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MOODY'S INDUSTRIAL MANUAL AMERICAN and FOREIGN FRANK J. ST. CLAIR, Editor-in-Chief Editorial Board Lloyd C. Sweet George H. Parsons Arthur W. Herrmann Robert C. Riehle David M. Day Albert C. Esokait Harold Sandstrom A. E. Combader William Strauss June 1966 Robert H. Messner, Publisher MOODY'S INVESTORS SERVICE, INC. 99 CHURCH STREET, NEW YORK 7, N. Y. PHILADELPHIA BOSTON CHICAGO LOS ANGELES WASHINGTON SAN FRANCISCO Suburban Station Bldg. 75 Federal St. 135 So. La Salle St. 510 W. 6th St Woodward Bldg. Run Bldg. LONDON: MOODY'S INVESTORS SERVICE, LTD. King William Street House, London E.C. 4 Copyright, 1966 by Moody's Investors Service, Inc., New York--All rights reserved f W\/ uiKJKJJLfi o 11\UUCUTICIJLjL JilAJSUALi DIVIDEND RESTRICTIONS--See long term On $3 shares after 2-for-l split: debt, above. 1960__ 0.75 1961-64 1.00 [21965___ 1.25 At Dec. 31. 1965, about $10,000,000 of consoli 131966- 0.50 dated retained earnings plus earnings after (3Prior to 2-for-l split. that date were free from dividend restric [3Also stock dividends: 1951, 10%; 1965, tions under most restrictive clause. 50%. DIVIDENDS PAID-- On $1 par shares: 1942-44 $0.60 On $3 par shares: IS 1945. 0.60 1946___ 1948___ 1.25 1949___ 1951-- (22.00 1952-- $0.30 0.75 2.25 1947__ 1950__ $1.00 4J0 3]To April 15. TRANSFER AGENTS--Harris Trust & Sav ings Bank, Chicago, and Chemical Bank New York Trust Co., New York. REGISTRARS--Continental Illinois National Bank & Trust Co., Chicago and Irving Trust Co.. New York. DIVIDEND DISBURSING AGENT -- Harris (On $3 par shares after 100% stock dividend Trust & Savings Bank, Chicago. paid July 30, 1952). LISTED--New York and Midwest Stock Ex 1952___ 0.37 % 1953-59 1.50 I960__ 0.75 changes; unlisted trading on Boston, Pacific Coast and Philadelnhln-n ton Stock Exchanges. , OFFERED--(40,000) share. Mar. 9. 1943 by Hickey*?, Davis & Co., Chicago: OfS sent company . (200.000 snares includina by company) at $20 periS underwriting group headed Twi*., Chicago. (32,800) shares at $43.62(4 1956 by Kidder, Peabodv ; Offering did not represent c Stock Options held by nr 1965 on 109,810 shares at^ to $83,875 a share, expire to' CAPITAL 8TRUOTURE CORNING GLASS WORKS LONG TERM DEBT Issue 1. Income debenture 3%s, due 2002 __ CAPITAL STOCK 1. 3%% cumulative pfd., 1945 series__ 2. 3 */a% cumulative pfd., 1947 series -- 3. Common Rating CD-- Par Value $1001 loor 5 Amount Outstanding $8,100,000 Times Charges Earned 1965 1964 22.42 42.37 Amount Earned per Sh. Outstanding 1965 1964 24,420 shs. $1,584.30 $1,001.21 6,843,602 shs. 5.64 5.12 Interest Dates A&O 1 Divs. per Sh. 1965 1964 f$3.50 $3.50 t 3.50 3.50 2^0 2.50 Call Price See Text Call Price 101 102% i QQi ] Bi 98 847% HI Privately held. HISTORY chemical ware and other products at plants Corning Packaging Co. ir Incorporated in New York Dec. 24. 1936, as a consolidation of a New York company of same name originally incorporated in 1875 and Macbeth-Evans Glass Co. Incorporated in Pennsylvania in 1899. Business established in 1851 and 1869. at Bagneaux-sur-Loing and Aniche, France Signetics Corp., Sunnyvale, Calif. Majority interest acquired in 1962. Operates plant at Sunnyvale, Calif. Manufactures microelec tronic integrated circuits for the computer and communications industry. N. Y.: Fibre boxes, floor sc Foam plastic packing Dial Md. and Marshall, Mich. , Big Flats, N. Y, Plant: Ch* tory glassware and other i dustrial glassware. Floor sp. On Sept. 12, 1945, merged Corning Realty Co., a wholly-owned subsidiary owning Corn ing Building at Fifth Ave. and 56th St, New York and certain realty at Corning, N. Y. Corning Glass International S. Aj Conducts sale of company products outside U. S. and Canada. Corning, Nederlandse Fabrieken, N. V. Or Wellsboro, Pa, Plant: Mac Christmas tree ornaments. 400 sq. ft if In Aug. 1956 purchased remaining 50% in ganized in 1963 to produce gdass-ceramic cook Central Falls, R. I. piaa terest in Coming Fibre Box Corp., which was ware for Continent and United Kingdom. tubing, bulbs and vacuum k operated as a subsidiary until 1963 when it Plant at Groningen, The Netherlands. space, 441,409 sq. ft j was merged; now operaetd as a division un Electrosil, Ltd., Buckinghamshire, England. Charleroi. Pa. Plant: He der name of Corning Packaging Co. Established in 1963 to manufacture electronic ware, lighting ware, mlscell On Nov. 28, 1958, merged Steuben Glass Inc., components. Floor space, 612,100 sq. ft i a subsidiary, now a division. Corning International Corp. formed In ear' Bradord, Pa, Plant: Elect SUBSIDIARIES A AFFILIATE8 ly 1966 for purpose of raising funds overseas, and fused silica proucts. I Corhart Refractories Co,, Inc. (whollyowned): Organized in Delaware in 1927. Owns and operates refractories plant at Louisville, Ky. and Buckhannon, W. Va. On Dec. 27, 1958, acquired refractories business of parent. Corning Class Works of Canada, Ltd. (wholly-owned): Organized in 1945. Owns 105,800 sq. ft. plant at Leaslde, Ont. Corning ware for the Canadian market