Document vy61yp6J5jGgmr15Dxbk8zZ2R

I RUBEROIP The RUBEROID Co. / 78TH ANNUAL REPORT / 1964 GAF 12320 board of directors . O'Leary/ Chairman omas H, Dermody* iter N. Funkhouser, Jr.* irry C. Hachmeisier tvin K. MacBain* ymour Milstein* Roy A. Petersen le L. Shepard* ederiek K. Sweeney filliam J. Van Akin arton K. Wickstrum OFFICERS O'Leary men of the Board of Directors retirfenf mas A Dent Pressdem-Moncftment Service* mas H. Dermody President-Finance iard N. Funkhouser President-General Manager `inj Granule Division en 0. Heppes Preident-Cn#ro/ Manager ymour Milstein ior Vice President-Corporate derick K. Sweeney e President-Centre! N|a.ii*fr iomg ana Industrial Proc,,^i> 0 m.on tljjam ] Van Akjn n.or Vice Pretiaenr Opera cm Robert N Ettlinger Cao'piroJer CarlL. Eddins Ass.staru Secrnorv and AssistantTrtaturer Transfer Agent Registrar General Counsel Auditors The Bank of .New York. New York be Chase Manhatiar. Bank. New York stin, Burns. Appell A 5mtih New York Price Waterhouse & Co . New York , n i,pn| jo 1*6* All stockholder ntj.i Meti.r* O' Rjbr3,d stockholder* will be held m the Park Hotel Pl4in - I0 <#c^ holder 0* cap>^l - mW.o9 e Pro,> and . prey elicited by the -n.rtMtmen: will be .nail'd *,, booklet .. m.d due htte.n ere published loiely lor me inlortnet.on of the Company stockholders > toy security issued by the Company GAF 12321 ,o ,""i'1 of i0^c*' ^ I THE PRESIDENT'S MESSAGE To Our Stockholders; The earnings performance of your Company in 1964. its 78th year of operation, was highlighted by expansions in net sales, plant facilities and in the total volume of products manufactured and tonnage shipped. Net sales in dollars reached a record level as they rose IS1"' over the 1963 amount. All operating divisions of the Company registered sales increases. Earnings for the year reflected a 36e increase over the 1963 total. While overall company earnings were favorably influenced by the in creased sales volume and by various operating economies, they were im paired by price reversals in floor tile, by a costly six-week strike at one of our maior plants and by higher costs of certain materials. In 1964, your Company moved to enlarge its corporate framework through the initiation of construction of three plants--one in each of its major di visions. These modern facilities--a roofing granule plant at Annapolis. Mis souri. an asphalt roofing plant at Tampa. Florida and a floor tile facility at Vails Gate, New York--are in an advanced state of construction with manu facturing operations expected to commence before mid-year. Looking ahead, we view the future witn confidence. We look for building construction and maintenance activities to continue at their present strong levels. With business optimism widespread and the nation's economy con tinuing on a sound basis, we anticipate that 1965 will be another favorable year for your Company. We have a seasoned management team with proven versatility. Your Company maintains a strong financial position. With a capability for rapid response, we are constantly exploring all opportunities for future growth in new directions. Again, on behalf of the Board of Directors, may we express our appre ciation for the confidence that has been displayed by our customers, em ployees and stockholders. Their support and continuing cooperation have aided substantially in the growth and progress of the Company -> E. J. O'Leary Chairman and President tai*M GAF 12322 ICiM net sales IMilli*** Ovllan) SALES AND INCOME Vet sales for the year were S131.415.409. a record high for the Company. This was a 12i increase over the 1963 total of S117.392.981. Net income from all operations for the year 1964. after making provisions for taxes, amounted to So.099.270. This represents $2.75 per share on the average number of shares of capital stock outstanding during the year. In 1963. your Company had net income of S3."62.297. This was equal to $2.02 per share on the average number of shares of capital stock outstanding throughout 1963. These amounts