ltd. Great Sand Cal Mission Viejo Del 50 peteries Etienne S.A. Arles its in Co. increased its interest in Glas In early 1980 from ain Nippon Nip- 50 Libbey Clair Canada 50 Nippon Glass Co. Ltd. Japan 40 Ione Millville N.J. Cal pon Ltd. Japan Nip- Glass Company Ltd. Japan Glass Co. Nippon Electric 30 to 40 4018 MOODY'S INDUSTRIAL MANUAL * Sa Mold Shops Alton Ill Oakland Cal Foundry Alton Ill Containerboard Mills Big Island Va Orange Tex Tomahawk Wis Clyattville Clyattville Ga Valdosta Corrugated Box Operations Atlanta Ga Mt. Olive Ill Bradford Pa Bristol Pa Chicago Ill Circleville Oh Cleveland Tenn Fairmont W.V. Los Angeles Cal Memphis Tenn Miami Fla Milan Mich Moonachie N.J. Newberry S.C. North Kansas City Mo. Rutherfordton Salisbury N.C. Tracy . Union City Cal Winter Haven Fla Worcester Mass Chalon France Minden La Le Puy France Plywood Plant Jasper Tex Dimensional Lumber Jasper Tex Lake Butler Fla Buena Vista Va Bag & Film Products Plant Clyattville Ga . Valdosta North Las Vegas N.V. Perrysburg Oh Glassware Plants City of Industry Cal Mt. Pleasant Pa La Shreveport Research Centers Perrysburg Oh Scarborough Canada Toronto Canada ToledO o h Soignies Belgium Segment Other Specialty Product Plants Chicago Heights Buende Germany Pennsauken N.J. Temple Cloud Pittston Pa Vineland N.J. Indonesia United Djakarta Indonesia Pisa Italy Warsaw Ind Flat Glass Plant La Victoria Venezuela Television Products Plants Columbus Oh Toledo Pittston Oh Perrysburg Corporate facilities Pa Toledo Oh are located in Toledo Oh and Perrysburg and Godfrey Ill Facilities leased leased in whole or part industri- industri- Facilities in whole or part under industri- al revenue bond financing agreements Glass construction discontinued in Glass container production was discontinued in first quarter of 1980 but ccorugated orrugated box operations will continue Construction Ernest C. Arbuckle Chmn of Bd Saga Corp Dir Packard Co Utah Internation- Inc. Inc Wells Fargo & Co A. Johnson & Co. Inc. Jerome A. Bohland Pres Finance Illinois Inc Dir First National Bank of Toledo Gesualdo A. Costanzo Chmn & Dir Citibank N.A Citicorp New York Chmn of Bd The Mercantile Bank of Canada Dir Beatrice Foods Co NCR Corp Grindlays Bank Ltd. Edwin D. Dodd Chmn of Bd Pres & Chief Exec Off Illinois Inc Dir Goodyear Tire & Rubber Co Ohio Bell Telephone Co Toledo Trustcorp Inc The Toledo Trust Co. Elliott M. Estes Pres Chief Oper Off Chmn of Admin & Exec Committee & Member of Finance Committee General Motors Corp Dir Kellogg Co. Max M. Fisher Private Investor Dir & Hon Chmn United Brands Co Dir Michigan Bell Telephone Co Manufacturers National Corp Fruehauf Corp Dayco Corp. Harold D. Hoopman Pres & Chief Exec Off Marathon Oil Co Dir The First National Bank of Findlay Robert J. Lanigan Pres & Chief Oper Off International Operations Illinois Inc Composite Can Products Plants Under Construction Dir Dun & Bradstreet Companies Inc. Benicia Cal Houston Tex Robert H. Levis II Chmn of Bd The First Chattanooga MANAGEMENT National Bank and Trust Co. Alton Ill Chicago Tenn Chicago Ill. Hills Pa Railroads Perryburg Peryburg Oh Perryburg . Ponca City Okla Tomahawk Wis - Clyattville Ga Valdosta Orange Orange Tex Orange Timberlands Approximately 1.1 million acres owned or leased in Fla Ga La Mich Tex Va and Wis Plastic Products Plants Atlanta Ga Baltimore Md Florence Ky Havre de Grace Md BirminghaAmla Charlotte N.C. Kansas City Mo. Los Angeles Cal City Chicago Ill Cincinnati Oh of Industry . Dallas Tex Brunswick NewNbeuwrbypuorrytpCoortnnMass Louis Toledo Louis Mo. Toledo Oh East Brunswick > N.J. Edison N.J. Lohne Germany Monchengladbach Fairfield Fairfield Cal Germany Kutenholz Germany Findlay OhOh Mulsum Germany Closure & Metal Container Plants Berlin Oh Brookville Pa Constantine Mich St. Charles Ill San Jose Cal Wayne N.J. Glassboro N.J. Recklinghausen Germany Perrysburg Oh 1 Officers E.D. Dodd Chmn Pres & Chief Exec Off W.F. Spengler Jr. Pres & Chief Oper Off Domestic Oper R.J. Lanigan Pres & Chief Oper Off Intl Oper K.K. Hepp Senior Vice Oper Senior Vice & Dir of Corp. R.H. Davies Develop Paquette Vice & Asst to Chmn R.L.R.L. Berry Vice & Chief of Corp. Staff J.A. Bohland Vice Finance J.A. Sprunk Pres Gen. Counsel & Sec K.E. Tigges Pres & Comptr B.B. Jones Group Pres J.H. Lemieux Group Pres Presidents W.B. Achenbach T.M. Huber J.E. Osborne T.C. Theiler T.R. Clevenger T.R. Clevenger K.C. Ponsor William Laimbeer R.J. J.K.J.K. PaqPuaeqtuteettePaquet e J.A. Cobb C.D. Pawlicki W.W. Coleman M.C. Powell R.H. Little T.C. Theiler T.R. Santelli D.J. Toth Fluge W.J. Graham J.W. J.W. J.W. Hanlon Jr. R.W. Lock D.A. Ward K.G.Van Tine L.W. Hecht W.J. Riley G.W. Cottrell Treasurer Directors Showing Principal Corporate Affiliations Kenneth S. Pitzer Professor of Chemistry University of California at Berkeley Rohatyn Felix G. General Partner Lazard Freres & Co. New York Dir Eastern Air Lines Inc Engelhard Minerals & Chemicals Corp Howmet Turbine Components Corp International Telephone & Telegraph Corp MCA Inc Minorco Ltd Pechiney Ugine Kuhlmann Corp Pifzer Inc. Otto Schoeppler Chmn Chase Manhattan Limited London Chase Manhattan Asia Limited Hong Kong Gerresheimer Glas Ak- tiengesellschaft William F. Spengler Jr. Pres & Chief Oper Off Domestic Operations Illinois Inc Dir Questor Corp. Auditors Arthur Young & Co. General Counsel J.A. Sprunk Shareholder Relations C.D. Nelson Manager of Shareholders Relations Investor Relations Tel 247-1952 Annual Meeting Third Wednesday in April No. of Stockholders Dec. 31 1980 Pfd 1,426 preference 3,605 common 23,306 No. of Employees Dec. 31 1980 58,891 General Office Illinois Bldg 405 Food and Beverage Service Segment Paper and Plastic Product Plants Augusta Ga Riverside Cal Holmdel Bardstown Ky N.J. SpTringfieldoledoSprO ingfih eld Mo. Robert Anderson Chmn of Bd & Chief Exec Off Rockwell International Corp Dir Security Pacific Corp Security Pacific National Bank Celanese Corp Hospital Corporation of America Madison Ave. 247-5000 Mailing Address 43666 Toledo P.O. Box OH 1035 43666. Tel Toledo OH INCOME ACCOUNTS Taken from CONSOLIDATED reports filed with the Revenues Net sales 0.00 cc cerec eee eee Interest & dividends .. Royalties & net technical assist ........ Equity in earnings of associates ........ Other ccc ce eee eect ene nnee 1980 3,905,700 19,700 28,500 4,700 35,000 INCOME ACCOUNT YEARS ENDED DEC 31 Securities and Exchange Commission and other Company reports in thousands 1979 3,504,289 14,101 24,540 41,540 30,200 of dollars 1978 3,111,687 7,548 20,150 18,180 16,876 1977 2,767,330 7,884 20,471 17,211 17,970 1976 2,571,709 12,088 18,130 13,916 9,952 1975 . 