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PRODUCT DEVELOPMENT REPORT PAINT, VARNISH & LACQUER LABORATORIES THE GLIDDEN COMPANY - MAY- 195U PRODUCT DEVELOPMENT REPORT TORONTO MAY 1951* T.

L Industries, Inc INDUSTRIES Financial highlights For the year Sales Income before extraordinary charges Net income Per share Income before extraordinary charges Net income Cash dividends paid Per share Property expenditures At year end Working capital Long term debt Shareholders' equity 1971 $925,008,000 22,757,000 3,257,000 1970 (Restated) $915,877,000 35,618,000 35,618,000 .95 .14 23,948,000 1.00 83,990,000 250,279,000 234,050,000 409,034,000 1.50 1.50 36,261,000 1.525 58,462,000 241,739,000 180,902,000 426,074,000 Contents Letter to shareholders / 2 Corporate developments / 4 Divisions, subsidiaries & affiliates / 6 Operations report / 8-16 Metals & bearings / 8 Titanium pigments / 10 Die castings / 11 Chemicals & plastics / 12 Oil well materials & services / 13 Other products / 14 Affiliates / 15 Financial report / 17-19 Financial statements / 20-24 Auditors' report / 24 Ten year review of operations / inside back cover INDUSTRIES Eightieth Annual Report 1871 Shareholders are cordially invited to attend the eightieth annual meeting of NL Industries, Inc., Tuesday, April 25, 1972, at the Gateway Downtowner Motor Inn in Newark, New Jersey at 2:00 p.m. 0000-NLI-000018917 To our shareholders ,i 1 5* 4 4 INDUSTRIES . i This is our first report to shareholders under our new name, N L Industries, Inc.

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' LIA08139 / ^ .a.A*ijadttdEfcmfcc LEAD INDUSTRIES ASSOCIATION n i niNtww a v imm MCW VOW tT.

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