Word: celotex
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Dates: during 1960-1969
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...process breaks up old cars into tiny bits and magnetically extracts the steel to produce a 97%-pure scrap, offering a hope that most of the nation's automobile graveyards can eventually be eliminated. Fly ash is converted to make lightweight bricks, panels and construction blocks. Celotex is using blast-furnace slag to make mineral wool...
...company until it now has 150 branch offices and is the second larg est homebuilder (after National Homes Corp.), with sales last year of $30 million and earnings of $1,800,000. Last week Walter took over as chairman and chief executive officer of Chicago's Celotex Corp. (a maker of building materials that could go into his homes), which he controls with a 50% interest...
...Celotex has other attractions, too. Explains a Celotex executive: "We have a lot of valuable assets which are carried on our balance sheet at a very nominal figure." Among them: 48.3% of the stock of New Orleans' South Coast Corp., which owns 89 square miles of Louisiana sugar land including 4,000 acres of potential industrial sites along the new Houma Canal to the Gulf of Mexico...
...Security. Jim Walter moved in at the right time. Fortnight ago, he secretly set three Wall Street firms to buying blocks of Celotex from holders who had been disillusioned when the Eddy Gilbert scandal sent Celotex prices tumbling. Then, after winging off to Chicago to tell Celotex directors of his plan, he arranged a surprising piece of financing. Largely on the strength of a spotless credit record established by huge borrowings to finance his home buyers, Walter persuaded a syndicate headed by New York's First National City Bank to give him a longterm, unsecured loan of $10 million...
Only when the price of Celotex began moving up last week did Wall Street generally guess what was afoot. By week's end, Celotex shares had risen from a 1962 low of 16¼ to 26⅛, leaving Ruberoid's $25 offer behind. Jim Walter seemed well on the way to his avowed purpose of getting 51% of Celotex. Which only goes to show once again that when it comes to courting, it's the quiet ones you've got to watch...