2,273,173 9,574 14,951 9,502 22,791 1974 2,116,436 9,793 16,714 12,914 8,324 Total revenues del exp . eee ........0 Manufacturing shipping & del exp Research & development exp ......-.-- Engineering exp. Selling & administrative exp. . Interest exp 6. ccc c ee eect ee eeene Other costs & ex see erp e eeen eee 3,993,600 3,263,300 26,900 39,200 306,800 81,000 15,400 : 3,614,670 2,971,028 22,808 34,119 271,882 68,757 40,035 3,174,441 2,617,612 31,215 31,414 243,260 49,241 35,142 2,830,866 2,353,903 31,166 27,983 214,053 42,073 25,205 2,625,795 2,123,326 33,904 24,676 214,245 42,584 13,023 2,329,991 1,895,898 2238,,456313 193,374 43,683 3,132 2,164,181 1,741,287 52,361 180,223 38,018 5,759 Earn bef inc taxes minority int & extraord items eee .........---2-- eee Provision for income taxes .........-.-Minority interests in earn of subs . ' 261,000 103,600 8,000 206,041 67,700 4,887 Earn bef extraord items ...........- 149,400 133,454 Extraordinary items eee tee ............665665 Net earnincg ee es ee Retained earnings beg of year Preferred cash dividends Preference cash dividends ...... Common cash dividends . Other deductions ..........0.0c cece eee 149,400 994,900 400 2,900 40,100 eee 133,454 900,947 482 3,115 35,844 te Retained earnings end of SUPPLEMENTARY P. & L. Maintenance & repairs ... Molds than income ..... cec - e . Taxeosther than income year ....... DATA . 1,100,900 251,254 45,756 129,605 994,956 247,002 50,906 127,288 166,557 51,300 6,026 109,231 dr24,000 85,231 850,895 500 3,117 31,566 tee 900,943 212,875 50,946 119,221 136,483 40,800 4,379 91,304 eaves 91,304 793,320 524 3,117 30,088 tens 850,895 191,667 43,079 112,143 174,037 63,100 4,219 106,718 71,618 178,336 705,493 553 3,151 28,353 58,452 793,320 174,756 36,634 96,375 141,910 51,000 3,574 87,336 eee 87,336 645,800 611 3,153 23,879 see ee 705,493 157,948 33,075 85,596 146,533 - 58,600 4,461 83.472 tee 83,472 587,915 654 3,153 21,780 nee 645,800 139,280 32,252 78,112 JEDE OK^ AAUD OK^AUD SAPOL HMP0A^~UR HMP0A^~UR HMP0A^~UR > MOODY'S INDUSTRIAL MANUAL 4019 ? & 1980 Includes related portions of items shown under Supplementary P. L. Data " below statement 1980-79 comprised of in 000 1979 U.S Federal 57,800 42,881 State & local .....- 9,700 5,936 Foreign ......+.005- 36,100 18,883 103,600 Total credits 67,700 tax credits of 12,300,000 in 1980 and Investment Investment 13,100,000 in 1979 have been applied through of the for method Curent Curent reduction provision income taxes Current deferred taxes of 16,100,000 and are included in prepaid expenses at Dec. taxes 14,50 ,0 0 31 1980 and 1979 respectively di1sc9o7nt8inuAadnjcuesotfmeBnathoafmaia1n97o0pperroavtiisoinosn fnoor ltoasxs o efnfect 3,590,000 provision for loss relating settlement of claims arising out of trust class actions net of applicable income taxes of 6,568,000 27,590,000 1976 Gains on dispositions of 245,200 shares of Corning Fiberglas Corp. common stock net 1973 Gain on exchange of stock of Corning Fiberglas Corp. for common shares of Owens wkg nois Inc. no tax effect 56,435,000 1976 Applicable portion of acquisition cost of Long 2,724,480 common shares received in exchange for Corning Fiberglas Corp. common stock 1973 Applicable portion of acquisition cost of common common treasury shares 79,300 shares purchased options 2,901,000 1,33,33 1,333,333 shares received in exchange for Other 3,500 Fiberglas Corp. common stock Funds from opers before extra items 370,600 Effect of extraord. itemsitems on wkg capicatpiatall borrowings .....Proceeds from exercise of stk. 116,100 4,400 3,500 51,851,000 54,752,000 total total benefits taxes 1980 975,12,80501,,00000 0 social 1980 Total 97,20,00 97,20,00 . LIFO for for mesticinventories inventories Co. changed to LcIoFmOmon ssharehare 43,400 duced by 18,600,000 18,600,000 or 1.34 1.34 per 199,000 in Consolidated Changes years ended Dec. 31 000 1980 Source of Funds Financial Earnings before 24,700 ... 149,149,400 400 nf Bruny mmoosstt ddo-o- Application Application of Funds re- Cash dividends . . Position Additions to pty plant & equip equip 1979 Increases in other 1331,43543,454 ++ assets foreign Increase in foreign 494,494,600 600 199,000 items . Deprec depl amortiz cost Undepreciated 136,100 136,10 invest advances 124,003 124,003 Reduction of 24,200 gain of applicable income taxes of 3,418,000 8,249,000 on exchange of 1,226,016 shares of Owens ing Fiberglas Corp. common stock for 2,724,480 com- mon shares of Illinois Inc. no tax effect 71,169,000 adjustment of deferred taxes related to 1970 provision for loss on discontinuance of Bahami- an operations because of a new U.S. Treasury De- partment regulation 7,800,000 total 71,618,000 Undepreciated cost of pty plant & equip sold or retired ........0- Incr in furnace rebuilding rebuilding def taxes etc.etc. 14,900 70,200 12,860 term debt ... Other OT 25,825 Total wkg Incr decr in wkg capital ......-.-- 124,300 900 416,500 78,100 296,296,142 142 : 56,725 133 150 353,150 39,441 268,268,069 069 19,703 13,690 50,834 317 392,054 38,904 BALANCE SHEETS ; CONSOLIDATED BALANCE SHEET AS OF DEC 31 Taken from reports filed with the Securities and Exchange Commission and other Company reports : in thousands of dollars 1975 1974 1980 1979 1978 1977 1976 144,205 37,949 47,101 ASSETS Cash investments short investments ......----- 163,500 89,878 107,637 353,878 52,720 315,832 266,703 244,394 232,841 & Receivables ....... 438,500 477,500 446,601 477,086 446,904 396,176 376,526 341,169 11,508 356,772 11,264 Inventories . 25,300 28,197 16,856 19,137 18,804 Prepaid expenses ...-.-+ 925,277 783,865 806,238 635,020 647,978 Total current assets .......-..+----- 1,104,800 1,041,762 382 403 1,288 1,291 Listed 179,7 9 135,548 135,548 93,156 91,899 securities cost ....---e-e-ees Foreign investments 34,336 33,088 20,709 20,304 200,300 & advances .......-- se 135,548 179,779 108,115 92,893 17.203 15,624 Domestic investments .. reer Repair parts inventories .....-.----++-++5 35,000 123,700 21,700 109,902 19,263 91,517 21,257 75,159 22,992 39,557 67,089 17,979 49,374 67,889 18,578 51,141 57,657 18,977 53,451 charges asas ssets ase setst cees enee Deferred 53,200 45,805 44,690 92,372 94,700 94,847 90,245 & timberlands Deposits receiv & other assets ....-6.--6- at cost less depl .. 94,116 92,550 2,133,612 98,891 1,985,621 1,804,015 1,669,714 1,511,284 Land Buildings & equipment at cost .....---- 2,476,100 2,344,610 959,385 878,027 828,194 753,074 696,104 645,250 accum deprec & amort ......-+-- 1,043,500 Net property plant & equipment ..... 