Document reGdxbEoJMppB0eVV00GNGGMa

\V &&**?. ; ; Ect-.'Or'lX * In* Pimm THE PICHEI COMPANY * `For the Fiscal yec ended November 3f N11814 t 111-: i-: a (; l i:- im (' n i: r c o m pa x t TO OUR SIIAKKIIOI.DFPS; The year Won was a notable one in many respecls lor The Kagle-Piehcr Company. Net sales exceeded $ 100,()()(),()()() lor I Ik ; first time. Net profit was more; I hall double that for 1954. Xet worth at November 00,: I 955 increased over 10rT I n>m a -year earlier, to .834,834,4 12 which combined with long-term debt made the Company's investod capital approximately $50,000,000. - It is gratifying to see substantial tangible gains resulting' front ! he'acquisitions''and expansion of facilities ('fleetedduring recent years and it is tin; .Company's objective1 to continu<; .along these lines ns opportunities arise. . . Sales Net sales of SI 14,480,080 for the 1955 fiscal year .were... the .largest in tin1 Company's history and showed an increase of 831,24(5,200, or .`18%, over net sales of $83,233,880 for (.he previous year. Mach of the five divisions reported increased salesduring 4955. A. substantial portion of the over-all gain re sulted from the inclusion of the I'ahricnn Products Division for the full year 1955 as against only five months in 1951. Excluding the Fabricon Products Division, not sales showed an increase of 22'^ - Earnin us Net profit for the fiscal .year "ended November 30, Woo amountod to 85,004,0(52, or Sfi.llli per share, compared, with 82,44(i,829. or 82.17 .per share. for 1954. ' ' " ' , Net profit before taxes for Woo amounted to $10.20-1,0(12 as compart'd wit.ii $4,94(5.829 for 1954. Balance Sheet . The most, important changes in the balance sheet at November 30, Woo compared with that.of a year earlier tire found in the working capital position of the Company. Net current assets at f he end of Woo amounted to $23,247,257, an increase of $1,800,20!) over the-'close- of the previous year. Cash and United States (lov- ernment securities aggregated $12,710,(510, a gain of $1,(550,91.0. c Not. plant account at Novi'niber 30, Woowas SUMMARY OF 1955 AND 1954 YEAR K.NDED No VEMKEK 30 Nk t Sa l k s Ne t Pr o f it Be f o r e In c o .u k Ta x k s Nk t Pk o f it Nk t Pk o f it Pk k Siia k k Div id e n d s De c l a r e d Pk k Siia k k Woo $114,480,080 10,204,0(52 5,004,002 $5.0(5 1.80 1951 $83,233,880 4,94(5,829 2,44(5,S29 82.47 1.50 Pk k Ck v t I-VCR e a s e 3S 10(5 105 105 20 3- - .1 ueneasctII --M Irani UK* <*1HI ol the previous year. Jn this conned ion, it tu.-iv Im* tinted lli.-it depreciation and depletion charges in IU;>5 were !?2.0(i0.2li0. an increase of 8078.(501 over lilt* corresponding figure of 81,000,578 Tor 1051. Investment in .Mexico amounted to 8120,81(5 at November 30. 1.055: .111is , compared wit,It 8T2li.<iX2 at November 30. I'.ld I. , ,. Net worth at November 30, 1055 was 83-1,831. 112, or 835.22 per share, which was 83,223.105 above the comparable figure lit. November 20, 1051, v- Dividends i Dividends declared during; I Odd ami mil led to SI.SO per share us eompared with 81.50 per share, in I'.ld I, including a year-end ext ra in bot h years. A regular quarterly dividend of 45e per share was de clared in November, thereby placing the stock on a SI.,SO annual basis. The regular quarterly "dividend of Idc per share payable in .March will mark (lie tilth consecutive quarterly disbursement. ; .Many shareholders prefer an even distribution of income by quarters rather than a regular dividend plus an extra. When and if earnings and the financial 'position of the Company, .justify a further increase in dividend disbursements. Management's' present, thinking is that an increase in the regular rale prob- altly Udiilil le preleratUe ? Si- diviilend. !'n 1 a!! r\!r.