is processed at Lea slde; and plant is used as a warehouse and distributing point for Canadian market. Corning Class International, 5A. (wholly owned): Incorporated in Panama in 1959 with offices at Panama, R.P., Zurich, Switzerland, 717 Fifth Ave., New York and Corning, N. Y, to coordinate export of all Coming and Cor hart products in all countries outside of the U. S. and Canada. Vidros Corning Brasil, S. A. (wholly-owned): and plans to borrow $5,000,000 from London office of First National City Bank, NYC, and plans subsequent borrowing of up to $10,000,000 from banks; loans to be guaranteed by Co. Subsidiary has sought SEC exemption from Investment Co. Act. Other associated companies are Crlstalerias Rigolleau, S. A. (Buenos Aires), Cla. Vi draria Santa Marina, S. A. (Sao Paulo), Crlstalerias die Chile, S. A. (Santiago), L'Elec tro Refractaire and Sovcor Electronique, S.A. (Paris) and Borosil Glass Works Ltd. (Bom bay). In 1965, acquired substantial minority inter est in 4wakl Glass Co., Ltd., Japan. Iwaki is building a new factory near Tokyo for production of sealed beam headlamp lenses and reflectors. BUSINE88 A PRODUOTS 000 sq. ft. I Parkersburg, W. Va. PIm tubing; chemical and appan glasses; miscellaneous mde piping. Floor space, 272.600 sc Muskogee, Okla, Plant:1: coffee making ware, floor sp Albion, Mich. Plant: Ms vision bulbs. Floor space, 639 Danville, Ky. Plant: Manun tubing. Floor area, 270,400 g Harrodsburg, Ky. Plaoh optical and ophthalmic j ' 000 sq. ft Greenville, O.: Pyrex area, 265,000 sq. ft Raleigh, N. C. Plant: tronic components. Floor . Organized in Brazil in 1944 as a holding company. Became an operating company in 1965. Television bulb plant near Sao Paulo. Owns 31% of ordinary shares and 18% of Engaged in manufacture of glass products, including fluorescent, electric light, tele vision and radio bulbs, electronic compo nents; tree ornaments, tumblers, lamp chim Martinsburg, W. Va. Pli Coming Ware skillets, _ ers. Floor space, 244,000 sq. j Ereferred shares of Cia Vidraria Santa Mar neys, tubing, vacuum bottle liners, tableware Bluffton, Ind. Plant: ia, which operates a glass plant at Sao and lighting ware, Steuben line of stemware for color television bulbs, tt Paulo, Brazil. and art glam, cooking ware, laboratory ware, sq. ft Pittsburgh corning Corp. (59% owned): Or insulators, lantern globes, optical glass, re Paden City, W. Va. Ptai ganized in Pennsylvania in 1937 in association fractory products for chemical, metallurgical Centura tableware. Floor I with Pittsburgh Plate Glass Co. Owns and operates plant at Port Allegheny, Pa., Sedalia, Mo. and Tyler, Tex. for manufacture of hollow glass building blocks, also cellular glass prod ucts sold under trade name of Foamglass used in refrigeration chambers and as a flotation material and electronics industries, etc. Most of com pany's products are sold under trade marks. Coming, Pyrex, Pyroceram and Vycor. Sales offices at Corning, N. Y., New York, Chicago, Dallas, Pittsburgh. Houston, At lanta, Washington, D. C,, Cleveland, Leaside, Ontario, Louisville, Ky., Raleigh, N. C., Sun Greencastle, Pa. Plant: distribution of all con space, 600,000 sq. ft New York Office: Office 1 ben retail shop. Company i cupy about 33%%, balance I Owens-Coming Fiberglas Corp. (30.66% owned); See general index. Dow corning Corp. (50% owned): Incorpo nyvale and Orange. Cal., Bradford, Pa., Towson, Md., Sydney, Australia, Zurich, Switzer land and Brussels. Belgium. 345,000 sq. ft. Blacksburg, Va, Plant: piping and components. rated in Michigan in 1943 in association path Dow Chemical Co. Operates plants at Mid land, Mich., and at other locations for manu facture of electrical insulating resins, greases, fluids and elastomers resembling natural or artificial rubber, all generally known as sil icones. PLANT AND PROPERTIES Main Plant: Coming, N. Y.: Railroad, ma rine and aviation signal ware; thermometer and other tubing; coflee makers: piping, spe cial industrial glassware; optical ware^and technical glass filters, ovenware. top-o8tove cooking utensils. Pilot Plant No. 1 is located Medfield, Mass, Plant: temperature process ins trols. Floor space, 20,000 sq. Newton, N. J, Plant: ing plates from phi space, 6,000 sq. ft Dow Coming AG (50% owned): Incor- in this plant. Floor space, 1,021,800 sq. ft. Danville, Va. Plant: Sirated in Switzerland in 1960 jointly with Pressware Plant: Coming, N. Y.: Television brand glass and other ow Chemical Co., to finance and man bulbs. Floor space, 387,000 sq. ft. glasses. age certain interests outside U. S. Industrial Reactor Laboratories, Inc.: Formed jointly with nine ither companies to provide facilities for atomic energy re search programs of constituent companies. Began operation early in 1959. Coming Mexicans S. A. (wholly owned) Organized in Mexico in 1951 (inactive). James A. Jobling Co. Ltd. (England) (40% owned): Stock Interest acquired by company (n 1954 from Pilklngton Brothers, Ltd. Manu factures Pyrex brand ovenware, tableware; chemical ware, and industrial specialties