1,527,300 1,479,341 1,348,135 1,256,318 1,145,788 2,200,331 1,063,855 1,947,867 958,406 1,845,283 Total serene neseerroeee . 3,066,000 2,910,208 2,599,512 2,307,097 2,307,097 sense LIABILITIES a 36,900 129,381 26,556 ~ 32,024 20,042 141,148 20,041 136,502 20,790 147,244 Short loans 28,043 Accounts payable ........---55-00- 220,400 107,300 237,251 101,156 188,310 89,349 30.283 152,368 75,320 21,615 67,691 53,715 60.247 61,558 16,435 Salaries & wages 53,000 U.S. & foreign income taxes Other accrued liabilities year 128,000 31,816 118,508 27,911 134,574 21,562 86,755 21,608 79,768 33,941 65,891 13,878 52,601 13,967 Long term debt due within one year 85,300 312,595 liabilities 630,900 646,023 490,634 389,690 396,305 551,793 324,602 571.856 553,326 Total current .......------ Long term debt furnaces 676,800 685,002 76,269 679.111 68,818 571,685 64,188 53,749 45,647 35,957 94,500 81,549 Reserve for rebuilding furnaces 83,800 138,794 114,556 103,612 76,523 32,276 175,700 Deferred taxes foreign pension Obligations under foreign pension plans ... & 82,100 29,300 86,168 17,124 71,468 12,935 57,544 12,014 40,118 46,261 11,712 38,477 36,633 9,254 35,379 11,302 28,349 reserves ..-.+-++ Other liabilities Minority shareholders interests .... 60,800 10,600 47,562 11,819 43,928 12,238 13,122 12,932 13.122 13,413 13,141 14,198 13,279 16,067 13,279 4 cum preferred shares 100 par 88,918 88,887 44,187 4.75 cum conv preference shs 11,000 13,112 88,841 43,455 43,359 71,424 shares + 90,400 102,872 102,456 143,473 71,548 ( Common stated value in of stated value 113,700 104,461 850,895 793,320 705,493 645,800 Capital excess Retained earnings 1,100,900 994,956 900,943 Total ccc assets c rece cen ere saccene 3,066,000 473,900 - 2,910,208 395,739 2,599,512 434,643 2,307,097 394,175 2,200,331 409,933 1,947,867 310,418 1,845,283 335,383 Not current assets ANALYSIS seer eeee 4,785 1,065 ANALYSIS PROPERTY ACCT subsid consolidated cr12,919 282 cr3,829 16.294 = = .s.... 193,144 165,319 223,267 205,790 175,499 Additional Additions at cost Retirements or 198,971 52,820 1,119 267,912 54,227 1,404 76,316 1,471 44,476 8,040 35,579 cr1,016 . 40,095 cr1,530 32,191 cr1,993 Other additions ANALYSIS 247 es DEPREC ANALYSIS Additional subsid consolidated .. dr6,320 125 dr1,966 dr1,966 112,471 7,924 99,971 eee eee 88,162 80,833 72,195 44,532 41,367 34,999 29,979 28,004 Add charged to costs & expenses ......- 135,030 122,599 11,105 31,191 dr4 Retirements renewals & replace ......- 2,224 eee ttt tes 1980 ..... Subsidiaries organized Other additions ..... Subsidiaries organized or ac- significant depreciation for losses and discounts 1980 are during the period have been consoli- c Property Plant and Equipment In gen- eral is computed on the basis of cost of allowances 20,100,000 in quired dated from the respective dates of organiza- amortizing the undepreciated including acquired 1980 comprised of Finished goods and work in materials and operating tion or acquisition and did not have a signifi- property unit including property capitalized leases over its estimated process 326,300,000 raw supplies 151,200,000 total 477,500,000 cant effect on consolidated revenues net earn- trehmraionuigngh useful life Certain of the domestic Quoted market value 1977 31,174,000 1976 ings or assets foreign princi- are princi- and foreign units apply group methods and subsidiaries 31,787,000 1975 83,498,000 1974 49,824,000 1973 Consolidated foreign the basis of fiscal years end- lives to certain depreciable assets For finanand am- 83,886,000 on cial reporting purposes depreciation pally reported 1980 in 000 ing November 30 accounts for its investments in are determined on the straight Cost Deprec ortization timberlands method coTmphaeniCeos. and joint ventures in which it has a . of timber properties is provided Land & timberlands depletion 94,711 nee es equity to % interest by the equity method Depletion computed annually | by dividing unre- equip Other less Bldgs & bldg equip .. 540,131 201,178 Other domestic and foreign investments are at rates covered costs by estimated recoverable quan- Factory . & equip the excess equip .. Transport office & misc equip Construct in prog 1,766,221 85,504 84,272 799,844 42,541 ee ee Total .......5+- 2,570,8392,570,839 1,043,563 No par Number of shares 1980 548,317 1979 655,582 1978 656,081 1977 656,114 1976 657,058 1975-74 663,942 Restated to conform to 1977 presentation General Notes a Basis of Consolidated Statements The consolidated financial include the statements accounts of the Co. and all subsidiaries which accounted for at cost . Goodwill arising from of the Co.'s investments investments over its equity in the net assets of subsidiaries and associates is generally being amortized over periods between 15 to 30 years information The segment information presented on Pages 36-37 is an integral part of the consoli- dated financial statements b Inventory Valuation The Co. uses the last first LIFO cost method of inven- tory valuation for most domestic inventories of All other inventories are valued at the lower standard costs which approximate average costs average costs or market tities Depletion of timber is credited directly to the asset accounts subsidi- subsidi- lives The Co. and certain major foreign aries provide no depreciation on molds but such assets at fixed values and charge carry and replacement molds to expense Other new foreign subsidiaries charge the cost molds to property accounts and depreciate such costs over their estimated useful domestic d Glass Melting Furnaces In periodic units the estimated cost of the next rebuild of a glass melting furnace is accrued during its current operating operating life and is carried in the reserve for rebuilding rebuilding furnaces Foreign 4020 MOODY'S INDUSTRIAL MANUAL subsidiaries generally follow the practice of depreciating the actual cost of a rebuild over the estimated life of that rebuild e Retirement Plans The Co. has retire- ment plans covering substantially all domestic and certain foreign employees Retirement emplobyaeseis costs are on of accepted computed s actuarial methods using the entry methometdhod generally age normal method andinclude current serv- ice costs and the amortization of unfunded service costs over periods of 30 years or prior less The Co.'s policy is to pay into trusteed funds each year an amount equal to the charges to earnings for its domestic retirement plans Certain foreign subsidiaries have private foreign pension plans which are not funded however the balance sheet reflects an actuarial liability for future benefits which is being accrued an- nually on the basis of