Document rpRvDea1gbq00zm9YKxVnZmgG

Employees in the United States or Canada may contribute to colleges or secondary educational institutions of their choice and, upon application, the Foundation will match the amount of the gifts, up to a maximum of $1,000 annually per employee. Under this plan, the Foundation gave $19,000 to 103 educational institutions during the year. MANAGEMENT CHANCES Albert P. Gagnebin, executive vice president of both the International Nickel Company of Canada, Ltd. and its United States subsidiary, The International Nickel Company, Inc., was elected a director of Abex in January 1966. Francis B. Herlihy was elected a vice president on May 12, 1965. He is director of metallurgical and chemical research at the Research Center in Mahwah, New Jersey. Mr. Herlihy has twenty years of service with the company. George'L. Romine was appointed president of S. K. Wellman Division on May 1, 1965. Mr. Romine, formerly vice president for original equipment sales, has served with the Wellman organization since 1942. FUTURE OUTLOOK REMAINS PROMISING Present forecasts indicate a continuing high level of business activity in 1966. We expect this to be reflected in another year of satisfactory operations. Management responsibilities are essentially twofold. They must actively review day-to-day activities to insure the most efficient operation of the company and a satisfactory level of profits. Concurrently, a sound basis for advancing the growth and earning capability of the company must be given constant and meaningful attention. We are fortunate to have a large group of alert management people in all areas of our business who are thoroughly aware of their responsibilities. It is the vigorous and loyal efforts of all Abex people that encourage us to look forward into 1966 and future years with confidence. Sincerely, SCI 01655