Document v6Bm6Ekgeb74mRnJkyNngq8R9
FILE NAME: National Gypsum (NG) DATE: 1982 DOC#: NG025 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual
MOODTS INDUSTRIAL MANUAL
4103
NATIONAL GYPSUM COMPANY
CAPITAL STRUCTURE
*
Times
^HGTEgMDEBT - V '
^
Amount
Charges Earned
Interest
Call
. Price Range
I Prom jy notes.................................. ;...................
Outstanding [1882,500,000
1981
1980
Dates
Price
1981
1980
2.
},
OCothmemr e..r..c..i.a..l..P...a..p..e..r.............................................................................................................
49,014,000 60,000,000
3.5
10.4
CAPITAL STOCK
^
Issue
,
Par Value
Amount Outstanding
Earned Per Sh.
1981
1980
Divs. Per Sh. . 1981 1980
Call Price
Price Range '
1981
1980
I. Common.....................................................
<0.50 mi6,108,295 shs.
[TJBased on avg. shs. as reported by Co. 1980 restated tolnclude operations
41 [Q83.66
81.48 81.48
31/s- 18% 26 - 16%
Cement Division a s continuing operations. [^[Excluding current maturities.
H19I2ISn6TcaOocRrqpYuoirraetdeddeipnoDsietslaowf agrye pAsuumg .
2n9e,ar19B2u5.f
In fa-
lo N .Y ., and in 1927 acquired g y p su m lands in
Iosco County, Mich. Plants were erected at
both sites. Since that time, Com pany has m a
terially broadened its scope of operations
through internal development and acquisition
of existing businesses.
In 1934, purch ased for cash, plan t of K a l
man Steel Corp. at Niles, Ohio, a subsidiary of
Bethlehem Steel Corp., for manufacture of
metal lath.
On Dec. 30, 1935, acquired fo r stock, busi
ness and properties of Universal G ypsum &
Lime Co., which had six m anufacturing plants
and gypsum and lime raw m aterial resources.
On Sept. 1, 1936, acquired for stock, busi-
ness and properties of Atlantic G ypsum Prod-
nets Co., operatin g two m anufacturing plan ts
and having su b stan tial gy p su m deposits in
Canada.
During 1937 acquired land an d buildings at
Mobile, Ala., from General C able Corp., for
cash, which w as remodeled and expanded to
manufacture wood fibre products.
In Mfg.
1941, a sse ts of G eneral Co. of Alexandria, Ind.
In su lattaiucnMqgfui*arnedd'
for cash and stock.
Co. operated under contract for U .S. Govt,
ammunition plants at M cGregor, T ex. (1942*
46); W ahoo, N eb. (1951-56) an d Parson s,
Kans. (1951-57 and 1968-70). All contracts are
presently terminated.
In D ec. 1944, acquired Rim ballton Lim e
Co., Shaw sville, V a., for cash an d stock.
On Ja n . 1, 1947, p a p e r mill properties of
Western B o a rd & P aper Co. a t K alam azoo,
Mich., w as acquired.
In M ay of 1951, purchased N atio n al M ortar
& Supply Co. (P a.), with a lime plant a t Gib-
sonburg, O. for stock.
In 1953, acquired for stock. Sm ith A sbestos
Products, Inc. (N .Y .), and Asbestone Corp.
(La.).
In Oct. 1957, p u rch ased a sse ts of Connecti
cut A dam an t P laste r Co., N ew H aven , for
cash.
D Co..
uring Inc. a
1958-59, m anufa
Am ctur
e e
r r
ic o
a f
n g
lEa z_n_ec_da_uc_se_tr_ia_cm__Ti_ci_l it_nilge
products w as acq uired for stock. In 1959 ac-
quireda oOileeaan Tmile uCo . an da M u rray T iule Co. for
stock and the three w erco n so lid ate d and op-
er&te to d ay a s a sub sid iary . A lso in M a y of
1959, acquired H u ro n Portlan d Cem ent Co.,
lor stock (now o perated a s a division).
In M ar. I960, acquired for stock, Union
Gypsum Co., of Phoenix, Ariz.
In 1960, acq uired Allentown Portlan d Ce
ment Co., for stock , which w as m erged in 1962
(now o perated a s a division).
In 1963, pu rch ased for cash, T ectum Corp.
Of Colum bus, O.
In N ov. 1966, Am erican Olean T ile C o. Inc.,
subsidiary, acquired for cash, Pomona Tile
Manufacturing Co.
1968, acquired for stock, M ulticolor
npea^ItnisobnJjarmn8.2i1t1s.9148m01%_i-lcl-oi-oo-mw-n-mp,-aendyFirnecnrceah1sG"edy pistsumpa`brtuicsii'-'In M ' ' ar. 1981' , sol'd' asbestos cement products
plant in New Orleans, Louisiana. In A pr. 1981, sold three m obile hom e m an u
facturing plants in K an sas and M innesota. In Ort. 1981, acquired P an Am erican Win-
dow s of M iam__i,_F__la_._,_a__m__a_n_u__fa__c_tu__r_e_r_a_n__d dia tributor of aluminum windows and doors. SUBSIDIARIES
American-OIean Tile Co., Inc. (N .Y .) Newfoundland Minerals, Ltd. (Can.)