current service costs plus amortization period of 20 years of or prior service costs over a f Income Taxes on Undistributed Earn- ings ings In general the Co. plans to continue to invest in the business the undistributed earn- ings of foreign subsidiaries and of domestic and foreign corporate joint ventures account- ed for by the equity method No provision is made for taxes which would be if such payable earnings were distributed At , AtAt foreign subsidi- the undistributed earnings aries and domestic and corporate joint foreign ventures approximated 223.9 million The remitted tax on this amount if would in part be offset by foreign tax credits For other in- accounted for by the equity meth- vestments provide the Co.'s policyis to for applicable deferred taxes g Earnings Per Share Primary earnings per common share are computed after deduct ing the annual dividend requirements of the average shares and 28,682,400 in preferred and preference shares and using weighted shares outstanding 28,682,400 in 1980 28,448,222 1979 28,437,294 in 1978. The inclusion in the computation of incremental shares applicable to outstanding stock options and stock appreciation rights would have no material effect Fully diluted earnings per common share assume full conversion of the preference shares and all convertible debentures at Janu- ary 1 of each year and the exercise of dilutive stock options and stock appreciation rights with the proceeds thereof assumed used to Earnings purchase shares for the treasury applicable to common shares have been increased for this purpose by the amount of preference dividends and the after effect of debenture interest assumed eliminated To- tal shares used in the computation were 31,907,880 in 1980 31,876,871 in 1979 and 31,938,944 in 1978 FINANCIAL & OPERATING DATA Statistical Record Earned per share cum pfd ......... 4.75 cum conv pref 2 eee ee ......... Earned per common 1980 1,405.13 271.74 1979 1,129.20 202.83 Yearextraord Before : items ..........+.--- Extraordinary items .......--.650066 Net earnings cece eereeee ........-. Average shares Before extraord items ............++- items 2.0.0. cece eee e beeen eeeeeen dev eeneeee FuElxltryFulay odridliutneadry Before extraord items .............+- items ..... cee cece ee DividExeDivtnidenrdds aesoarrndiinngasry cum cate n eee en pfd eeeeeees % cum pfd ......... conv pref. eee -common 2. cece eee tree tee eens Price range Price % cum pfd cea 4.75 cum conv pref .......60. 2656 -common .. seen e eee err e eens es Net tangible assets per sh cum pfd . 4.75 cum conv pref 6... pfd cece ccc ee ence -common ow eee pees Times charges earned Beforeincome taxes eee .........-.00e eee Afterincome taxes .......5--.sseee2 deb 34s . cer eeneees seserere pe censneesese -cdoenbvddeebb 19 199 8812981 7 987 -exchangeable 4s -exchangeable -deb 9.35s 1999 20... ceeeees tees -9 notes 1981 occ ee cere cs eeees debtdebt -10 notes 1990 ... 0... Net tang assets per 1,000 lg.-tm. debt Net curr assets per 1,000 lg.-tm. debt Number of shares cum pfd 4.75 cum conv pref -common year Common average average Common fully stocksplits Adjusted data for divs & stock divs 5.05 eee 5.05 4.60 tees 4.60 5.09 4.56 eee 4.56 4.56 5.09 4.56 4.70 4.21 . 4.21 4.70 4.00 4.75 1.40 4.21 4.00 4.75 1.26 75-75 763-75 763-75 68-55 12.476.84 282-18 12.14276..84427826-.188412.476.84 43.56 22-17 10,265.82 1,832.64 40.19 4.12 2.84 831-591 831-591 75-55 9312-68 el 81-71 97-87 2,960 700 106,325 548,317 28,950,798 28,682,400 31,907,880 3.93 2.94 -79 -71 812-73 99-84 -911 eee e 2,771 578 118,185 655,582 28,260,125 28,448,222 31,876,871 Earned per common Year shares Before extraorditems items Extraordinary items Net earnings .......... 5.05 vee 5.05 4.60 ee en 4.60 Average shares Before extraord . items Extraordinary items..........065625 0 Net earnings 5.09 tune 5.09 4.56 een es 4.56 Fully Fully diluted Before extraord items .............+ 4.70 4.21 4.70 4.21 4.21 cee cece cee eeee Extraordinary Net earnings items .........0666665 .......0. 4.21 shee e ne net eee enone 28.13-18.25 Price 22.88-17.38 Net tangible assets per com ......... 40.19 tangible assets per Number of common Year .... 2c c cece cece e erence 28,950,798 28,260,125 Operating Average . ee ree diluted Fully diluted .... Rat. ios R. atios. eee. ee. ns diluted Ratios Financial Current assets current liabilities + & securities to current assets ...... 28,682,400 31,907,880 1.75 14.80 28,448,222 31,876,871 1.61 8.63 inventories to current assets .......-... net current assets to net worth ........- property depreciated .........s0eeeces 43.22 36.01 42.14 45.80 32.62 40.92 annual depr etc. to gross property ..... Capitalization Capitalization long term debt reece eeeee ........-c- % preferred stock & pref. % common stock & surplus ............ Sales inventories 0 cece eee eee ........... Sales receivables .........000eeceeenees 5.50 33.78 1.08 65.14 8.36 9.11 5.29 36.09 1.31 62.60 7.58 8.09 sales to net eee e ec et eee eeees sales property to total .........----ees oe assets net to assets eee eee income assets Analysis net income to net worth ..........-6-6- NeAtnasallyessis of Operations 0.0... ecceeee 261.48 130.25 4.87 11.35 % 97.80 244.34 124.21 4.59 11.00 % 96.95 Interest & dividends .......... Royalties & net technical assist in Equity in earnings of associates Other revenuesearnings Total revenues Manufacturing shipping & del exp & development Engineering exp . de > eceenecreree EngineeringEngineering exp & admin eexxp p . 0. exp . sea Interest Other costs & exp ......-) minority Earn bef inc taxes cecrceseeees . cereceeectees int & poses taxes int & enceees extraord items ...... Provision forincome taxes ....-.-....+6-+ 0.49 0.71 0.12 0.88 100.00 81.71 0.67 0.98 7.68 2.03 0.39 6.54 2.59 0.39 0.68 1.15 0.84 100.00 82.19 0.63 0.94 7.52 1.90 1.11 5.71 1.87 1978 696.47 129.15 1977 706.04 138.36 3.71 dr0.84 2.87 3.71 0.84 2.87 3.44 0.75 2.69 4.00 4.75 1.11 83-75 76 24-17 9,136.28 1,685.50 36.83 4.26 3.22 80-78 93-83 863-69 104-98 104-9678 104-9678 2,646 640 122,376 656,081 28,242,435 28,437,29428,437,294 31,938,944 3.08 ss... 3.08 3.09 =. aaaee 3.09 2.87 ee ees 2.87 4.00 4.75 1.32 86-825 91-76 229-21 8,260.55 1,608.43 34.81 4.14 4.14 78-713.17 9712-93 100-84 129-1152 108-108 106-102 eee 2,869 690 129,319 656,114 28,429,037 28,381,42028,381,420 32,061,548 3.71 0.84 2.87 3.71 0.84 2.87 3.44 0.75 2.69 24.75-17.13 36.83 28,242,435 28,437,294 31,938,944 1.89 11.63 48.30 38.87 39.44 5.15 37.79 1.41 60.80 7.10 8.97 235.47 122.12 3.28 7.62 % 98.02 0.24 0.63 0.57 0.54 100.0 82.46 0.98 0.99 7.66 1.55 1.11 5.25 1.62 3.08 ..... 