< Vote .icticities In May. The Kaglc-I'irlicr Company pwrrls;s*d for cash tin* assets, including patents and'goodwill., of Wilson A- 1 loppe 1'Iasticsi Whit t ier. < ':difonii:i. :i small manufacturer of 'laminated'plastic products sold 'Under the trade name "Larnin-art". Its ma chinery and equipment will be moved to the I.os Angeles plant of tin* Kabricon Products Division where its operations will: be consolidated with Fabrieon's plastic activities. -This phase of tlie Com pany's business is growing in importance. TheCompany's zinc roasting.and sulphuric arid plant at (uilena. Kansas. completed in August 1054.' incurred a sizable loss during 1055 because of start up'operating problems. st rikes in j)li<>s[)liate mines .supplying our principal, customer, and other fac tors. However, the plant is 'now operating profit ably and we believe that it should continue todo so. Mexican Investment 'The Kaglo-Picher Company has sold a portion of its Mexican properties from which it will realize a net, profit' after taxes estimated at approximately 81,dot),000. Since the sale was consummated on .limitary 20, 1050, the profit realized will he included iUbANCK SliKKT COM PAK !S< >N As a t No v k .mt ik u 20 Ca s h a m) ITS. dorrs. Nu t WoitiviMi Ca iu t a i, Nu t Fix k d Ax s k t s To'i' \i. As s k t s Nk t Wo iit ii I Oon 81 2,710.010 22,247,257 24,470,(51-1 (51,2(54,252 24,834,412 1054 88,053,(505 18,447.048 25,824.400 5!). 130,887 31,rd().l)17 I.WHKASK- Dccrcu.tc 81.155(5.015 4.S00.200 /.dad, 795 2,233.3(5(5 3.22:1.405 -4 - , ill die ('ompanvs statement for tlie first quarter of I'.lnli. The principalproperties sold arc located in the \aiea Mining District, state of Chihuahua, and had only been partially operated hy. The Eagle-1'ichor Company. < >t i r present Mexican product ion and op erations. i herefore. will he a (footed to only a very minor degree. / - The Company began prospecting ami operating near .Taxon, state of (lucrrero, about lift ecu years ago. Profits from Taxco -together with additional capital were 'invested in other mines while explora tion was conducted in the Naira Mining I)ist riot, and elsewhere. Kagle-l'ioher's total investment in Mexico rose to a peak of over .?d.200,000 early in I Dot) eon- sisting largely of advances to subsidiary companies. . Operating results since I!);"() have enabled the Mexican subsidiaries to make substantial and con sistent reductions in the .advances from (lie parent, company. Reflecting these .repayments; F.agle- Picher's investment in Mexico had been reduced, to S12!).S-I(> at November .'!(), I.Don and following the above sale will lie only nominal. The' Mining, and Smelting Division is to be congratulated on its record in Mexico. . . , (rVTivral The American economy during 1 !)dd enjoyed a year of record prosperity .which has benefit,fed most, corporations and individuals. The' .widespread, con fidence which, has existed can be attributed largely to sound ( loN'crnmental fiscal and tax policies and to constructive .leadership./of industrial corporations looking beyond self-interest to the "welfare, of t he country as a. whole. All of us owe a debt, of gratitude to those responsible1-for more -plentiful job oppor tunities and the higher standard of living now provailing. The automobile industry is a good example of the many industries which have madeoutstanding con tributions to the general welfare. It, has demon strated genius in product ion and unexcelled merchan dising talents, over a long period of lime and, consequentlv. has prospered greatly. Benefits of its NET WORTH !