in a plant at Sunderland, England. Seciete des Verreries Industrialist Reunies Fall Brook Plant: Corning, N. Y.: Machinemade tubing and small bulbs. Floor space 253,500 sq. ft Glam Center: Coming, N. Y.: Employee's recreation center and Hall of Science and Industry. Floor space, 57,500 sq. ft Mechanical Engineering Building: Corning, N. Y.: Central machine shop and machine de velopment departments. Floor space, 57.700 sq. ft Houghton Park: Coming, N. Y. Includes in addition to Steuben Plant and Corning Glass Center administration buildings, 174,500 sq. ft; product development workshop, 68.200 sq. Corning Glass Works of side, Ont: Housewares; tributing point. Floor Corhart Refractories Plants at Louisville, Ky.. Buckhannon, W. Va., 89,000 Liverpool, Australia: finU facture of bulbs for space, 50,000 sq. ft New Construction: New costing over $3,000,000, wifl site near Wilmington, Nd begin production of by end of 1966. Productos Corning d* du Loing "Sovirel" (France) (formerly La C. V. (majority interest), Pyrex, S. A.) (30.8% owned): Manufacturers Sullivan Park: Coming, N. Y. Researcch and 1965 and has started cot Pyrex brand ovenware, television bulbs. development; 410,000 sq. ft vision glassware plant at MOODY'S INDUSTRIAL MANUAL 787 -cwKlditure* totaled $31,475,tUt addition of 1,000,000 sq. i*5cWd|"mpietion of 3 new plants, 6 plants. |HT <gs&* Jr^ encS Chief *&JlaJ'.pttDlrVManp<]wor DeveL) jjfigftshZf-Jsfwr1 (Malcolm H. Hunt, V.-P. (Electron. Prod.) Arthur W. Weber, V.-P. (Mfg. Svces.) Thomas S. Wood, Jr., V.-P. (Purchases) Oakes Ames, V-P. (T.V. Prod. Div.) J. H. Blerer, V.-P. (Consumer Prod. Div.) Frederick H. Knight, Secretary Thomas Waaland, Treasurer Robert W. Foster, Controller DKrcctofvs W. C. Decker, Corning, N. Y. ,, Amory Houghton, Corning, N. 7. Amory Houghton, Jr.. Corning, N. 7. Arthur A. Houghton, Jr.. New York Charles D. LaFollette, Corning, N. Y. George D. Macbeth, Corning, N. Y. George Murnane, New York Robert D. Murphy, New York Howard C. Sheperd, New York John R. Kimberly, Neenah, Wise. John B. Coburn, Cambridge, Mass. R. Lee Waterman, Coming, N. Y. William H. Armistead, Corning. N. Y. Paul T. Clark, Corning, N. Y. Roswell L. Gilpatric, New York Auditors: Price Waterhouse & Co. Corporate Counsel: Frederick H. Knight. Annual Meeting: Second Tuesday in Apr. No. of Stockholders: Dec. 31, 1965: Pfd., 2941; common, 14,200. Number of Employees: Dec. 31, 1965, 18,430. Main Office: Coming. N. Y. account COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED vubujuui y Jan. 3,'65 Dec. 29/63 Dec. 30/62 Dec. 31/61 &'admlnlk mips.............. development expenses. WumU ----------income tax--------------------------- $340,471,141 237,048270 45,611.651 57,811,220 12,488,946 70,300,166 3,135,545 28,476,000 $327,612,307 229,432.187 44225.631 53,654.489 10,093,354 63,747,843 1,504.534 27221.000 e$n2e8a92m17s.4%3o8 683,784,809 40,012.756 15,425235 49,993,938 16,554273 60,548211 1,708,690 27264,000 *$620602,1in9n9,8C8M6! 171,154.450 35,087,885 12,945,628 43,011,923 9,592,589 52.604212 1,407203 23,100.000 $*929290,5Rd6S8fl,8tt1l 9Q 150,058228 28,972,485 10,714,482 39,823,324 8,835,473 48,658,797 731297 21,490,000 511,000 income tax---------------------- 38,688,621 35,022.309 31275221 28,096,609 25,925,900 or" credit--------------- Crt279,499 Jan. 1/61 $214,871,286 148,931,976 25,538,706 9,360,782 31,039,822 10,159,769 41,199,591 710,850 18,026,000 408,000 22,054,741 2234,924 Jan. 3/60 $204,887,424 133,887.424 25,379.666 8432.645 37,861,411 8,071.216 45,932.627 875,728 20,300,000 421,000 24235,899 *01ne less special charge plus . ***f?^fus."~Jan. 1-----------------------dividends ------------------------- PjZ"dividends------- -------------------furplus, Dec. M ------ 39,968,120 144,384,180 103,680 17,084,980 $167,163,640 35,022,309 126,531,551 128,285 17,041,395 $144284480 31275,521 112426.448 164.848 17,005,570 $126231.551 28,096,609 97,789264 179246 13280,079 $112,126,448 25,925,900 85,617,225 194,133 13,559,729 $97,789264 19,719.817 79,627,130 201,252 13228,470 $85.617225 24,335,899 66,470,956 216,582 10,963,143 $79,627,130 ""SdStary P. & L. DATA depipa& other than income------------ $22,160,908 18232,583 9,145,793 4266,414 $22,692,601 14.871,260 8.310,784 3,972,753 $20,113272 13,692,397 8,833,491 3209.765 $20,093,621 13,054,664 7267,011 2.983478 $16,406,029 10,853,435 6,711.882 2.515,043 $19,703,401 9,478,793 6,515,625 3,401,836 $17,052,335 8,427.873 5,396,080 1,550,156 . related portions of items shown p. & L data" shown fiS mount. |g64 and 1965 figures not separately shown , i IJ61, loss; Jan. 2, 1966, gain; on of investments in associated com- (b) Company's share In undistributed earn ings of its wholly, owned foreign associates and subsidiary companies not consolidated was; 1965, $1,837,937; 1964, $943,341; 1963, $532,275; 1962, $696,412; 1961, $1,045,964; 1960, $1,028,099; 1959, $1,436,319. (c) Commencing Jan. L 1954, parent com pany adopted the sum-of-the-years-dlglts charged to income as additional depreciation for the year. Sources and Disposition of Funds (In $1000): Sources of Funds: 1965 1964 Net income --------- $38,689 $35,022 Depr. & amort__ 18233 14,871 Sale of com. stk. . 