Document xj58g290jVqbe7kxEeXGR39o0

Pacts About THE GLIDDEN COMPANY Headquarters 1396 Union Commerce Bldg., Cleveland 25th Year - December 1942 Highlights P- L L. 26 1943 Founded December, 1917 by Adrian D. Joyce Mr, Joyce is still president. First Year*s Product Varnish and Jap-a-lao - Industrial varnishes. Sales $2,000,000 Present >roduo*^s Paints, varnishes, pigments and allied produots edible oils - food products based on edible oils producers of raw and refined non-ferrous metals manufacturers of chemicals - laboratory products naval stores - miners of barytes and ilmenite. The company is the second largest manufacturer of paints and varnishes in America, Its food product business is triple in volume to its paint business. It is the largest complete processor of soya beans in America and among the large producers and consumers of cocoanut oil. Selling To Retail paint supply stores - industrial users of paints and allied products - food product outlets American industries such as rubber, motor oar and airplane industries, agriculture, container manu- . facturers, metal processors, paper mills, printing industry, as examples, Glidden products are used in practically every American Industry, Sales - 1941 $82,100,000 Stock - 1941 Shares of oommon - 835,531} 10,388 stockholders. Shares of preferred - 199,940} 3,427 stockholders. Record Glidden preferred has never missed a dividend. The company operated in the black throughout the depression. Number of Employees and Range of Activities: 5,523 employees as of December 1, 1942, Their work Includes mining, transpor tation, including operation of company owned rails, smelting, food product operations from laboratory to putting finished products In containers, manufacture of basic materials for paints, varnishes, etc. and the processing of same, chemical manufacturing, wholesale and retail sales and accounting. Location of Plants: Paint Factories The Glidden CO. Cleveland, Ohio The A, Wilhelm Co, The American Paint Works Reading, Pa. New Orleans, La. The Campbell Paint & Varnish Co. St, Louis, Mo. The Glidden Co., Ltd. The Glidden Co. Nubian Paint & Varnish Cc Minneapolis, Minn. Chicago, 111. The Glidden Co. San Francisco, The Glidden Co. Los Angeles, Calif, Vegetable Oil and Food Processing Plants Durkee Famous Foods Elston Ave., Chicago Durkee Famous Foods Durkee Famous Foods Iron St*, Chicago Portland, Oregon Durkee Famous Foods Louisville, Ky. Durkee Famous Foods Durkee Famous Foods Berkeley, Calif, Elmhurst, Long Island Durkee Famous Foods Norwalk, Ohio The Glidden Co, Buena Park, Calif. The Glidden Co. Berkeley, Calif, The Glidden Co,, Portland, Oregon Chemical Pigments and Metal Factories The Chemical & Pigment Co. St. Helena, (Baltimore) Md The Chemical & Pigment Co. Oakland, California The Chemical & Pigment Co. Collinsville, Illinois Metals Refining Co. Hammond, Indiana Euston Lead Co. Scranton, Pennsylvania American Zirconium Corporation St. Helena, (Baltimore), Md. Soya Products Factories The Glidden Company Chicago, Illinois The Glidden Company Indianapolis, Indiana Naval Stores Factories The Glidden Co. Southern Pine Chemical Co Jacksonville, Fla. Jacksonville, Fla. Southern Pine Chemica Pensacola, Fla. /Co. Georgia Pine Turpen- Nelio Resin Processing Corp. Nelio Resin Processin tine Co. Jacksonville, Fla. Corp. Fayettsville, N. C. Valdosta, Georgia Nelio Resin Processing Corp., Collins, Georgia Hydrogen Gas Factory The Glidden Co., Hillside, N. J. Mines California Zinc Co. Winthrop, Calif. The Glidden Co, Yadkin Valley Ilmenite C Barytes Mines Lenoir, N. C. Battle Mountain, Nevada Retail Stores: Company owned or controlled stores are located at! Atlanta, Georgia Birmingham, Alabama Evansville, Indiana Scranton, Pa. Miami, Florida W. Palm Beach, Fla. Oklahoma City, Okla. Dallas, Texas El Paso, Texas Houston, Texas San Afttonio, Texas St. Petersburg, Fla Jacksonville, Fla. Washington, D, C. Fort Worth, Texas Knoxville, Term. Cleveland, Ohio Columbus, Ohio Honolulu, Hawaii Baltimore, Md. Richmond, Va. Tampa, Fla. Buffalo, N. Y. Toledo, 0. Detroit, Mich. Orlando, Florida Charlotte, N. C. Mobile, Alabama Montreal, Quebec Huntington Park, Calif. Boston, Mass. <t * it From the Annual Report to Stockholders. 1988 "A corporation, organized for profit and conceived and developed in the fixed belief that an adequate and deserved profit can only come to its stockholders through supplying a recognized demand for merchandise of merit at just and reasonable prices, is bound to prosper. ''Such an erganization, headed by officers with vision, initia -2 - GLD 04176' tive and determination, and with a staff of loyal employees striving earnestly to maintain the basic ideals of the institution, is sure to be a permanent and important factor in the industrial and econom ic development of our country," Adrian D, Joyce, President In 1917, Adrian D, Joyce quit a good job in the paint business to manufacture and distribute varnish - as "he thought it should be done. He was joined by R. H, Horsburgh, now executive vice president, and 0. A. Hesse (deceased). Their ambition was to develop a business