*ER SHARE ;;At : : ` ^ ` .! |iWw .'VT . , growth have not boon conlined to automobile eumpany workers nnd.slorkhnldrrs alone but rather have bet'ii shart'd by many thousands of suppliers and dealers. who in turn employ millions of people. At the same lime, all business has .been stimulated by tht' automobile industry's huge capital-expenditures which reflect its confidence in our country's future. Those who question the role of "Big Business" should realize that it cannot be isolated or treated as if it existed- in a vacuum. Big business and small business are each dependent upon the other and their fortunes and prosperity are intertwined. What ever affects, one affects the other and the entire economy. : , ., As a supplier, to the automobile, .steel, storage leuterv, paint,-, building, ('('ramies, fertilizer, and other basic .-industries,--/we- are constantly (hading with numerous companies of till sizes, from the largest to the smallest.1 We have t he highest regard and respect for the abilities.-ethics and motivations of companies v in the industries we. .serve ..and we take pride and satisfaction in our relationship with them. Cincinnati, Ohio .February I, Hloti Vk-7; ;r. A-' '' t:pa;- . -: ; v :. vV V'SK; ,i:; /Sap" A AA : > AAAAAAS'Si T UK H > ' :: l k - p i rii-K'H "t'A'ii-M x a < oNsoi.!HATf:i n\t.VN( i: sm:t:ir : o'~. I..;. >--. .A- "" -i- ' ' ". ' ' < ' '' ' \ ", ;.a . , A.:U`:. ASSISTS A/A-APA,' A r"'Ap; A".\ ' "....... critliK.NT ASSK-I-S: ' 1955 1951 A\a A ; A-nA --vaV-.;..": ; 'AAA;, a a <v,,......a...'.'a....a..., ............................................................................................................. UAA", ,/A.A A. As A: A\ A.A" ' " l'. S. (lovernment obligations -- :iJ cost................................................................... /7' S' .' S ' A.- p:./V.' \ . 7,'\7 l' ' 7A A ; 7 . '///v'; // : ' ' ' \ . ,.. - Accounts and notes receivable;' less Allowance for doubt l`uI receivables. 8209.559 ;md 8252.920. ,'i Va :. y.^% . . . ;:,b '- > is, a A:;'a I-'.. . ,, v Invi'iitiirics of r,`i\v innli'rtMis, vviii'k in process, finished products and sup- - .a . Tu t \i, C'-imu .n t A-si:rs . ' . ' '"AA ' .. ~ '' AA'AA: VT..-.T , ; ' : V: 12.:{ i 1 7 s i:l,7:M,!)S() 8:bst)2,i2:} dSo.t K>.') !2.i bUOd 21 ).():> 1.1 S3 OTIIKH ASSISTS: /' V:'" Repair parts and mninienance supplies. ,i ... A A. .... A : ' i , , . .... ' .Investment, in and advances to associated company and sundry seenritics , : - at- or below cost.; .A-A. . A. A. , .... . ... ...................... Investment in and advances to Mexican subsidiaries (note 2J. , . . . . . . Aliscellaneous accounts and advances...p . i ;f....... . . . . . V 709,1 12 7 804,810 ISO.281 : 129,sit; 350, loO 1.075,122 314.078 , 420,082 370.151 1.970,32] PRORKK'i'V. I'LA.VT AM) KQCIIbMKXT: . Minin,i>; lands and leases; mills, smelters and'manufacturing plants; rail road and other jjropertiea: at, cost, .. ... . . ..................................... .. :, . . . Less; Ailmvance for d(>pleiion, depreciation, etc............................................... 59,805,1-1! 35,331.527 24,-170,Oil 58,758,-12(4 32,934.017 25.824.409 I'RKI'AU) AM) DKFKRRKI) CIIARCKS: Prepaid freight, insurance, etc............................................................................... AI isi'ellaneous delerri'd charges-, . . . .... ., . ... . ............. .. ... . . . 500,553 909.211 1,415,791 801,304,253 415,819 803,155 1.278,974 S59.! 30,887 77/f nrcntn/;///////'//// tmfrs an \ X I) DOM K STIC S 1' Ji S I I) I A It 1 K S AT .Nnv!:.Miti;jt .to. an d I.IAHIUTIHS CCRRF.XT LIAllILITIKS: Accounts payable............................................................................................................ I )ividctid payable. . . ..... . . . . . . . . . . .... . . . . .'. . ; ... Accrued liabilities............................................................................................................ Federal taxes on`income,- Jess U. S. (lovernment.obligations SI,05-1.70 4 ;tt XovemlK'r 20, 1055. . . . . , . . ....... ... ..... . . . ......... .... ... To t a i; ( T-u h k n t Li.vmi.mKs. .. . ............ . ... ......... i S 0,257.875 Til>7,71)7 .2.7-11,OOS 888,570 10,555,100 1051 S 4.750.001 503,500 2.3-57.827 3,803.711 1 1.001.135 I.OXC-TIvRM DFRT (note 31: L!.!note's, nurturing serially to.fitly 1.7, 11)7-1............... . . . .... 1 5,000.000 15.000,000 RKSKRVHS FOR SFI.F-IXSFRAXOF..................................................... . . . . 971.075 015,835 ST(K'KIIOLDKRS' KQCITV: Capital stock par value S10 per share; authorized 1 ,.`>00,000 shaft's; -...issued.and outstanding; 9S9.177 shares (note -1)............................................. 0.801,770 0.S01.770 Capital surplus............................................................................................................ Famed surplus (note 3)........................................................................................... 2,771,(5S1 22,170,01)1 34.834.4 12 SOI.304,253 2,771,081 18,047.400 31,010.017 50,130,887 ifOtjml. part of tlu'^ bfilanrr Mfrrl. Till-; KACLK-PICIIKI* COMPANY AND DOMKSTIC Sl'BSlDIAKIKS ST'ATI-: Ml-: NTS'OF CONSOU l>ATi:i l'lt( FI i AM) MISS AMI. KAUNKII SI UPI.IS y f a h s k n iik ii n o v k .mmk i; :{o . m-T'i AXi) iv c .i 1 1 !.'>! x k t s a l k s .-.................................................................................................................... sm.iso.oso SS3.233.SS0 PRODICTIO.X AND.MANTFACTFRINC COSTS......................................... 02.02S.42S 00.24 1 And CROSS PROFIT. before deplet ion and depreciation. . . . . . . ............ ... . 21 ,S.r>l ,0d2 13.002.324 SKLLINO. OKNKRAL. ADMIXISTKATIVK AM) KX PL< )R ATIOX FATEXSES S.liKi.l "2 7,003.4 In OPKRATI X(! PR( )FIT before depletion :m<l depreciation. . . . . . . . . . . . . I3.0nS.o00 OTHER IXCOME............................................................................ 84.420 13,742,020 I XTKR EST "KX PEXSE.................................................................................................. nOO.oOa XI3.-I73.33I. IM{()VISIOX KOR DEPLETION' AXD DEPRKCI ATION (note f>). . . . 2,000,200 0.028,870 077.014 7,n0(!,703 '5(50,380 0.037,407 1.090,578 XKT .PROFIT- before Federal and Stole taxes on ineoine FEDERAL AXI) STATK TAXES OX IXC'OMK.............. 10.204,0(52 a,200,000 4.040.820 2,500,000 XKT PROFIT KOR VKAR........................................................... EA R X KD SI' R PI A'S AT BKOIX XIX(OF VKAR ... .. n,004,0(52 2.440.820 18,04 7,4(5(5' 23,On 1,528 17 985.159 20,431,088 CASH DIYIDKXDS PAID AXI) AC'CRl'KI).................................................. L780.n07 1,484,522 KARXK1) SURPLl'S AT EXD OF VKAR. (note 3)...................................... S22.l70.00l 18.947,4(5(5 The dn'om]nnitjintj notes are an inlrijral pari of this stale meat. Till-: IvUJLI-M'iniKH COMPANY AND DOMKSTIC SCBSIDIAKIK? NOTKS TO FINANCIAL SI A I IlMCM S NOVI-MHKU HO. 19.57. I. Incenturies ;i( November HO, 195.5 and 1951 wen; composed as follows; ' I97.7, Oirs, metals and metal f>":irin<r products. . . S -I,2f>7.-1H 1 Other ;i, Kir,.") Id siajatb.so I95J s t,ti;<;.H52 7.) >79.751 SI 2.1 Hi. HIS (Ill's, metals am! metal bearing products have been valued at the lmvcr of cost or market which lias been reduced to state basic quantities of lead and zinc, ! 1,000 and 10,000 tons respectively, at fixed prices, based on f!.5 cents per pound for lead (New York) and f> eeivts per ])omid for. yine (Mast St. bonis), under the base stock method of in venture valuation adopted at. November HO, l!l-l!). . Ollier inventories have been valued at average .and standanl costs, or lower, which appi.ixiinate replacement market. 