3,794 2284 Other, net________ 3,961 700 ^gtedvded with interest, etc. in 1957-64. glaclvdct payroll taxes (1965, $5,458,724). ||Iir|.- (a) Company's equity in undistod earnings of its major, domestic tedcompanies (Dow Corning Corp., -ornlng Flbreglas Corp., Pittsburgh Coro, and Sylvania-Coming Nuclear I wee:1965, $6252,107; 1964, $5,134,800; 11.072.730; 1962, $3,626,438; 1961, $3243,105; k 11410209; 1959, $2272.730. method of computing depreciation of fixed assets as permitted by the Internal Revenue Code of 1954. The effect of this change on In come for 1954 was not material (d) In accordance with the investment tax credit provisions of the Revenue Act of 1962, the company has taken a credit in the amount of $529222 against income tax payable for the year 1962. This credit is to be reflected in in come over the life of the related property and the amount of the tax reduction has been Total Disposition of Funds: Dividends ________ Capital expend. .. Pfd. shares ret. L. t. debt red.____ Invest, in sub. cos. Total _________ Work. cap. incr. -- $64,677 $17,189 31,475 1,038 200 6,707 $56,609 $8,068 $52,877 $17,169 38.423 463 200 1219 $58,074 d$5,197 Reeerd of Earnings, years ended about Dee- 311 (in $): Cost and Operating Oth. me. Sc Net Sales Expenses Profit DecMNet) 55,851,710 50,572,664 5279,046 817,701 61,295,727 57445.718 4,150,009 .?-*9,100 67,866,101 60,609294 7256.807 d 1461,264 73197,782 61,618,194 11279288 236.848 116,473,981 81,573.689 34,900,292 770,495 115,750,172 126,455.784 93,052,059 98,811,014 22.698,113 27,644,770 1.164,551 871,386 s-,,.............. 149,294,036 116,779,396 32,514.640 1.524,755 ft*-,..---------- U7.938.842 113,839,904 34,098.938 1.892,253 .......... OIL.......... 157,663.837 121259,461 163,053,554 128,446,217 36,104,376 34.607,337 2,792,295 3,125,416 JR-y......... 159,069,721 132,854207 26,215,514 4,817,890 Jj*------------- 159,137,729 131,788,014 27,351.115 5,412,| <#*................. 204,887,424167,026,013 37y861.411 7,195,488 Ino.Be!. Income Taxes Taxes 4,461,345 1,660,700 3,600,909 1282.500 6,095,543 2,447.290 11,816,436 4,738.052 35,670,787 18,058.432 23,862,664 , 13.721.500 28,516.156 18.193.000 34,039,395 21.358.000 35,991,191 18.501.000 38,896,671 20.270.000 37,732,753 19.300.000 31.033,404 14.500.000 32,763,543 15.600.000 45,056,899 20, 721,000 Net Income 2,800,645 2218.409 3,648253 7.078.364 17,612,355 10,141,164 10,323,156 12,681,395 17,490,191 18.626.671 18,432,753 16233,404 47,163,543 24235,899 Common Dividends 1,317254 1217.154 1.317.154 2,634208 5287,366 5.318.016 5218.016 5.318.016 7,977,024 9,960.655 9,991,530 10,052,653 10.076203 10,963,143 Com. Shs. Earn. Per Outstand. Com. Sh. 2,634208 LOO 2.634.308 0.73 2.634.308 125 2.634.308 226 2,649233 623 2,659,008 3.70 2,659,008 3.77 2,659,008 4.66 2,659,008 6.48 6,660,020 2.76 6,681202 2.72 6,707,252 2.43 6,722,052 222 6,754,600 327 UUkOI SHEET ** Govt, securities (at cost) jnuishles, net_______________________ g--alarUs................ ................... expenses assets ___ equipment ...________ "WedsUon & amortization_______ CONSOLIDATED BALANCE SHEET, AS OF Jan. 2/66 Jan. 3/65 Dec. 29/63 Dec. 30/62 $14,628,614 $17214,651 $21,127,163 $15,488,887 28,371,740 21,137,375 30,643,008 25206,663 37,330,130 35,899254 28,874,060 26,044,236 47,841,705 43253,639 40,991,020 35278,226 1,075,851 524231 740,798 712,869 $129248,040 254.004.997 126.976.997 $122276,949 225,473,295 110,930,009 $103,630,881 189,095,306 98,737,628 $95,818,850 174206,039 86,954,214 Dec. 31/61 $13,329286 25,971.004 22,483,754 33,396,041 638,765 $87,665288 159,777,060 77,091,652 , Jan. 1/61 $12,845,580 18,562,832 20,143,562 35,374,930 738,384 $95,739,516 143,094,379 68,558,999 Jan. 3/60 $15,017,506 30,217,606 21,435,936 28,169,480 898.988 $82262,252 118246,291 60,628.750 w?** Property________________________ in foreign affil. & subs. _ ** *t --------------------------------------- ---- Twl __ _____ ^J^*B1UTIES Cg* iancccoomuentstapkaayab,,le accrued liabilities " 127,028,000 15,150,659 4,573,623 212,068 5250,376 $281,468,768 $12,555,613 19,931,596 12271,764 114.543286 8,443.590 4,601,158 212,017 4,636,502 $250265,694 $11,492,194 18.858,434 11,957,087 90257,678 6,626,888 4,601,158 209,575 4,425,381 $228297,629 $10,167,024 19,172,984 12,019,010 87251,825 5,752229 4,601458 203414 4264453 $205,900,470 $8229.648 15,909,433 9,515,468 82,685,408 4,451,871 4.601,158 201,459 3,639,153 $191,397298 $7.178288 15,512,311 10,642.802 74,535,380 3,739,222 4,601,158 171224 3,665,954 $174,378,326 $7,696,768 13,193,548 8.457295 57,617,541 3,454,378 9,322,201 161.000 1,781,740 $168,076,376 $9,372,710 13,550,215 8,047,775 -X? gint liabilities__________ ibo)____1 00) --/ f enrplus _ ------------_--_---_--_--- 1 earnings---- --------------------------- ^tockholder equity $45,358,973 2,402,485 8,100,000 5,603203 2,442,000 34218.010 16.180,355 167,163,640 220,004,005 $42,307,715 1,434,791 