Biscayne Decorative Products, Inc. (DeL) Binswanger G lass Co. (Va.) N ational G ypsum Energy Co. (D el.)
BUSINESS N ational G ypsum is prim arily' engaged in
the manufacture and sale of products for the building and construction industry.
G ypsum & R elated P roducts:
G old ]B on d Building P roducts D ivision m anufactures gypsum wallboards, lath, sheathing and plaster; joint cement com pounds and lin er-board paper.
W all & Flo or C overing s:
The W allcovering Division m anufactures
wallcovering and related decorating products.
Products include printed and em bossed deco
rattiv ev fabric- a' rn~1dt 4p--a8p^ e* r-b acikfcevld* v- in yl w" WalUl4c.Wovv -
ering and pressure sensitive decorative vinyl;
wa--c-ar-sy-hliiasc.bl--we,alivliic-n-o-yv--le--rci2o-n-ag-t-se-;--d pwrinaltlJepdapfearbraincsd.
vinylProd
ucts are sold under names " Stvle-Tex" and
" Thom as Strahan" (wallcoverings), " H un
tington" (decorative-fabrics) and " M agic Cov
er" (pressure-sensitive vinyls).
American Olean Tile Com pany, m anufac
turer of ceramic tile, produces all three basic
types of tile: glazed, unglazed ceram ic m osaic,
and quarry.
Biscayne Decorative Products, Inc. m anu
factures vinyl resilient floor coverings.
GT__lha_es_s_BA__iMn_sewta_ah_nge_r__G__l_a_ss D iv_is_i_o_n__i_n_c_l_u_d_e_s
Binswanger G lass Co., Binswanger M irror and
G lasscraft Products. T h e DE ivision in stalls an d
distributes virtually every type of glass used
in the buildin_g an d consttrnucti*on an<id autom o-
tive glass replacement m arkets. Seventy-six
distribution centers are located throughout
the South and Southwest. It fabricates mirrors
and thick glass for furniture and architectural
applications.
' T h e Binnin's D ivision produces a wide v a
riety of aluminum windows, doors, bath en
closures and related products for the residen
tial, light commercial and remodeling m ar
kets.
& > sclalty & O ther P roducts:
Gold Bon
PROPERTIES G ypsum a, Related P roducts: Co.'s gypsum mines and quarries and its
manufacturing plants for gypsum wallboaro products are located at Phoenix and Winkel-
. Aria.; Long Beach and Richmond, Cai.; T a m p a , Kla.; ^Savannah, G e.; W aukegan, Til
more
M d.|
National
City
an dPrawLaaa.;
BaltiMich.;
These facilities and plants are owned in fee except for dock and unloading facilities at B al timore and the plant sites at Long Beach, Tam pa, W aukegan and Westwego.
Co. owns or controls under long-term leases gypsum mines and quarries in U .S. which are estim ated to contain ap pro x. 267 million ton s of gypsum.
Co. ow ns ab o u t 1,000 acres of land estim at ed to contain in excess of 350 million tons of gypsum a t E ast Milford, N ova Scotia. It also holds m ineral rights in ab out 5,000 acres of contiguous or nearby lands where the pres ence of large gypsum deposits has been prov en by diam ond drilling but which have not been adequately outlined to permit accurate estim ates of tonnage. Co. also owns about 60 acres an d leases ab ou t 100 acres on tidew ater at Bedford Basin near Halifax, where its docks and loading facilities are located.
Co. ow ns m ills prodOuu< c*m gpaper for g y psu m bw oWa4rUd waWt *A nI InI HiisMtoVnI I,, iA`l k'I Hui:, K^ kamlaim. 1 1a1z9oVo , XM.l iHcihll.;, Stockton, Cal.; Milton, Pa. and Pryor, Okla. w1,i1t0h0 taonds aoiflypacpaepr.acity aggregating ap pro x.
W all A F lo o r C overings:
Co. manufactures glazed te at Lansdale,
Pa. and Jackson, Tenn.; unglazed ceramic m o
saic tile at Olean, N .Y .; and quarry tile prod
ucts at Lewisport and Qoverport, Ky., Rose
ville, Cal., an a a t Quakertown, Pa., and F ay
ette, Ala.; and resilient floor coverings at M i
ami, F L . Co. owns or controls under a long
term lease, pyrophyllite reserves sufficient to
support its d a y manufacturing operations j
Pf ar1cetsue rnets le v e l s
for approx. 75 r an a vinyl
years. Co. manu wallcoverings at
H atfield ,
coordi-
" J*1fab n ca a t L i e n e e , M A.