are exclusive of a special charge of $576,919 or 31 cents per share that represented product de velopment and start-up expenses, deferred in prior years in connection with new products. FINANCIAL CONDITION The Company ended 1964 in a strong finan cial position. At the year end. working capital amounted to $34,830,369. which is a 13'' in crease over the 1963 year end figure of S30.747 627. The 1964 ratio of current assets to current liabilities was 4.0 to 1, compared with the 1963 ratio of 4.5 to 1. Cash and marketable securities were in creased from $6,838,449 at 1963 s year end to a total of $12,670,138 at the end of 1964. During the year, additional cash advances were made to Cabot Titania Corporation at Ashtabula. Ohio. This company is now produc ing certain grades of titanium dioxide, and ex pects to be in full commercial operation in 1965 The majority interest (80`"<-) in this concern is held by Cabot Corporation. Boston. Massachu setts. In early 1964. Ruberoid sold its 50*1 owner ship in Cumberland Chemical Corporation lo Air Reduction Company. Inc., which, with Ru beroid. was toint owner of this concern. This sale involved no profit or loss to Ruberoid As a result, your Company was able to terminate ar. unfavorable long-term contract for the pur chase of certain raw materials produced by Cumberland. As a result of earnings retained in the busi ness to finance Ruberoid s expansion programs, the net worth of the Company -- the stockhold ers' equity -- increased to S"0 6"fi "17 cr S38 2~ per share This was a 3 1 increase o\er Ihe 1963 year-end total of S68.689.308 or S37 12 per share. DIVIDENDS AND STOCKHOLDERS For the 76th consecutive year--since 1889-- Ruberoid paid dividends to holders of the Com pany s outstanding shares of capita! siock Quarterly dividend payments of 40 cents per share were declared by your Board of Directors GAF 12323 I STOCKHOLDERS' EQUITY <Dflr* Mr > PROPERTY, PLANT AND EQUIPMENT (MiltiMa ( 45 0 42 a 39 0 36 0 33 P 30 0 77 0 24 0 21 0 WORKING CAPITAL 35 0 330 31.0 29 0 27 0 25 0 230 2t 0 190 it 57 51 St '60 51 63 *3 64 55 '55 '57 *5t 'SI '50 'll '51 '63 'N 55 '55 '57 M 'St 60 '61 ' '63 H making a total of Si.60 for the year. This amount was the same as the 1963 figure. At the end of 1964. there were 9.312 holders of the Company's outstanding capital stock. This compares with the 1963 year end total of 8.912. INDUSTRIAL RELATIONS The Company experienced temporary inter ruptions of operations at two plants during 1964 One of these was a six-week strike, in mid-summer, at the roofing granule facility at Kremlin. Wisconsin. The other was a 13 day stoppage at the Mill is. Massachusetts asphalt roofing plant. This occurred in early spring. Operations at the [oliet. Illinois floor tile plant were resumed in 1964. This facility was closed in mid-1963 for economic reasons. At other points in the Company's network, agreements were successfully negotiated. The Company regards its employee relations as be ing generally satisfactory. ORGANIZATION Board of Directors -- Two new Directors were elected to the Company's Board at the Annual Meeting of Stockholders at South Bound Brook. N'ew Jersey on April 24. 1964 The new memoers are Barton K. Wickstrum. President of Gen eral Time Corporation and Frederick K. Sween ey. Vice President and General Manager of Ruberoid's Building and Industrial Products Division. Executive Changes -- In 1964. a number of ex ecutive changes were effected to strengthen the Company s organization Thomas A. Dent was elected to the corporate post of Vice President--Management Services At the divisional level, the following appoint ments were made Walter R. Foote was named Vice President-- Manufacturing of the Floor Tile Division. David L. N'eil was named Vice President-- Manufacturing of the Building and Industrial Products Division Erwin C. Gutzuiiler was named Vice Presi dent--Manufacturing for the Roofing Granule Division. Henry B. Hutten was named Vice President --Sales of the industrial Products Division PLANT AND