as nearly national in scope as possible, but one that would not lose the advantages held by local manufacturers who have close, friendly con tact with their trade. Adrian Joyce had .bought the old Glidden Varnish Co., long known as makers of fine industrial varnishes. The new company was named The Glidden Company. Immediately, the associates saw the need for a line of paints to go with the varnishes. In line with the early dream of national distribution with local advantages, the company has acquired during the past 25 years paint and allied product companies located strategically to supply various territories under local freight rates and with intimate local service. Each of these companies already manufactured well-established, long proved products, such as a famous house paint, a fine flat wall paint, enamels, deck paint, or industrial paint for particular uses. The best formulas of eaoh have been standardized, manufactured and distributed throughout the Glidden organization under the "Time Tested" label, but without losing the identity of the local company. To provide basic materials for these paint products the company has . acquired mines of non-ferrous minerals, smelters and other plants for processing, turpentine and resin plants ift the South, some short-haul rail lines, oil crushing and refining plants near sources of supply. It was one of these oil producing operations which caused the com pany's first step into food products in 1917, A linseed oil mill was busytonly half the year. The balance of the year was wasted in obsol)?nce. It was found that the equipment could be utilized in the crushing of copra to produce cocoanut oil. The next problem was to dispose of the oil. It was found that the only market for crude cocoanut oil was the soap manufacturers but that, if the oil could be re fined, hydrogenated and de-odorized, edible food products could be produced. This led to the purchase of a large brewery just completed when prohibition forced its closing. It was converted into a modern vegetable oil refinery and operated under the name of The Glidden Pood Products Company. One of the first products in the new plant was margarin. Development of the margarin business opened new horizons and new conceptions. Soon The Glidden Company had acquired the business of the old E. R. Durkee Company, famous as makers of salad dressings for many generations, as well as spices and extracts. Durkee Famous Foods, Inc. under Glidden management added many Items for over-the-counter sale, as well as others for bakery and other trades. This trend led to acquisition of the Dunham Cocoanut Co., pioneers in shredding cocoanut. Strangely enough, the food product business supplemented the older paint and varnish business. Oils such as soya bean produced original ly for the one became In the Glidden central laboratories double- purpose or many-use. "Spred", a new, water-thin wall paint perfected late in 1942 has a soya base. - Another example: to control an adequate supply of pigments a chemical plant was bought, whose by-product turned out to be essential dry. Cadmium, non-fading colors used in the paint and printing indus tries. The Euston Lead Co. and the Metals Refining Co. were purchased to control a supply of white and red lead. Another product is litharge; sold to rubber, petroleum and varnish manufacturers. In addition, the metal company produces metals for printer's type and bat.tery plates. In the face of the national zinc shortage, (national consumption about one million tons annually) it is interesting that the Glidden -3- GLD 04177< nine at Shasta, California contains an estimated 400,000 tons of zinc only a small part of which will ever be'mined. The property will be buried beneath the waters confined by Shasta dam. The company would not be justified in spending large sums for equipment and transporta tion in the race against the waters (were such equipment available), and authorities have not made special provisions to see that it is mined before it is lost for all time. The organization is essentially a widely spaced group of manufac turing plants, located as strategically as possible for the service of dealers. Each uses local facilities as much as possible to build good will and save unnecessary expense forinventory and freight. Particular heed is paid to local market needs as well, not only in advertising done on a cooperative basis with dealers, but in the manufacture of special products which meet local conditions satisfac torily, The advantages a big organization has over small ones such as national advertising, extensive research, buying power and capital to guarantee quality production have been secured without losing localized identities. The founders have built an economic structure which covers, in effect, the two continents of the now world and reaches on for formu las into the old. This structure, now, by its very diversity, is buttressod from so many different angles that it is relatively secure in times of normal and abnormal economic weather. And each unit maintains its own individuality. 1 ' .V. 4- GLD 041771