G la s s A M etal P roducts
Plants are located at Grenada, M iss., Chan
dler, Ariz. M ajor warehouse and distribution
cKeinchtemrson"fioidr,
Co.'s V a.,
G lass Division are located in Memphis, Tenn. and H ous
ton, .Tex. T h is D ivision operates 74 retail and
wholesale outlets for glass and millwork prod
ucts throughout the South and Southwest.
Fifty-five of these locations are leased preanis
es.
1
Co. m anufactures aluminium prim e and
storm windows and doors at Lexington, N C,
Miami, Fla. and Houston, T X .
S p ecia lty A O ther Products:
Acoustical and ceiling tiles and planks are ' ` .......................... bile, Ala. accessories fabri-
M subisidiary).
Also in 1969 acquired 699,900 (25% ) sh ares
, B H. Robertson Co. common stock (sold on
tin' Feb1.971897f0o,ra*c2q3u.7i9re6d,0H00a)m. ilton of Indiana,
me., for stock .
.
Ut^itEvtu'clh.^faoVr,sto.cakic.*quired.D M H C orp. St. .Lou-
1 sold operating assets of National
.. i * t O S M ines L im ited, term inating coxnpa-
s participation in A sbestos mining indus-
InJr
!974 acquired Binning's, Inc., Lex-
"V pn, N.C., thru an exchange o f com. stk.
r- irJ J uly 1974, C o. acquired T h o m a s Strahan
`or com. stk.
trin
1976, Am erican-OIean T ile Co.,
f tr ,8ut>sdiary. sold its Pom ona, Cal. glazed-
a 1to Pacific Holding Co.
Afi"
1977 form ed N ation al G y p su m En-
S ? * Co. to participate on a joint venture ba-
r*s o u r c S >^ra ^ on anc* developm ent of energy
(hL*L
1978, acquired D ow dflor Corp.
t*. ^ rsc a y n e D ecorative P roducts, Inc.)
ftnf.r,~:o v - 1978, acquired the polyvinyl siding
of e lle r I'roducts, Inc,
S f * - 19? 0 B insw anger G la ss Co., subsidi-
t * lts H am ilton at Indiana, Inc. subsidi-
Im tH am ilton G la ss Products,
dpt? ft3 ?`_,1981, acquired the alum inium win-
& 2,7 7 ? d o o r o peratio n s of C lark Aluminium
* Houston, Texas.
Cement: fulNl laitnieo noaf lPGorytplasnudmn a'snCd emmaesnotnDryivciesimonenstesllusna der the "Huron" and "Allentown" brand nam es in separate m arket areas from North D akota to Central New Y ork State and along
TtihwheeE YCa seetmmCeeonnati stlDyfiirvvoiumsiiouCnnonsseenrrevvceestiscuGvt irteeoaaVti irLlgsaienkcieas,
m arket areas efficiently with its own fleet of AR!f.nnlnnH{mr Kullr rarffn ahtTM
Uyjpsiuumm f&l Related
1981 01980 01979
36%
36%
38%
Cement...........
13
15
16
Wall & Floor
Covering ..
17
15
14
Glass & Metal
Prod. i,V v k ..
21
20
18
Other rro a...............
13
14
14
Hikestate to include operations erf Cement Divi
sion as continuing operations.
O ther B usinesses:
Energy--Current share of reserves at Dec.
31, 1981 exceeds 24 billion cubic feet and reve
nues from sales continues to increase. These
revenues are reported in the specialty and
other segment of business.
French G ypsum Venture--Sales of venture
could exceed $160 million in 1981 with in
creased share of profits.
. _ and plant lo cated at Y ork. Pa. and a limestone mine and plant at Kimballton, Va. These mines and quarries contain limestone reserves estimated to be approx. 9.9 million tons.
Vinyl exterior siding manufactured at M an chester, N ew H am pshire plant.
Cem ent
Co. ow ns a mill at Alpena, Mich., with ca
pacity to produce 2.5 million tons of various
types of Portland and m asonry cement annu
ally, and nearby limestone reserves sufficient
to support present operations for approxi
m ately 100 y ears.
Co. also owns a cement mill at Evansville,
Pa. with an annual capacity of 935,000 tons
and reserves of limestone sufficient to supply
present capacities for approx. 25 years. T o
serve this marketing area, it operates storage
and distribution facilities at
Haven,
Conn.; Bowie, M d. and Jersey City, N .J.
MANAGEMENT
O ffice rs
R .E . Safres.C h m n . and Chief Exec. Off.
J.P . H ayes, Pres. & Chief Oper. Off.
C.R. M organ, Senior Vice-Pres.--Fin. Admin.
E .J. Killian, Group Vice-Pres.
-
T.W . Ferguson, Jr., Group Vice-Pres.
J.A . Keller, Group Vice-Pres,
E.W . Fordyce, Jr., Vice-Pres., Gen. Counsel &
R .E . Swanson, Vice-Pres.--Fin. & Treaa. J.C . Quinly, Vice-Pres.--In t'i. Oper.