EQUIPMENT Appropriations for plant and equipment m 1964 increased to ST.548.035. compared with $4.021.011 in 1963 The 19M figure included amounts for the construction of new plants and for the expansion and improvement of existing facilities. GAF 12324 Now nearing completion at Annapolis, Mis souri is a new roofing granule plant--the Com pany's sixth. This facility, which was financed by the local community through the issuance of industrial development bonds, has been leased by Ruberoid for 20 years. At this site, granules will be mined, produced, ceramically colored and stored. Designed to service the granule requirements of asphalt roofing manu facturers in the southwestern and southern markets, this plant will also serve as a source of supply for granules for several of Ruberoid's own roofing plants. Last spring, your Company began construc tion of a new asphalt roofing plant at Tampa. Florida, where a fast growing market for as phalt roofing products exists. This new facility will be the Company s 12th roofing plant and will serve the central and southern Florida markets. To provide needed flexibility for accelerating the production of floor tile products, generated by mounting sales in our eastern region, your Company moved to construct a modern floor tile plant at Vails Gate in New York State's Hudson Valley. Upon the completion of this 220.000 square foot plant, manufacturing opera tions at our nearby Newburgh plant will be re located at this new facility. Also at this site will be the sales, warehousing and research activities. In 1964, the Company completed construc tion of a new plant addition at Gloucester City. New Jersey. At this facility was installed a new pressure-molded process for the production of "Calsilite," a thermal insulation that will with stand temperatures of up to 1250 degrees Farenheit. The net value of plant, property and equip ment at the year end was $43,046,696. corre sponding with $42,323,695 at the end of 1963. Depreciation and depletion charges for the year totaled $3,840,529. compared with $3,661,609 in 1963. Expenditures for repair and maintenance amounted to $7,335,592. compared with the 1963 total of $6,688,651. RESEARCH AND DEVELOPMENT With respect to its research and development programs, your Company--as in the past--has been pursuing two important objectives. One is the development of new products and proc esses. The other is the improvement of the Com pany's existing products, processes and formu lations. In the new product area, your Company will introduce the new "Fire Guard" ' asphalt roof shingle to the market in early 1965. Fire Guard" is a Class A premium quality shingle and bears the nighest fire-protection rating is sued for roofing by the Underwriters' Labora tories. Inc. This new wind-safe, extra-heavy weight shingle is designed for use on schools, commercial and institutional buildings and homes where maximum fire safety and architec tural beauty are major considerations. Other important new product developments took place in our Floor Tile Division During 1964. your Company instituted an accelerated program with the goal of establishing a com prehensive line of flooring styles, second to none m the industry. As a result of this con certed drive, six completely new style families were added to our increasingly-popular vinyl asbestos floor tile line. The new products range from those designed for large commercial and institutional installations to tiles created pri marily for the residential market Some of the new floor tile styles are illustrated on pages 6 and 7 of this report. Research activities in the Budding Products Division resulted :n a refinement of Ruberoid s popular Self-Sealing' Asphalt Shingle which 4D GAF 12325 1 I Architect's rendering of new floor vie picnt ct Vails Cate. Sew York provides for more efficient application. A series of new ' soft tint" colors, in tune with the mod ern trend to harmonious pastels, was introduced throughout the complete asphalt shingle line. Three new