3.08 3.09 lk es 3.09 2.87 a eee 2.87 29.38-21.63 34.81 28,429,037 28,381,420 32,061,548 2.01 6.73 50.54 36.90 41.71 4.85 34.86 1.59 63.55 6.99 8.79 220.27 119.95 3.96 8.55 % 97.76 0.28 0.72 0.61 0.63 100,0 83.15 1.10 0.99 7.56 1.49 0.89 4.82 1.44 1976 1,329.61 270.57 7.29 5.06 12.35 6.83 4.75 11.58 6.24 4.15 10.39 4.00 4.75 1.88 852-80 98-81 631-50 7,511.79 1,512.99 65.66 4.99 3.51 718-65 9312-86 1064-89 119-91 1052-101119-91 -102 eee 2,826 743 134,127 657,058 14,139,97314,139,973 15,083,21195,083,21915,083,219 17,263,370 . 3.65 2.53 6.18 3.42 2.37 5.79 3.12 2.08 5.20 31.63-25.00 32.83 28,279,946 30,166,438 34,526,740 2.03 17.89 46.70 40.69 41.74 4.70 35.39 1.70 62.91 6.83 9.64 224.45 116.88 8.10 17.70 % 97.94 0.46 0.69 0.53 0.38 100.0 80.86 1.29 0.94 8.16 1.62 0.50 6.63 2.40 1975 615.11 130.62 1974 519.51 124.74 6.01 cece ee 6.01 5.74 5.74 ste 5.74 6.02 keene 6.02 5.74 te 5.74 5.51 5.29 kee eet 5.29 5.29 5.51 4.00 4.75 1.72 5.29 4.00 4.75 1.57 81-68 85-6212 528-32 5,972.27 77-731 75.55 4-28 4,916.32 1,255.79 55.19 1.165.56 50.99 ; 4.17 3.00 64-60 91-78 95-69 9512-75 1032-973 1042-100 ee 2,483 543 141,985 663,942 13,905,525 13,881,680 16,022,643 4.74 3.20 66-61 951-79 % esas -971 102 -100 2,428 642 160,675 663,942 13,874,980 13,874,889 15,973,554 3.01 3.01 3.01 2.87 he 2.87 3.01 neces 3.01 2.87 2.87 2.87 2.76 2.65 2.65 cease 2.76 2.65 26.00-16.00 26.00-16.00 27.60 21.38-14.38 25.50 27,811,050 27,763,360 32,045,286 27,749,960 27,749,778 31,947,108 1.96 5.98 53.73 36.61 41.69 4.68 2.07 7.27 55.06 42.46 42.70 4.63 40.28 1.94 57.78 6.66 9.30 213.67 116.70 4.48 10.30 % 97.56 0.41 0.64 0.41 0.98 100.0 81.37 1.22 1.01 8.30 1.87 0.13 41.19 2.18 56.63 5.93 9.09 220.83 114.69 4.52 10.57 % 97.79 0.45 0.77 0.60 0.39 100.0 80.46 2.42 8.33 1.76 0.27 6.10 2.19 6.76 2.71 FIN Min Ear Ext Ne ns30 vee a oearpnsM0 Ot I t EE tem by I A pe rant me J MAME hi inp ans pe stayin th meena tmansenya a : MOODY'S INDUSTRIAL MANUAL FINANCIAL & OPERATING DATA Cont'd 1980 1979 0.14 1978 0.19 1977 0.15 , 1976 0.16 1975 0.15 1974 0.21 0.20 3.84 Minority interests in earn of subs . 3.75 3.70 3.44 3.23 . 4.07 3.76 Earn bef extraord items ....+-+--ereeees dr0.76 wees 2.73 keene tens 3.75 3.70 3.70 3.84 Extraordinary items 3.70 3.70 3.23 6.80 3.76 2.68 Net earnings common weighted shares as 3.75 reported by Co. After 100 stock div before -51 Includes 0.53 paid prior 100 stk div i Based on weighted average common & Co. and Goldman Sachs & Co. and Also callable for sinking fund which see at Freres LONG TERM DEBT associates SINKING Outstanding Dec. 31 1980 par prior to each 5. Owens Inc. % notes due 1981 Annually 1. Term Loans 149,200,000 evidenced by Apr. 1 1982-91 to retire debs cash or debs Rating 1 93,000,000 338 to % unsecured notes as follows 1982-91 3,000,000 1992-1997 50,000,000 outstg Dec. 31 1979 payable annually to 1991 6,000,000 1998-2000 8,000,000 plus similar 49,972,000 Sinking 2 52,700,000 32 to % capital lease ob- optional payments fund calculated to DATED_Nov 1 1974. DUE 1 1981 INTEREST ligations due 2009 retire at least Not of issue to maturity to holders registered prior 1974. 3 3,500,000 % to % mortgage notes SECURITY secured Co. or manufac- O 15 at office of trustee or at Co.'s option TRUSTEE payable annually to 1991 subsidiary shall not incur any debt se- cured TRUSTEE Illinois Glass Co. debenture 34 due cured by mtge without equally and ratably TRUSTEE Guaranty Trust Co. of 1988 1988 securing debt unless all such debt secured too-f New York NYC 1,000 gether with all attributable debt in respect AUTHORIZED DENOMINmAulTtiIpleON registered outstanding Rating sale and leaseback transactions involving domestic manufacturing properties or any integral thereof Transferable and exchangeable without service charge Dec. 31 1980 22,000,000 less debentures held principal would not exceed % of consolidated net tan- CALLABLE As a whole or in part at any 30 subsid- in treasury gible assets of Co. and its consolidated time on or after Nov. accrued 1980 on at least DATED , 1958 iaries excluding debt secured by a mort- notice at 100 plus accrued interest days MATURITY , 1988 gages existing on indenture date b mort- SINKING FUND OTHER PROVISIONS and INTEREST 1 at office of trustee gages on property of any Corp. existing at SECURITY manufacturing Toledo Trust Co. Toledo O. time such Corp. becomes a Same as deb % due 2001 Toledo New TRUSTEE AND REGISTRAR subsidiary c mtges in favor of Co d LISTED York Stock Exchange Manhattan Bank N.Y. mtges in favor of governmental bodies to se- PURPOSE to reduce domestic mtges DENOMINATION 1,000 regis- cure progress payments e on proper- short debt and the balance for general terable as to principal fully registered 1,000 ty existing at time of acquisition thereof proper- corporate Poses thereof & interchangeable and OFFERED Poses at any extension renewal or refunding thereof OFFERED ) at 99.75 proceeds multiples CALLABLE a whole or in part on to each May Co. may not consolidate or merge with any to Co. 99.05 on Oct. 31 1974 thru Lazard least 30 days notice at any time 31 incl as follows 1983 101.00 other corporation if anywporuilndcipablecdoommeesstuibc- manufacturing property shall be Freres & Co. and Goldman Sachs & Co. and associates 1981 100.40 1984 ...-. 101.40 ....- 100.80 1982 1985 .....- 101.20 ..... 100.60 1986 ..... ject to a mtge unless either ) debs equally and ratably secured with debt secured 6. Illinois Inc. %% notes due 1990 100.20 100.00 1987 callable 1988 sinking Also callable for sinking fund which see to by such mtge or ii such mtge could be created without equally and ratably securing Rating 100,000,000 outstg this series May 31 incl as follows 1981 100.15 1982 ..... 100.13 1984 a 100.08 1985 .100.05 .100.05 1983 1986 .100.10 ... 100.03 debs SALE & LEASEBACK may not sell and leaseback property unless a transaction is INTEREST INTERS June 100,000,000 . 