8200.000 4,054,645 3,498,000 34205.635 12.480.728 144,384,180 194,468,543 $41259,018 8.500.000 3,944,035 3286.000 34,027,735 10.249240 126531,551 174,794,526 $33.951249 6,700,000 3,402,736 (2,085,000 12,913.500 33,959,425 8,761,812 142,126,448 159246,186 $33236,201 6.900.000 3,962,115 2281.500 3.130.000 33,928210 8,070.508 97,789,264 146499,582 $29247,711 9.160.000 3,924,173 2.536.000 3.165.000 33,850,015 6,838202 85,617,225 132,006,442 $30,970,700 9.300.000 2.818.574 2.688.000 3.185.000 33,773,000 5,713,972 79,627,130 124,987,102 $281,468,766 83289,067 $250,565,694 $75,821,425 $228,597,029 $81,017201 $205,903,470 $69276232 $191,397,898 $62,482,649 $174,378,326 $58,317277 $168,076,376 $64.768216 1168 MOODY'S INDUSTRIAL MANUAL (118,341 (hare*) Issued in Apr.. 1952, In ex change for entire capital stock (6,363 $100 par shares) of Wesco Waterpaints, Inc., Berkeley. Cal. (238,000 shares) issued In Jan. 1953, in ex change for entire capital stock of Asbestone Corp. (27,907 shares) Issued in Mar., 1953, for assets of Smith Asbestos Products, Inc. (292,101 shares) issued between July 17, 1958 and Mar. 13, 1959, in exchange for 701,042 shares (99.5%) of American Encaustic Tiling Co., Inc. stock. (45,000 shares) issued Feb. 27, 1959, in ex change for entire capital stock of Olean Tile Co., Inc. (1,014,300 shares) issued in May, 1959, in ex change for entire capital stock of Huron Port land Cement Co. (583,170 shares) issued in 1960-61 for 1254,535 shares (99.8%) capital stock of Allentown Portland Cement Co. OFFERED--(275,000 shares) at $29.50 per share on June 20. 1946, by a syndicate headed by W. Z. Hutton & Co. and Blyth 6c Co.. Inc., New York. Subscription Rights: Common stockholders of record May 10, 1948 had right to purchase 422,467 common shares at $13.50 per share on basis of one share for each four shares held. Rights expired May 24, UMs sale of shares added to war*-' Common stockholders of 1955, had right to subscribe to shares at $40 a share on bads each 6 shares held. Rights -- 91 Common stockholders of 1956, had right to subscribe to shares at $47 a share on k-h! for each 8 shares held. RisST 25, 1956. TM Stock Options held by Dec. 31, 1965 on 126,357 coS. prices from $58.15 to $28.87 Der to 1973. OWENS-CORNING FIBERGLAS CORPORATION CAPITAL 8TRUCTURE LONG TERM DEBT Issue 1. 4.2% note, due 1988 ___ 2. 6.8% note, due 1973 ____ 3. 7.75% note, due 1980 ____ CAPITAL STOCK Issue L Common BJPrlvately held. Rating HU-- Par Value $1 Amount Outstanding $50,000,000 6,000,000 6,500,000 Amount Outstanding 6,723,004 shs. Times Charges Earned 1965 1964 18.65 20.54 Earned per Sh. 1965 1964 $2.90 $2.56 Interest Dates Call Prices Dlvs. per Sh. 1965 1964 $L30 $1.00 CaU Prices 196? 1965 71%. * HI8TORY has 78 sales offices located in cities through Incorporated under Delaware laws Oct. 31, out the United States. 1938, by Owens-Illinois Glass Co. and Corn Company's products can be classified into ing Glass Works to continue development of the following five groups: (1) Fiberglas fibrous glass products. "wool" products, used for thermal insulation On Nov. 30, 1954, Fiberglas Contracting 6c and acoustical applications; (2) Fiberglas tex Supply Co. and Fiberglas Engineering 6c Sup tile products, consisting of strands, yarns and ply Co., former subsidiaries, were dissolved; cords, used by other companies in manu now operated as divisions. facture of electrical insulation and decorative SUBSIDIARIES Flbras y Lana de Vldrio Flbra-Glass S. A., Bogota Colombia (55%); Owens-Coming Fi berglas U. K. Ltd., London, England; OwensComing Fiberglas Europe, S. A., Brussels, Belgium; Owens-Coming Fiberglas Interna tional (Del.); Owens-Coming Fiberglas (Italy) S.p_A_, Milan, Italy; Owens-Coming Fiberglas Venezuela. C. A., Caracas, Venzuela. and industrial fabrics, as reinforcements for plastics, papers, twines and rubber goods and for other industrial purposes; (3) Fiberglas Aerocor, an extremely light weight wool product used as an insulating and sound con trol materials; (4) Fiberglas filter products used in heating, adr conditioning and ventilat ing systems and in industrial processes; and (5) Fiberglas mat products, consisting of por ous thin sheets used principally in manufac INTERNATIONAL DIVISION ture of storage batteries and as protective Owens-Coming Fiberglas International. N. Y. wrapping for underground pipes. W. H. Curtiss, Jr.. Vice-Prte. Pacific Coast Division | T. V. Fowler, Vice-Pres. <T A appliance materials) J. H. Thomas, Vice-Pres. Dev.) B. F. Leaman, Jr., Vice-Prr J. A. McKay, Vice-Pres. (Nat1 Fowler Blauvelt, Vice-Prs Ind. Mats.) i R. E. Brown, Vice-Pres. a Sales) " R. K. Diggers, Vice-Pres. Defense) G. O. Mabry, Vice-Pres. R.Rr'Mulligan. Vice-Pres.' F. L^kirtiU, Vice-Pres.' (I Div. Sales) ( D. W. Ladd, Jr. Vlce-Pn comm'l. Const. Mat.) a AFFILIATE8 PLANT8 A PROPERTIES Roger van den Perre, Via Company is affiliated with Owens-Illinois Glass Co. and Coming Glass Works, see gen eral index, through stock ownership (see com mon stock, below). Affiliates--Partly Owned: Fiberglas Canada