handsome colors were added to the Dura-Shake1 Siding line Dura-Shake is the prefinisned mineral fiber siding that realistically simulates the appearance of natural wood shakes. Other developments saw the institution of an improved method of manufacture for our automotive sound-deadening materials, the ad dition of a new vibration dampening product to our automotive line, and an improved lamina tion process for the production of both T N'A 200* and T N'A 100' T NA 200 is the Com pany's revolutionary single-plv built-up roofing membrane and T N'A 100 is a unique multi purpose insulation jacketing. Both products-- Ruberoid exclusives--are essentially a laminate of resin-impregr.ated asbestos felt and Du Pont s remarkable Tedlar* film. By exploring the latest scientific advance ments and adapting new concepts to all phases of the Company's operations. Ruberoid's re search and development teams expect to meet the demands of constantly expanding markets. Still in the developmental stage are a wide range of new building, industrial and floor tile prod ucts that will strengthen your Company's dom inant position in the industry. 'Du Pont registered trade mark ,1 1 - u a. ij ICC.' GAF 12326 J ruberoid floor tileA PROGRESS REPORT REGARDING OUR NEWEST PRODUCT DIVISION The program of plant expansion and modernization initiated in 1963 laid the groundwork for the signifi cant stride forward made by the Company in 1964. During 1964. an accelerated design program produced a series of six completely new floor tile patterns, each available in an attractive range of colors. These neu patterns round out the already comprehensive Ruberoid line to establish your Company as one of the style leaders of the industry. The tiles shown here recreate the beauty of natural materials with remarkable authenticity. Pebbleflor. on the facing page, captures the beauty of naturally weathered pebbles. Patioflor. below left, offers broken stone and slate effects of unusual fidelity. Brickflor, below right, duplicates the rugged charm of natural brick. GAF 12328 FINANCIAL STATEMENTS INCOME AND INCOME RETAINED IN THE BUSINESS Revenues: Net sales................................................................................. Other income, net ............................................................. Costs and Expenses: Cost of goods sold................................................................. Selling and administrative................................................... Depreciation and depletion................................................. Federal income taxes ........................................................... Net Income for the Year........................................................... Special Charge: Primarily development and start-up expenses deferred in prior years in connection with certain new products, less related federal income taxes................................... Net Income for the Year (Less Special Charge in 1963) Income Retained in the Business at Beginning of the Year. . Cash Dividends Paid--SI.60 per share................................... Income Retained in the Business at End of the Year............ 1964 S131.415.409 213.450 131.628.859 104.216.826 15.351.234 3.840.529 3.121.000 126.529.589 5,099,270 5.099.270 34,791.428 2.962,509 S36.928.189 1963 $117,392,981 266.240 117.659.221 94.279,548 13.241.767 3.661.609 2.714.000 113.896.924 3,762,297 576.919 3,185.378 34.583.037 2,976.987 $ 34.791.428 8 23. GAF 12329 I FINANCIAL POSITION AT DECEMBER 31 Current assets: Cash....................................................................................... Short-term investments, at cost (which approximates market value)................................................................... Receivables, less allowances............................................. Inventories, at lower of average cost or market: Raw materials and supplies........................................... Finished products and work in process........................ Prepaid expenses................................................................. Total current assets................................................. Less--Current liabilities: Current portion of notes payable to banks...................... Accounts payable ............................................................... Accrued expenses............................................................... Federal income taxes........................................................... Deferred income from sale of production payment, net of federal income taxes (Note 3)....................................... Total current liabilities........................................... Working capital....................................... ............................ Investments and advances, at cost (Note 1): Cabot Titania Corporation................................................. Cumberland Chemical Corporation............................... Property, plant and equipment, at cost, less accumulated depreciation and depletion of $45,909,465 through 1964 and S43.606.860 through 1963 . . . ................................ Working capital and other assets........................................... Less: 4'iee Notes payable to banks, less current instalments (Note 2)........................................ Reserve for guaranteed roofs......................................... Deferred federal income taxes................................. Stockholders' equity....................................... Represented by: Capital stock--authorized 3,000,000 shares of SI par value--issued 1964--1.915,682 shares: 1963-1.915,592 shares (Note 6)............................ Income retained in the business, excluding amounts transferred to capital stock..................................... ^ess -- Capital stock held in the treasury, at cost -- 63.545 shares (1964) and 65.300 shares (1963) (Note 6) * i 1964 $ 6,110,344 6,559.794 18.211.393 6.227.046 8.857.876 663.892 46.630.345 560,000 4,433.784 2.512,499 2.325,693 1.968.000 11.799.976 34.830,369 ( ! ! i ! ( i 1 1 i 11 t. 700.000 43.046.696 81.577.065 6.440.000 1.431.128 2.829.220 10.700.348 $70.876,717 $35,719,818 36.928.189 72.648.007 1.771.290 $70,876,717 1963 S 6.778.655 59.794 16.314.2*2 7.967.834 7.855.053 665.731 39,641,339 3.963.809 2.286.700 1.923.683 719.520 8.893.712 30,747.627 2.600.000 4,196,785 42.323,695 79.868.107 7.000,000 1.763.799 2.415.000 11.178.799 $68,689,308 S35.718.082 34.791.428 70.509,510 1.820.202 $68,689,308 GAF 12330 NOTE 1--INVESTMENTS AND ADVANCES: On April 1. 1964 the Company sold to Air Reduction Company, In corporated. for cash, its S0'< interest in Cumberland Chemical Corporation The selling price for this invest ment was the cost carried on the books of the Company. In connection with the sale of its interest in Cumber land. the Company was released from certain unfavor able long-term purchase commitments. The Company s investment in Cabot Titama Corpora tion at December 31. 1964 consists of 20.000 shares of 5r'e cumulative convertible voting preferred stock (rep resenting a 20'< equity interest) and notes receivable of SI.700.000 with interest at 5 4'' due m 1973. The re maining 80^7 equity interest, represented by 80.000 shares of common stock, is held by Cabot Corporation. The Company has an option to increase its equity inter est to 334 rt. through the purchase of Cabot Titania common stock from Cabot Corporation. This option is exercisable m fune 1967. If the option is exercised, the Company must also increase its proportionate share in loans made to Cabot Titania. Cabot Titania had not achieved complete commercial operation at December 31. 1964. It is expected that the company will reach this stage during the year 1965. Divi dends and interest on the preferred stock and notes have been temporarily deferred. Such amounts will not be taken into income by the Company until received. The Company is contingently liable as guarantor of notes payable of Cabot Titania Corporation in the amount of S2.500.000 NOTE 2--NOTES PAYABLE TO BANKS: Notes pay able to banks are payable in quarterly instalments, commencing on September 30. 