1 1980. DUE , 1990 INTEREST 1 to holders registered : DENOMINATION follows 1987 SINKING 100.00 SINKING Annually cash or bentures to redeem debentures as Dec. 1 1963-72 not less than 1,000,000 CALLABLE more than 2,000,000 Dec. , 1973-87 not de- nor less than 2,000,000 nor more than 4,000,000 Cash deposited if in excess of 50,000 is to be used to redeem debentures at sinking fund re- funded demption price Unused cash at any time is to to MODIFICATION be added succeeding cash sinking fund pay- ment Minimum payments would retire % of issue maturity SECURITY DEFAULT SECURITY secured Company or any principal and owned domestic subsidiary may not 1 mortgage property without securing the debentures equally and ratably with such in- LISTED debtedness subject to certain exceptions in- cluding transactions with subsidiaries pur- existing facturing chase money liens and liens on acquired property or extensions thereof or 2 RIGHTS effect outside sale and leaseback of any plants OFFERED in the U.S. its territories or possessions un- less a sales price is less than 5,000,000 or b net proceeds of such sale are at least equal to fair value of such property and within 120 MODIFICATION days such proceeds are used to retire cur- rent debt RESTRICTION DIVIDEND dividends LISTED On does not limit dividends which may be See Restrictions on Retained paid on Earn- proceeds below CcRomEmAoTnION DUE OF ADDITIONAL DEBT denture does not limit amount of other securities which may be issued one where sale has occurred within 120 days after later of acquisition completion of con- struction or commencement of full operation of principal domestic manufacturing property b Co. could mtge such property in amount equal to attributable debt with respect to sale and leaseback transaction without equally and ratably securing debs or c Co. within 120 days applies to retirement of its debt an amount not less than greater of ) the net proceeds of sale of principal domestic manufacturing property leased pursuant to such arrangement or ii fair value of princi- pal domestic manufacturing property so leased This restriction will not apply to any sale and leaseback transaction a between Co. or manufacturing subsidiary and a manu- subsidiary or b involving the tak- ing back of a lease for a period of less than 5 years ON DEFAULT or % of debs outstg may declare principal due and payable 30 days grace for payment of interest or s.f. installments INDENTURE ture may be modified except as provided with consent of %% of debs outstg New York Stock Exchange PURPOSE to pay short debt OFFERED at 99 to Co. 98 on Apr. 22 1971 thru Lazard Freres & Co. and Goldman Sachs & Co. and associates 4. Owens Inc. sinking fund debenture ' N15 TRUSTEE Manhattan Bank N.A. registered DENOMINATION registered 1,000 or integral multiple thereof CALLABLE CALLABLE a whole or in part at any least 30 time on or after June , 1986 on at days notice at 100 SECURITY AND LEASEBACK Same as deb % 2001 INDENTURE ture may modified except as with consent of DEFAULT notes outstg RIGHTS ON provided or % of notes outstg may declare due payable 30 days grace for payment of inter- est New York Stock Exchange PURPOSE will be used to reduce domestic short debt incurred for general corporate corporate purposes including working capital and capital expenditures 100,000,000 at 99.50 crued interest proceeds to Co. 98.80 12 1980 thru Lazard Freres & Co Sachs & Co. and associates plus acon June Goldman 7. Owens Inc. convertible subordinated debenture 4sdue 1992 Rating 50,000,000 outstg Dec. 31 1980 36,500,000 DATED , 1967. registered 1992 INTEREST to holders registered on 15th day prior to interest date at office of Chemical INDENTURE MODIFICATION trustee ture may be modified modified or altered with consent 1,000 of the holders of not less than %% in princi- pal amount of the Debentures provided that no such change shall effect the terms of pay- CALLABLE ment of principal interest or premium on any INTEREST Debenture or reduce the percentage of Deben- tures required to effect such change PURPOSE to redeem debenture TRUSTEE 4s due 1966 and debenture 428 due 1970 of National Container Corp. assumed by com- 20,000,000 pany on merger to repay short- DENOMINATION term loans balance to replenish working capi- tal used to redeem 9,734,000 National Con- redemp- tainer debentures and for property additions since Jan. , 1957. LISTED New York Stock Exchange OFFERED at 100 proceeds to company on June 5 1958 by Lazard Freres & Co. and Goldman Sachs & Co. New York and associates 9.35s due 1999 Rating 100,000,000 outstg Dec. 31 1980 98,000,000 DATED 1 1974. DUE , 1999 1 to holders registered & 15 at office of trustee or at Co.'s option mail TRUSTEE Guaranty Trust Co. of New York NYC registered registered 1,000 or any integral multiple thereof Transferable and exchangeable without service charge CALLABLE As a whole or in part at any each Oct. 31 time on at least 30 days notice to as follows 1981 106.545 1984 1987 105.143 103.740 1990 . 102.338 1982 1985 1988 1991 106.078 104.675 103.273 101.870 1983 1986 1989 1992 105.610 .... 104.208 .102.805 .... 101.403 TRUSTEE Bank New York DENOMINATION registered and authorized multiples thereof Debs are interchangeable without service charge notice whole or part on at least 30 days notice to each Oct. 31 incl as follows 1980 101.800 1983 101.125 1986 100.450 Also callable 1981 .101.575 1982 101.350 1984 .100.900 .100.900 1985 ... 100.675 1987 100.225 1992 100,000 for sinking fund which see at CONVERTIBLE_Into CONVERTIBLE_Into com at anytime if called on or before 15th day prior to tion date at 29.50 a sh adj adj for 100 stk div in Apr. 1977 No adjustment for interest or divs except that debs converted after rec- ord date and prior to interest payment date must be accompanied by an amount equal to such interest to which the registered holder is Inc. debenture % due 2001 Owens Illinois Rating 100,000,000 outstg Dec. 31 1980 DATED Apr. 1 1971. DUE 1 2001 INTEREST O1 by mail to holders registered on 15th day prior to interest date TRUSTEE Manhattan Bank N.A. 1993 100.935 1994 100.468 fund thereafter at 100 Not callable however prior to Nov. 1 1984 thru refunding at interest cost less than 9.35 per annum Also callable for sinking which see at 100 Anualy on Nov. 1 SINKING Annually 1982-98 to retire debs cash or debs as fol- lows ) on each of the above redemption thereafter dates thru 1992 4,000,000 and ii ; paid entitled to receive Cash tional shs Conversion in lieu of frac- privilege protected against dilution to each SINKING Annually prior Nov. , beginning 1978 to retire debs cash or debs equal to % of debs outstg on Nov. 1 1977 plus similar payments optional SECURITY secured subordinated to Restric- all senior debt Restric- DIVIDEND RESTRICTION NYC DENOMINATION_Fully registered 1,000 and authorized multiples thereof interchangeable without service charge CALLABLE whole or in part on at least 30 days notice to each Mar. 31 incl as : follows 1981 .... 104.560 1984 103.705 1987 102.850 1990 101.995 1993 .... .101.140 1982 1985 1988 1991 1994 104.275 103.420 102.565 .... 101.710 ..100.855 1983 1986 1989 1992 1995 .103.990 .103.990 .103.135 .103.135 .102.280 .102.280 .... 101.425 ... - 100.570 . 