2. On .January HO, 1950, the Company sold certain investments in its Mexican subsidiaries. It is intended, in con junction with this transaction, that dividends be declared and paid by the remaining Mexican subsidiaries. It is estimated that (lie Company will realize a net gain, after taxes on income, of approximately.51,Hot),000 from these transactions. . .. . H. Under the provisions of (he loan agreements pertaining to the H:!.i' r notes due .Inly If), 11)7-1, the company is required to prepay SI,000,000 on July If) of each year to maturity commencing in 1900. The notes contain a covenant which, so loon as any of (he notes remain outstanding, restricts the amount which may lie declared as dividends (o( her than t hose payable in capital stock of I lie company) or applied' to the ; purchase, redemption or retirement of the company's capital stock. At November HO, 1055, the amount not so restricted was $7,H50,702. ^ . 1. Under a stock option plan approved by (he stockholders of the company on March 2H, 1951, kev employees of the company may be (panted options to purchase an aggregate of 75,000 shares of capital stock of the company. Options granted under this plan shall lie for terms not. to exceed ten.years and shall not be exercisable until one year from the date granted or at any time unless the last; sales price' (market quotation) before the date of exer cise is at least 20'," above the option price, the opt ion price being the fair market: value but not less than the last sales price of such stock on the New York Stock I'lxchange at the date of granting. The shares subject to each opt ion shall become purchasable to the extent of 25'f on (he first and each successive anniversary of the dale on which (he option was granted, the installment rights being cumulative. Options were granted on March 2H, 1951 .and November H, 1951, entitling the holders thereof to purchase (12,500 j. shares at. S19.H75 per share and 7,000 shares at $20,375 per share, respectively. No portion of these options lias been exercised. ..... / . ; . . .. ". : - ; . . . . -.......... . .. .. . 5, : The Company holds certificates of necessity on certain facilities, which permit $2,719,000 of the cost to be amortized wc. : over a sixty mont h period for the determination of income subject to Federal taxes..For 1 he year ended November 30, 1955, depreciation was recorded in the accounts on the same basis as computed for Federal income tax pur- w-.'S. poses (the sales contract, covering substantially all of the production of these facilities has a life of sixty months), whereas depreciation in t he preceding year -was.computed oil t he basis of the estimated useful lives of t he assets. / ^Had the prior year's policy been continued, (be depreciation deduction for the year ended- November HO, 1955 would have been reduced bv approximately $502,000. . (1. A portion of the company's sales for the year ended November HO, 1955 is subject to renegotiation tinder the Henegotiation Act of 1951. Management is of t he opinion that adjustment, if .any, will not he.significant. FIVE-YEAR SUMMARY FOR TIIK FISCAL YKARS .1901 1937, SOURCE OF FUNDS Net Profit..................................................... $18.-133,307 I lepreeiation and Depict ion.................. 9,037.0-1-1 Increase in Long-Term Debt................ 7,000,000 Decrease in Foreign Investmenls. .... 3,22l.bfS Disposition of Fixed Assets. . : . . . .... 3,700.003 Reserves and Ollier Sources. .... ... 028,372 $13,189,03-1 APPLICATION OF FUNDS Dividends Paid........................................... $7.(171.973 Capital Additions... . :... . . Increase in Working Capital . . . . . 20.702.210 7.702,07)0 Increase in Ot.her Assets-; ,.... .. . 390.310 Surplus Adjust .men!...... . . . ...... 370,980 $13.IS9.03I Foit Tiik Yk a u s Hn d k d Xo v k miik k 20 ft 17)7) 107,1 107,3 1002 1001 INCOME STATEMENT Net. Sales. . . . ..................... . . ... . . . . . . ; $11-1,-180,080 Depreciation and .Depletion. . . . . , . : Net Profit Before Income 'faxes. . . . . Net Profit..................................................... Net Profit Per Share. . . ... ...... ... 