1965. to June 30. 1968 The quarterly instalments mature at the rate of S280.000 during the first year. S490.000 during the second year and $980,000 during the final year The loan agreement NOTES TO FINANCIAL STATEMENTS OECEMBER 31, 1964 contains certain restrictive provisions none of which are significant under present conainons NOTE 3-SALE OF PRODUCTION PAYMENT: in De cember 1964 a production payment, representing a por tion of the Company's interest in future production frem certain asbestos deposits, was sold for S3.200 000 In come resulting from the sale of this proauction pay ment. less federal income taxes, has been deferred anc will be taken into income as the asoestos is mined processed and sold For comparative purposes, a pro duction payment sold in December 1963 has oeen reclassified from deferred credits to current liabilities NOTE 4-INVESTMENT CREDIT: The Company s in vestment credit under the Revenue Act of 1964 amounted to approximately $260,000. which has been reflected m net income for the year as a reduction of the provision for federal income taxes NOTE S-COMMITMENTS: On October 1. 1963 the Company entered into an agreement with the City of Annapoiis. Missouri to lease, for a period of twenty years ending on September 30. 1983. a roofing granule plant presently under construction m Annapolis. The City raised the funds for such construction through the issuance of 20 year Industrial Revenue Bonds, that were publicly offered through an underwriter on October 1. 1963. Annual rentals under the agreement will be approxi mately $365,000. commencing on September 15. 1965. plus certain other costs and expenses. The lease is re newable. at the Company s option, for fifteen five-year periods at reduced rentals. The Company has an option to purchase the plant and property, under certain speci fied condition' among which would require a change in existing laws of Missouri to empower the City of Annapolis to s>-li the facility. 10 YEAR REVIEW-1955-1964 A.. COLLAR F'G JRES EXCEPT THOSE PER SHARE ARE EXPRESSED IN THQUSANCS 1955 1956 195'195B* 1959* 1960 1961 1962 S82.134 26.360 85.257 118.377 12".308 120.077 119.119 120.972 S49.590 46.181 50.946 77.519 81.177 77.190 76.808 80.021 S21.098 19.509 21.568 29.312 30.883 30.957 30,705 31.374 $8,967 8.117 9.792 8.376 12.087 8.717 8.412 6.265 S4.456 3.825 4.570 3.521 5.457 4.049 3.915 2.541 $4,511 $3.05 5.5 S2.960 S2 00 4.292 2.90 5.6 2.960 2 00 5.222 4.855 3.26 6.1 2.56 4.1 3.191 3.042 2 10 j. 2 00 6.630 3.49 5.2 3,764 2.20 4.668 2.45 3.9 3.818 2 00 4.496 2.35 3 8 3.824 2 00 3,724 1.96 3.1 3.796 2 DO GAF 12331 I Construction of the new plant is expected to be com* pie fed during 1965 NOTE 6-STOCK OPTION PLAN: The Company's in centive stoc* option plan for officers and key employ ees. adopted m 1957. provided for the granting of op tions not exceeding, in the aggregate. 200.000 shares of capital stock at nor less than 95`r of the fair market price at the date the options are granted, with the stip ulation (hat no one employee be granted an option for more than 10.000 shares. The optionee may exercise up to 40' ( of the shares subiect rc option in each of the first two years following the dare of grant and the re mainder at any time thereafter up to ten years from the date the options are granted Options become cumula tive. if not exercised, for the duration of the option period. Particulars relating to shares of capita! stock issu able under options granted under the plan follow june 1957 -- $26.50 Feb. 1958 -- $34.25 Feb 1959 --S40.00 Jan. I960 --$38.75 Oct. I960 -- $31.75 Apr. 1962 -- $35.50 May 1963 -- S27.00 18.767 2.400 5.400 17,850 13.100 4.000 21.350 1,055 -- 1.100 1.000 -- -- 2.290 17,712 2.400 4.300 16.850 13.100 4.000 19.060 17.712 2.400 4.300 16.850 13.100 4.000 15.248 'Includes 3.600 shares under options terminated during the year. The above option prices represent 95 rV of the market price of the stock on the dates the options were granted. At December 31. 