Limited. Toronto, Canada (48% of common; 50% of pfd.); plants at Sarlna and Guelph, Ont. Edmonton, Alta, and Candlac, Que. Asahi Fiber Glass Company, Ltd., Tokyo. Japan (40%); plant at Chlgasaki. Vitro-Fibras, cSA., Mexico City (40%); plant at Mexico City. Australian Fibre Glass Pty. Ltd., Sydney (40%); plants at Melbourne and Sydney. New Zealand Fibre Glass Ltd. (wholly-owned by Australian Fibre Glass), Auckland; plant at Auckland. < Fibreglass South Africa Pty. Ltd.. Johannes burg (24.5%); plant at Springs (near Johan nesburg). Scandinavian Glasflber AB, Vasteras, Sweden (40%); plant at Falkenberg. BU8INE88 A PRODUCTS Company owns plants at Newark, O., Kan sas City, Kan., Santa Clara, Cal., Barrington and Berlin, N. J., Anderson and Aiken, ST C,, Ashton, R. I., Huntington, Pa. and Waxahachie, Tex. also research center at Granville, O. In addition 4 product and research labora tories are connected with the Anderson, Ash ton, Granville and Santa Clara plants. Toledo office and sales offices in principal cities are leased. Affiliate Plants: See Affiliates above. Company has 51 supply and contracting lo cations and sales offices throughout the U. S. Capital Expenditures: 1965, $29,602,821; 1964, $8,576,000. MANAGEMENT Officers: Harold Boeschenstein, Chairman Gen. Lauris Norstad, President J. M. Briley, Vice-President B. S. Wright, Vice-Pres. (Purch. & Trans. W. W. Boeschenstein, Vice-Pres. (Mktg.) Inti.) <7 W. M. Keller. Vice-President L. W. Saxby, Vice-Pres. contracting) W. E. Munsey, Vice-Pres. (B ply, Pac. Coast Div.) H. M. Cranston, Vice-Pres. (Il C. F. Scarbrough, Vice-Pres. Wayne Ketner, Comptroller C. G. Staelin, Vice-Pres. 6c S4 Directors: . Harold Boeschenstein l J. E. Bierwirth L. W. Cabot J. M. Kemper, Jr. D. W. Malott H. J. Morgens H. C. Nolen Gen. Lauris Norstad H. R. Winkle W. J. Murray (Honorary) Auditors: Arthur Andersen A ( Annual Meeting: Third Thurso No. of Stockholders: Jan. 5,196( No. of Employees: 1965 average Company la engaged in development and B. E. Boyd, Vice-Pfes. (Mfg.) General Offices: National Baa manufacture of fibrous glass products, dis E. J. Detgen, Vice-Pres. (Home Bldg. ledo L O. 1 tributed by its own sales organization which Prod.) New York Office: 717 Fifth Ave INOOME ACCOUNTS Net sales _______ ___ ____ Cost of *als__________ .....__ Research & deveL expenses Selling exr-nses ____________ General & admin exr>tises - COMPARATIVE INCOME ACCOUNT. YEARS ENDED DEC. 1965 1964 1963 1962 1961 $335237,976 $299,812261 $274,227,443 $253258.218 $226,940,262 250,483.653 224,145,496 207,974,506 187,338,241 165.643.964 7,632,605 6,882,801 7266.847 6,627,501 5,827,158 25,378,405 22,171,590 21,547,693 19212.419 16,954,972 12,687287 11252,730 10,569,473 10,084,171 9,674,417 I960 ` $218,178,030 156,747,513 5,382,477 16.348.336 9.419.304 Operating profit__ Royalties ..._________ mother Income (net) Total income _______ -__ Interest on borrowed funds . Federal iiwim tax _______ 39,156,026 1,957,880 *1,890219 39223,687 2.102232 17,606,000 34,759,644 1,924295 *1.425,024 35259,215 1,716,167 16279.000 "JsflSfi dr 1,494208 27,714,684 1,494,598 13,740,000 29,995,886 2,816,769 dr 1,428,869 31283.786 1242,192 15,670,000 28239.751 2,353,863' dr 1,372.694 29,820.920 1,455.000 14,087.000 30,279,900 2.432.248 dr 819256 j 31,892.832 1 1.233.090 16,025,000 Net Income_______ ________________ Earned surplus. Jan. 1 ,,___________ __ Common dividends______ _____ _______ 19,514,855 107,080,706 9,405268 17.164,048 96,633,679 6,717,021 12,480,086 90,866,669 6,713,076 14271,594 83201,4a7 6,706282 14278.920 75.619.149 6.696,612 14,634,302 67,645 587 . 6,661220 [BEamed surplus, Dec. 31 ___-- SUPPLEMENTARY p. & L. DATA Maintenance A repairs Depreciation, depl. A amort. GJTaxes, other than income Rents and royalties___J $117,189,993 Not stated 13,446,181 $107,080,706 $20,100,500 14,111,600 6,695,046 5,876,591 $96,633,670 $18206,143 12,835,457 5.948.676 4209200 $90266,669 $16,149,793 12.519.962 5,427,600 3255,506 $83,201,457 $12,334,807 12.784.903 4,593,527 3,901,159 $75,619,149 $13,094,333 10,217,963 4.607,093 4293.S36 ^Includes payroll taxes (1964, $3,447,867). Payrolls and direct fringe benefits (U. S. General Notes Qllncludes state income and franchise taxes operations) (in $): (1965, $1,335,317; 1964, $1,080,328; 1963. $889,475; 1965........... 110.500.000 1961______ (a) For company's equity h* 70.100,000 of affiliates, not included above 1946 MOODY'S INDUSTRIAL MANUAL CAPITAL STRUCTURE LONG TEEM DEBT Issue 1. Promissory notes_______ 2. Debenture 3%s, due 1988 3. Foreign subs, debt______ OWENS-ILLINOIS, INC. Bating HI-- A Amount Outstanding (S$143,841,1371 45,000,own 17,205,601] Times Charges Earned 1965 1964 21.66 21.39 Interest Dates jj&iri Call Price mioirio 84 CAPITAL STOCK Par Amount Earned per Sh. Divs. per Sh. Call Issue Value Outstanding 01965 1964 .1965 1964 Price 1. 