100.285 fund on each redemption date thru 1998 8,000,000 plus similar optional payments Sinking designed to retire at least 92 of issue prior to OTHER PROVISIONS- maturity SECURITY Same as deb % due 2001 LISTED New York Stock Exchange PURPOSE to reduce domestic short debt and the balance for general 100,000,000 purposes corporate OFFERED 100,000,000 at 100 proceeds to Co. 99.125 on Oct. 31 1974 thru Lazard tions on Retained below Earnings RIGHTS ON DEFAULT or % and principal of debs outstg may declare due payable 30 days grace for payment of inter- est or sinking fund installment INDENTURE MODIFICATION as deb 3 s1988 LISTED New York Stock Exchange PURPOSE Proceeds to repay debt OFFERED 50,000,000 at 100 proceeds to Co. 98.875 on Oct. 26 1967 thru Lazard 4022 " MOODY'S INDUSTRIAL MANUAL Freres & Co. and Goldman Sachs & Co. and associates Inc. exchangeable Owens 8. Inc. outstg 25,000,000 nated debenture 4sdue AUTH 25,000,000 7,900,000 subord Dec. 31 1980 INTINETERREESST Tagencies DBaUnkENYC oINfTEREST JuAlynnAnnuaully aAnlnulalyly listebdeblelooww 1 July 1987 July , at office PAYING C&hE emXiCcHaA lNGEAGENTS ical Bank NYC and London main office Kredietbank S.A. Luxembourgeoise Luxem- Luxembourgeoise bourg First National CityBank Societe Generale de Banque S.A. Amsterdam Brussels C.G. Trinkaus Burkhardt Dusseldorf Credi- Deutsche Bank A.G. Frankfurt to Italiano Trust Co. Milan and Morgan Guaranty NYC and Paris DENOMINATION Bearer coupon 1,000 DENOMINATION CALLABLE a whole or in part at any CALLABLE time on after July , 1975 on at least 30 days notice to each June 100 1982 .. 101 1983callable as follows callable howevr thereafter 100. Not however prior to market , 1977 unless current price of OwensCorning Fiberglas Corp.'s com stock to which debs are exchangeable exchangeable on each trad-of ing day within 30 days preceding 15th day or to notice of redemption is at 150 % days exchange price in on such days effect 75 Notwithstandingthe above if of debs are exchanged to July , 1977 Co. may prior redeem debs at 104 required - If Co. be interest oficial ties of due to any change U.S. or in official to pay additional in tax laws or treaapplication or inter- thereof effective after July , 1972 pretation part may redeem debs as a whole or in at EXCHANGEABLE July Owens EXCHANGEABLE time on or after 1 1973 at 100 EXCHANGEABLEE XCHANGEABLE For Corning Fi- berglas Corpc.om stock at any time on or redemption 1973 after Feb. 1 if called date at 27.13 per sh . for Corning Fi- adj berglass stock split 4-21-78 No adjustment for accrued interest or divs paid in lieu of fractional shs Exchange privilege protected against dilution SECURITYNot secured subordinated to all senior debt CPo.RINCIPAL will TAXES ON PREMIUM & IN- TEREST pay as additional interest such amounts as may benecessary to reim- holders burse resident alien ent or future U.S. witholding for any pres- . RIGHTS ON DEFAULT and Trustee due of debs outstg payable 30 may declare declare principal due and days grace for payment of inter- est INDENTURE MODIFICATION be ture may mmoodified dified except as provided with consent of %% of debs outstg United LISTED Luxembourg Stock Exchange PURPOSE additional to repay debt incurred additional interest in ordinary acquisitionof Unite Glass Ltd. Balance of for proceeds purposes including proceeds corporate Co.'s foreign OFFEGoRldEmaDnJune2J5u,ne0S0ach0s ,000 on needs at 100 proceeds to 1972 thru Lazard Freres & Co. and Swiss Bank CorGopl.dmanGoldmanLtd. and associates Outsanding Outstanding Dec. Outstanding Privately placed Inc. 8.45 notes due 1998 Dec. 31 1980 100,000,000 10. Guaranteed Loans Also outstanding at Dec. 31 1980 by foreign subsidiaries 52,900,000 14,100,000 3.5% 2045 and 52,900,000 payable to 1988 to % mortgage bonds to 5.5 to 12 % notes Restrictions on Retained Earnings Amended Articles of Incorporation and certain long- term debt agreements include covenants re- stricting the payment of dividends distribu- redemptions tions on account of shares re- tirements or other of shares of acquisitions of the Company's stock At Dec. 31 1980 class 1980 the amount of retained earnings avail- able for the above listed transactions under the most restrictive covenants was 489,000,000 CAPITAL STOCK Owens Inc. % cumulative preferred 100 par 141,985 shares outstandAUTHORIZED Dec. 31 106,325 shares par 100 PREFERENCESPREFERENCES preference for assets DIVIDENDdividends DIVIDEND RIGHTS to cumula- tive dividends of 4 per share pay- annually able , etc. to stock of record quarterly Jan. aDbIouVtIDDeEcN.7D dividend of RECORD 95.65 paidJan. 2 1957 for period from t9here5aft.er65 Octth.ereafcteernts1956. Regular quarterly payments DIVIDEND RESTRICTION Restric- tions on Retained Earnings above The pro- visions in articles of incorporation applicable while any of the % preferred shares are out- standing are presently less restrictive dividends voting power VOTING RIGHTS no except on default of6 quarterly when preferred voting separately as a class in entitled to elect 3 directors Consent of %% of preferred required to merger increase authorized preferred issues equal or prior preferred change terms of the or any merger or sale of assets substantially all would affect adversely rights of pre- wLenhItiiQctUlheId DAredmption TpIriOceN redemption redemption price RIGHTSvoluntary PREEMPTIVE PREEMPTIVE and RIGHTS liquidation per share if involuntary if plus dividends PREEMPTIVE RIGHTS RIGHTS any one CALLABLE whole or in part at time after Mar. 31 1959 but prior to Oct. 1968 not less than 40,000 shares at any on at least 60 notice prior to date time days for such redemption Shares are redeem- able through Mar. 31 as follows $ per share and 1978 dividends ..... 100.50 1979 ..... 100.25 ... 