1964 there were 95,225 shares avail able under the plan for the granting of additional options. On November 24. 1964 the Board of Directors amend ed the stock option plan, subiect to approval by the stockholders, to conform with the provisions of the Rev enue Act of 1964. Under the amended plan, all options granted subsequent to December 31. 1964 will be at not less than lOO^r of the fair market price at the date the options are grar. ed. in addition, the options must be exercised within live years from the date the options are granted. Options for 1 845 shares were exercised during the year: 90 shares w ere new l\ issued and 1 755 shares were issued from the reasurv The net result of these trans actions was created to the capital stock account. rmrw-- 1.479.966 1.4*9.986 1 600.332 1.893 875 1 901.2 76 1.908.739 ' 911 903 1 898.096 1 860.800 $51,037 52.369 57.358 65.443 68.528 69.542 70.324 68,851 68.689 $34.48 35.38 35.82 34.50 35.99 36.41 36.74 36.93 37.12 $30,121 32,319 35,725 38,301 38,815 38.451 37.720 42.245 42.324 $2,479 2.553 2,951 3,170 3,161 3.213 3,194 3.312 3,662 $26,127 25.273 26,803 41,706 42,598 41,002 40,957 37,429 39.641 $2,403 2.271 2.146 8,743 10.089 7,679 7.360 12.055 8.894 S23.724 23.002 24.657 32.963 32.509 33.323 33.597 25.374 30.747 1955 1956 *1957 *1958 '1959 1960 1961 1962 1963 GAF 12332 I products builoino products division asphalt roofing ano SIDING MATERIALS Asphalt Roll Roofing--smooth, mineral suftscsd Asphalt Shinglas--all typaa Asphalt Sidings Plastic Root Camant and Roof Coatings built-up roofing and waterproofings Asphalt. Aabaatos and Tarred Roofing Falls T/NA P Roof Mombrana Universal Basa Shaat Special Rooting Bitumen Fiberglas' Roof Insulation MINERAL FIBER! ROOFING AND SIDING Mineral Fibert Roof Shinglea Dura-Color* clapboard and weatherboard siding Dura-Shake* weatherboard tiding Mineral Fibeft Flat Sheets UNSATURATED FELTS GYPSUM WALLBOARO, LATH AND SHEATHING BUILDING AND WATERPROOF PAPERS FIBERGLAS' BUILDING INSULATION FLOOR TILE DIVISION FLOOR TILES Vinyl-Asbestos Asphalt ACCESSORIES Cove Baae and Comers Pasture and Reducing Strips Adhaiivaa ROOFING GRANULE DIVISION ROOFING GRANULES FILLERS. MICA INDUSTRIAL PRODUCTS DIVISION mineral fiber* PROOUCTS Corrugated Mineral Fibar* Board Ston*wair+ Board INSULATIONPtPE COVERINGS. ETC. Moidad Pip# Covering and Blocki--Ciljilila Fibar Giass Pipa and Duct intulation T/NA >00* Insulation Jacketing Atbettot P*per-Rollbard-> Millboard Intulation Camantt Inflating Tapa ASBESTOS FIBRE AUTOMOTIVE PRODUCTS Sound Deadening Falti Daak Intulation Ataambiiaa Tufting Flt Foundation Board PIPE LINE PRODUCTS Aabaato* Pipe Lina Faltt Fletible Rock Shield Board Jnnar md Outer Glut Wrap COAL TAR PROOUCTS Ratmad Coal T*/ Coal Tar Pitch I??T ,<x baaloa^aniant 1M Ch*oo#.ComIfg Fib#rg|$ Cor RUBEROID PLANTS, MINES AND QUARRIES t Hyde Park, Vermont 2. Millis. Massachusetts 3. Wheatland. New York 4. Newburgh. New York 5. Bound Brook. New Jersey 6. South Bound Brook. New Jersey 7. Gloucester City, New Jersey 8. Erie. Pennsylvania (2 plants) 9. Baltimore, Maryland 10. Charmian. Pennsylvania 11. Delta. Pennsylvania 12. Fairmount. Georgia 13. Hartwell. Georgia 14. Savannah. Georgia 15. Mobile Alabama 16. Kremlin. Wisconsin 17. Joliet. Illinois (2 plants) 10. Kansas City. Missouri 19. St. Louis. Missouri 20. Minneapolis. Minnesota 21 Dallas. Texas 22. Houston. Texas 23. Denver. Colorado 24. Long Beach. California PLANTS UNDER CONSTRUCTION: 25. Vails Gate, New York/26. Tampa, Florida . 27. Annapolis, Missouri SALES OFFICES Mobile. Alabama / Long Batch. California / Denver. Colorado ' Tamo*. Florida Savannah Georgia l Joliet. lilmoit / Bailimora, Maryland > Hagerstown. Maryland Millis. Massachuiatti / Datroit. Michigan ' Minneapolis Minnesota Kansas City. Missouri / St Lou*s Missouri ' S Bound Brook. New Jersey Newburgn, New York / New York. New Yo'k - Wheatland. New York Erie, Pennsylvania / Dallas, Testa / Houston, Teats Q. GAF 12334