4% cum. preferred _____ 2. Common __________ _______ ___ ____ __ $100 3.12)4 . _____ _ 554,727 shs. 14,765,290 shs. . I. $94.02 $74.20 $4.00 $4.00 3.38 02.72)4 02.02)4 2.50 {5]Earned per share after special it0e1m0s3:.25prefe0r6r,7)SIi $4.40. ^Adjusted for 2-for-l split tn Apr., 1965. HJSubject to change--see text ^Includes $1.35 paid prior to 2-for-l spht; before 120`i-1033,i. HI8TORY SUBSIDIARIES Chicago Heights, m Incorporated In Ohio, .Dec. id, 1907 as The Owens Bottle Machine Corn., successor to a New Jersey corporation of the same name, in corporated Sept. 3. 1903.. Charter is perpetual. Name changed to The Owens Bottle Co Apr. 9, 1919 and to Owens-Illinois Glass Co. Apr. 17, 1929. Present title adopted May 1, 1965. For subsequent acquisitions, see Moody's 1948 and 1949 Industrial Manuals. In 1951 company purchased Samerlc, Inc., Rlverdale, N. J., manufacturer of thermo plastic caps and closures lot glass and metal containers and plastic articles. On Apr. 1. 1952 company sold American Coating Mills division to Robert Galr Co lne., for $6,170,701 and 400,000 shares of Galr common stock. Transaction Involved paper- board mills at Elkhart, Ind., and Middletown, O., and carton plants at Elkhart, Chicago and Grand Rapids, Mich. On Dec. II, 1952, formed Owens-Illinois Inter-America Carp., wholly-owned. On Sept. 16, 1953, acquired 50% Interest in Plax Corporation (Del.), from Emhart Manu facturing Co. at a cost of $8,000,000 (sold in 1957). Company is primarily an operating com pany. On Dec. 31, 1965: held 100% voting power in the following subsidiaries (except as noted): Name, place of incorporation and business: Owens Inc. (Ohio) formerly Closing Machines, Inc. Owens-Illinois Inter-America Corp. (Ohio)-- Sells company products in Western Hemis phere outside of the U. S. Marinette, Tomahawk & Western R.R. Co. (Wise)--(see Moody's Transportation Man ual). Forest Products Corp. (formerly Northeast ern Container Corp.) (Pa.) O-I Services. Inc. (Ohio) O-I Timber Corp. (Wise.) Sabine River Sc Northern R.R. Co. (Texas) Valdosta Southern R.R. Co. (Fla.) Sao Ralmundo, Partlcipacoes e Representa- coes, Limitada (Brazil) Owens-Illinois de Venezuela, C_A. (Venezuela) Owens-Illinois of Canada Ltd. (Canada) Owens-Illinois of the Bahamas, Ltd. (Ba hamas) Durobor S.A. (Belgium) (99%) Cincinnati, O. City of Industry, CaL Clarion, Pa. Columbus, O. Corona. CaL Detroit, Mich. Durham. N. C. Edison, N. J. Fairmont, W. VA Flint, Mich. Gas City, Ind. Glassboro. N. J. Godfrey, 111. Huntington, W. Va lone, CaL Jaite, O. No. Kansas City, Mo. Oakland. Cal. Jersey City, N. J. Kansas City, Mo. Lakeland, Fla. Los Angeles. CaL Madison. 111. Memphis. Twin Miami. Fla. Minneapolis, Minn SF Ne Ne No t< 8t| w~ 55 ! " On Oct. 4, 1956, merged National Container Owens-Illinois International S-A. (Switzer Company has, in West Corp. (Del.); reincorporated in Ohio and op land and Panama) ded half Interest in 169JB7i erated as a subsidiary (liquidated in July Manufacturers de Vidrios Pianos, C. A. (Ven acres of gas rights on wh 1958, now Forest Products Division). Under ezuela) (96%) wells supplying its Charles, the plan each common share was exchanged for one-fifth share of $100 4% preferred and Actien-Geselischaft der Gerresheimer Glashuttenwerke vorm. Ferd. Heye (Germany) ton plants and Charleston! Owens-Ford Glass Co. . r one-fourth common share and each preferred (76%) Nineteen factories of fol share for 352/1000 of a preferred share and Kimble Italiana, S.p.A. (Italy) (60%) in which company holds a I 44/100 of a common share. Exchange required 822,991 preferred shares and 1,028,739 common shares. Company's Kaylo Division, manufacturing a fireproof insulating hydrous calcium sili cate material, was sold to Owens-Coming Fiberglas Corp. in May, 1958. In Sept., 1959, properties and inventories of Owens-Illinois Plywood, Inc. (Vt.) were sold c.to Roddis Plywood Corp, and subsidiary liquidated. Also in 1959, company liquidated Glasco Products Co. (111.), National Container Corp- of Mich. (Mich.), and Toledo Automatic Brush Machine Co. (Ohio), former subsidi aries. Also formed Bristol Paper Products Corp. (Pa.) (liquidated Dec. 1961) and North eastern Container Corp. (now Forest Products Corp.) (Pa.), as wholly-owned subsidiaries. On Nov. 2, 1959, acquired entire capital stock of Keystone Brass Works (Pa.) for 19,459 com mon shares; renamed Libbey Plastics, Inc., a wholly-owned subsidiary. Early in I960, majority Interests were ac quired in two European companies--Gerres- heim in Germany (increased to 76% in 1965) and Durobor in Belgium (99%). During same year, Owens-Illinois International. S.A., a Swiss corporation, was formed, and serves as liaison between company and European subsidiaries. In 1961, company jointly with National Dis tillers and Chemical Corp. formed National Petro Chemicals Corp. New company built a plant at Houston for manufacture of highdensity polyethylene. Kimble Italiana, S.p.A., an Italian corp., was formed in Nov. to man ufacture glass tubing. Additional shares of Cisper, a Brazilian glass container manu facturer, were purchased by company in 1962 Increasing their investment to a majority interest. Also, as a result of transfer of a Colombian plant and an additional