100.00 1978 After Mar. 31 1979 Preferred may be purchased at any time at not exceeding redemption price provided all preferred dividends have been paid PURCHASE Annually beginning 190bligated MaMyay 1 : 1901b90lbliiggataedtecdutmoulsaettive on 1 of year aside May each a $ million purchase fund whichis to be used in the following 12 months for the purchase of preferred shares if obtainablien in the market at the best prices obtainable open Co.'s bid prices are determined weekly by formula based upon a published industrial preferred stock yield average how- provided bid ever that at no time will Co. less than 75 100 per per share nor more than share If any portion of a fund installment is not purchase so expended during the 12 months following the date set aside the balance will be available coporate purposes PURPPOSEURPOSE Issued on merger of National PURPOSE Corp. fifth preferred share and fourth common share for each National common share and 352/1000 preferred share and 44/100 common share for each National 1.25 preferred share TRANSFERTRANSFER AGENTS NYC company's office Toledo O. Bank REGISTRAR Bank New York and Ohio Citizens Trust Co. Toledo O. LISTED NYSE Symbol OI Pr 2. Owens Inc. 4.75 AUTIbHlOeRIAZUEDTHORIZED cumulative Ible series of 1968 no par AUTHORIZED Series of 1968 outstanding Dec. 31 1980 shares no convert- 743,766 548,317 preference after % pPreRfeErrFedERENCES DIVIDENDNo.1 as to assets and dividends RIGHTS to cum divs of etc. 4.75 a sh annually payable quarterly Jan. DIVIDEND RECORD dividend of 0.7917 paid Jan. 1 1969. Regular quarterly POTIPNGOTINGpayments thereafter POTING RIGHTS to half of a vote per share for election of directors and on all other matters voting with common share- holders without distinction as to class In ad- dition consent of holders of thirds of preference shares given in writing or at a meeting called for such purpose at which preference shareholders shall vote separately as a class is required for authorization or is- sue of any shares or class of shares having priority or preference over preference shares as to dividends or assets and for any amend- ment alteration change or repeal of the provisions of Articles or any merger of consolidation or sale of all or substantially all assets or surviving corporation which in any such case altersin a manner substantially prejudicial to thereof any of the preferences or other holders to the preference shares LIQULIDQUAIDTAION LIQUIDATION LIQUIDATION LIQUIDATION RIGHTS event of any be liquidation dissolution or winding up of Sur- viving Corporation preference shareholders shall entitled to receive out of assets of Sur- viving Corporation subject to prior liquidation rights of preferred shareholders but be fore any distribution to common shareholders or any other junior shares amounts specified as to a particular series As to the 4.75 Prefer- redemption ence Shares amounts to be rent redemption price or paid are then curthe initial redemp- tion price if before the shares are redeemable if the liquidation dissolution or winding up is voluntary and with together share dends divi- it is involuntary 100 accrued and unpaid dends CALLABLE a whole or in part after beginning redeemed if Mar. 31 1974 at following beginning 1977 d1u9r7i4ng10142.75mo1n9t7h5 p1e0ri3o.d80 1976 10b2eg.inn8in5g 102A.85pr. 101.90 100.95 1979 and thereafterthereafter 100 CONVERCONSVERISIOON N at option of at Convertible holders any time into Illinois com- mon shares Initial conversion price of com- mon shares will be 33per share valuing each 4.75 Preference Share at 100 for this purpose This is equivalent to a conversion rate of 3 Common Shares for each 4.75 Pref- erence Share price The conversion of the 4.75 Preference Shares will be subject to adjustment under a formula in certain events including issuance of common shares for a consideration less than conversion price issuance of securities convertible into or rights to subscribe for common shares payment of dividendsin common shares amounting to % or less of the out- standing common shares and payment of dividends other than in cash out of retained earn- ings andis subject to automatic proportionate adjustment if the common shares are subdi- vided or combined or if dividends in common shares on any class of shares of more than % of the outstanding common shares are paid TRANSFER AGENTS TRANSFER company's office Toledo O. Bank Chemical Bank New York REGRIEGSITSRTRAARR CitizCenistizens Trust Co. Toledo 739,985 shares Nov. , 1968 in ISSUED NYSE Tulip Cup LISTED NYSE merger Symbol OI Pr A LISTED Inc. common par 3.12 3. AUTHORIZED AUTHORIZED 45,000,000 shares outstand- AUTHORIZED ing Dec. sion of the 1980 28,950,798 shs for converdebentures 1,236,033 subordinated preference shares for conversion of 4.75 shares 1,644,951 shares for issuance under plans stock option & for Performance Award 2,268,514 shs par 3.12 PlanPar changed for split from 100 to 25 in 1916 by 4from 25 to 12.50in April 1937 by for split from 12.50 to 6.25 Sept. 21 1955 by for split from 6.25 to 3.12 on Apr. 29 1965 by for split Dividend Record in $ 1907 1910 1916 100 par shares ....... 1.00 10.5010.50 .8.50 .8.50 1908 1911 1909 .5.5 .6 0 .50 .6.50 1912-15 12.00 1912-15 .3.00 .3.00 . shares 25 par see eeee 3.501917 .5.00 1918 .5.00 3.00 1919-20 1199224-125 1923 .2.75 .2.75 .. ..2.50 par shares .3.00 .3.00 1922 .2.00 .2.00 1926 4.00 1927 5.00 1928 .4.00 1929 4.50 1930 3.50 1931 ..2.25 1932 .2.00 .2.00 1933 ..2.50 ..2.50 1934 .... 3.25 1935 .4.00 .4.00 .6.00 .6.00 1937 1.50 12.50 par shares 1937 ...5... 2.50 1941 .2.50 .2.50 1947-49 .3.00 1938 ....... 1.50 1942-45 2.00 1950 .3.25 .3.25 1199531-95-4 40 1946 .2.00 .2.00 oo 3.50 1951-54 .4.00 1955 .3.00 .3.00 1956-64 shares 1955 ... 0.62 par . 2.50 1965 ...... 1.35 1965 . 3.12 par .0.67 1966-71 shares1.35 1972 ..... 1.38 1966-71 1973 .1.46 1974 1977 1.57 1976 .1.88 shares 100 stk div par ..1.11 ( 3.12 4 1977 ... 0.79 1978 ..1.11 after ..1.11 1975 1979 ..... 1.72 ....... 1980 .1.40 .1.40 1981 .0.78 .0.78 Dec. Plus stock dividends of % Dec. 23 10 1913 % Nov. 27 1914 % 33 1915 27 Plus 1.50 in U.S. Liberty Loan bonds Plus % stock July , 1920 Plus % stock June 1 1921 1912 Nov. Dividends payable Dividends quarterly Mar. 15 etc. to stock of record about Feb. 20 etc. REINVESTMENT PLAN- DIVIDEND Under the Co.'s Dividend Plan Reinvestment N.A. whichis administered by Citibank N.Y. their cash stockholders may reinvest divi- dends each quarter in Co. common stock In addition an optional cash investment may be made through its in the plan by adding cash depos- multiple of 10 up to 1,000 per Cost for the purchase of shares month through the plan consists of the proportionate amount of the total brokerage commission company paid by paid by company bank The bank service chargeis VOTING VOTING vote RIGHTS per PREEMPTIVE RIGHTS share DIVIDEND RESTRICTIORENSTRICTION on retained earnings earningSs ySymmbbool LISTEDLISTED NYSE ( l LISTEDon Midwest and Pacific restric- OI also listStock Exchanges Unlisted trading on Cincinnati delphia Stock TRANSFER Exchanges AGENTS Chemical New York and company's Boston Phila- Bank company's office Toledo DIVIDEND DISBURSING AGENT company's Toledo Chemical Bank REGISTRAR Trust Co. Toledo REGISTRAR OFFERED- shs at 43.50 a sh on Sept. 19 1972 thru Morgan Stanley & Co. and Bache & Co. and associates Offering does not represent new financing new 57.50 1,400,000 shs at 57.50 a sh on Mar. 3 1976 thru Lazard Freres & Co. & Goldman general Sachs & Co. & associates Proceeds for corporate purposes