2.909,209 10.20-1.01)2 n.00-1,002 d.00 Dividend Per Shan*- Calendar Year.v 1 .SO $N3,233,NS0 $87,,033,-103 $81,803,007 1,000,7,7S 1,7,7,7,372 1,023,123 1,9-10,829 0,07,2.000 1.323.013 2,-1-10,820 3,2-12,000 -1,030,0-13 ;'4 2,17 -y-- 3.28 1.08 1.7,0 1.7,0 ;Y V ivOO $82,080,318 1.107,202 0,003,807 3.703,807 . 3.71* 1.30* . ; ' . . : " ".. .. . . BALANCE SHEET " V.TNVA'N ' Property, Plant A- F(|uipmenf, net . , . Working Capital...................................... Investment in Foreign Subsidiaries... Long-Term Debt..................................... Net. Worth................................................. Net Worth Per Share............................. IC-M W . ; $2-1 .-170,01-1 129,8-10 17),000.000 2-1,834.112 37).22 $27,,82-1,100 I S,-I-17.0-IS 120,082 17,.000,000 31.010,017 31.00 $17,7,83.080 20,808,7-10 007,102 10,000,000 30.d-Ki.0-10 30.08 $l(i, I93.0IS 20.170,070 1.318,100 13.070,000 28.808,113 20.21 $11.102.100 18.020.700 2,290.770 7.000.000 20.308,100 20.08* Hosed cm `.ISO, 177 shares presently outstanding. PRINCIPAL PROPERTIES AND PRODUCTS CHEMICAL DIVISION i I'f-AXTS: c a i.k v a . k .w s a s ; JOI'I.I.Y. MISSOl'lEi: NEWARK. XIAV JKItSKY I*HIX( I PA I, f*K< *1)1 ('IS I^-:ni 1n*<* zinr Iraiiifi zinr >u- ]>iT>ui)limni white l<*:ui. sublime*! blue ie:iii,, while le:ti rurbonate. basic >ili- rail* white lea* I,leai silicates, re*I lead. lead peroxide, orange mineral. lit h:iri;e; sublimei litharge, pTmanium metal :tTi*l <iio\i<ie, sulphurir arid. zine Mi-lphale I-'A lilt ICON PRODUCTS DIVISION MAXI'FA('TriUX(I PLANTS: k iv e k h o c c k . mic imc a n : imu l a d k l i I'MIA. PENNSYLVANIA| riTTSIiinttni. PENNSYLVANIA: LOS ANi.ELES, CALU'OUNIA PRINCIPAL PRO 1 )l ( ' I S - Autoniot ive: door t rim foundation panels, 1 milk lining boards, sound deadener parts. floor 'carpets, sunshade visors, ilasli insulator mills, clove boxes; plastics; "Lamin-Art" decorative laminated sheets, molded polyester Fiberglass or sisal .parts, custom impregnated papers, r'textiles and glass cloth; packaging materials;:plain and printed.waxed paper, printed cellophane and polyethylene' INSULATION -DIVISION ^L\NtTKA(TUKIN(i PLANTS:.c l a h k , n k v a o a ; Do v e r . n k iv j e r s e y : .!()PLI N. MISSOURI ; WAILVNII. ! NI) I A N A PR I N( I PA L PRODUCTS Mineral wool insulations: cements, blocks, blankets, felts; aluminum storm windows and screens, storm and screen doors; dialomaeeous eart h products: fillers, aggregates, absorbents, catalyst, supports MI NINO AND SMELTINC DIVISION M INKS: Tlil-STATK DISTKK.T (MISSOURI, OKI.AIIOMA. KANSAS); (iAI.KXA. It,UNOts; SllUM.SilUItC, WISCONSIN'; I'AHltAl,, MKX1CO ZINC .SMELTER: im-:n i{y i-:t t a , iik i,a iio x ia ;, CONCENTRATING MILLS: c o mmk k c k , o k i.a iio ma : (;a i,i:x a . ti.uxois; stu;i,l,SlH!!!r., WISCONSIN; I'AKltAl,, MKXICO GKRMANIUM PLANT; mia mi, Ok l a h o ma CONSOLIDATED SUPPLY COMPANY: t iik k c i:, Ka n s a s NORTHEAST OKLAHOMA RAILROAD COMPANY; mia mi. o k i.a - ItOMA . . : V. . PRINCIPAL PRODUCTS -Slab zinc, chat, cadmium, germanium, zinc concentrates, lead concent rales ... -- , . ., ; , ;i: . : OHIO RUBBER COMPANY DIVISION s MANUFACTURING PLANTS; wn.i.oroHin', onto; co n n k a u t v iu .k . I'KXNKYI.VAXIA; i.o x o iik a c ii, Ca l if o r n ia PR I NCI PAL PRODUCTS --Molded, extruded, rubber-to-metal meebani- cal rubber products: automobile floor mats, miscellaneous mats, weatherstrip, tubing, vibration mountings, handle grips, semi-pneumatic tires (wheel goods, industrial, agricultural), defroster hose, tracks for t.rai "n-laying vehicles (milllary and industrial), flexible vinyl parts and perforated materials; products manufactured from natural, synthetic and silicone rubbers in all sizes, shapes and colors for original equipment and industrial applieutions