cash in vestment, company acquired a 50% interest in Peldar, a Colombian company manufac turing glass containers, tableware, and win dow and other glass products. On April 16, 1965, sold kiaft paperboard mill at Jacksonville, Fla., and five corrugated shipping container plants at Aurora, Ind., Dallas, Tex., Jacksonville, Fla., Long Island City, N. Y., and Milwaukee, Wise, in final settlement of an anti-trust suit filed by U. S. Department of Justice against Owens-Illinois in 1956. Proposed Acquisition of interest in United Glass Ltd., England, involving purchase of 4,553,507 (16%) shs. over next 2 years at price equivalent of $1.54 a sh.; plus option to acquire up to 4,553,507 additional shS. over 10-year period at prices ranging from $1.54 Other Investments: As of Dec. 31, 1965, Owens-Illinois Inc. owned 2,099,927 common shares (about 31%) of Owens-Coming Fiber glas Corp. (see general index). Amount in cludes 554,727 shares reserved for exchange --see 4% preferred, below. Also owned 60,000 shares of Container Corp. of America (see general index), 88,030 shares of Monsanto Co. (see general index) and 74,428 shares of Pennsylvania Glass Sand Corp. (see general index). Company also has a 50% interest in Cristaleria Peldar, S. A. (Colombia), 50% Interest in National Petro Chemicals Corp. and a 60% interest in Companhia Industrial Sao Paulo e Rio "Cisper" (Brazil) and minority interest in Nippon Electric Glass Co., Ltd. (Japan). BU8INE88 AND PRODUOT8 The general organization is composed of an administrative division and five operating divisions. Glass Container Division: glass containers, corrugated and wood shipping containers, for Company products, molds, machines, ma chine parts, inks, dies, sand, blown plastic containers, metal and plastic closures, and plastic fitments for glass containers. Forest Products Division: containerboard (kraft and linerboard, semi-chemical corru gating medium, and lightweight chip), cor rugated and solid fiber shipping containers, multiwall paper bags, plastic shipping sacks, composite fibre cans, pulpwood and products of tall oil fractionation. Consumer and Technical Products Division: Kimble Products-scientific and laboratory glassware, KIMAX borosilicate glassware, glass pipe, glass tubing and rod and products made from them--such as ampuls, vials and syringe cartridges; Libbey Products-glass tumblers, stemware, and tableware, and mel amine dlnnerware; Industrial and Electronic Products-glass television bulbs (black and white and color), special property glasses for fibre optics and electronic components, line insulators. Plastic Products Division: blown and pres sed plastic containers, plastic closures, and sheet-formed and injection-molded plastic products. International Operations: Glass containers, rolled glass, glass block, glass tableware, glass tubing, window glass, plastic and metal clo sures, plastic containers, corrugated shipping cartons, and assembly of television bulb com ponents provided from domestic plants. terest, are located as folioColombia (3), two each In and Venezuela and one ea Italy. MANAGEMENT T Officers J. P. Levis, Chinn. of ] R. H. Mulford, Preside: H. LaughUn, Exec. r S. L. Rairdon, Exec. R. E. Graham, Exec. V_ E. C. Jones, Exec. Vice-F E. D. Dodd, Exec. Vice-F A. M. Turner, Exec. V F. M. Canter, Exec. Vk G. S. Babcock. Vice-P.. K. K. Hepp, Vice-Presld B. F. Miller, Vice-Pn J. W. Hackett, Vice-F___ H. S. Wade. Vice-Pndd W. J. Stewart, Vice-P P. W. Hancock, Vice-I M. G. Beishline, Vice-F S. F. Davis, Vice-Presid W. B. Owen, Vice-F ' E. R. Owens. Vice-P W. A. Schaich. Vice-F J. F. Ryley, Vice-Preddd G. W. Cook, Vice-Free'*- W. F. Spengler, Vice-F R. T. Wallace, Vice-Pr C. F. Babbs, Vice-Pws-I Counsel ' ft J. A. Bohland, Treasurer] K. E. Tigges, Comptn Directors E. C. Arbuckle, EH. E. Collin, Toledo G. A. Costanzo, New II E. D. Dodd ,lf R. K. Graham, Toledo fflA. J. Hettinger, Jr-A fijj. A. Hill, Hartford, W C. E Janssen, BruseAf E. C. Jones _ . ' IB H. C. LaughUn. TodedoJ fflj. P. Levis. Toledo " R. H. Levis, H, Alton. J H. McIntosh, Toledo, (DR. H. Mulford. TwwS. L. Rairdon. Toledo] fflj. T. Rohr, Toledo. R. L. Snideman, Feu0 A. M. Turner, Toledo., [TJMember of Executive ' Directors Emeritus W. H. Boshart, W. W. 1 Auditors: Arthur W,. General Counsel: Frgj 4 Annual Meeting: Third' Ato $2 a sh. was reported in Feb. 1966. Pact PRINCIPAL PLANT8 PROPERTIES at Toledo, O. '<1 was subject to approval of United's stock Operating facilities are located as follows: No. of Stockholder* ; holders. Exercise of option would raise Co.'s Alton. HI. Interest to 28.6%. Atlanta, Ga. Bristol, Pa. Brockport, N. Y. ferred, 4,843: common, " No. of Employees: Co., in addition, would provide technical Baltimore. Md. Charlotte, Mich. General Office: Ow_ assistance to the British concern for at Big Island, Va. Charlotte. N. C. son Ave., Toledo, Ohio sows least 10 years, for a 1)4% share in net sales Bradford, Pa. Chicago. HI. Mailing Address: of all products affected by the agreement. Bridgeton, N. J. Circleville, O. Ohio 43601.