Word: glidden
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Never before has the paint industry had such a winter. Said the Glidden Co.'s President Dwight P. Joyce: "We used to spend the winter building up an inventory for spring. Now our plants are busy turning out latex-based paints which we sell as fast as we can make them...
...biggest expansion in its history, and tremendous Government spending for years to come seems bound to keep sales, profits and dividends high in spite of taxes. Growth is in the air, and investors are hunting for the companies with the biggest growth possibilities. Example: the mere rumor that Glidden (TIME, Feb. 26) would announce the successful mass-production of cortisone from soy beans sent Glidden stock shooting up 4 points...
...Julian's name was on the list when a group of outstanding industrialists and scientists were invited to a private luncheon at Chicago's exclusive Union League Club last week. After all, Dr. Julian, "Chicagoan of the Year" in 1950, is a research director for the Glidden Co. (paint, etc.), and a top chemist who has invented, among other things, a process for synthetic manufacture of experimental drugs for treating arthritis. But when the Union League Club saw his name on the list it said he could not come to the club. Reason: the club's directors...
...Oleo. The man chiefly responsible for Glidden's expansion into non-paint fields is 50-year-old Dwight Joyce's father, Adrian D. Joyce, who at 78 is still active as chairman of the board. A successful businessman at 45, father Adrian quit his job as sales manager for the Sherwin-Williams [paint] Co. to form a syndicate to buy Cleveland's little Glidden Varnish Co. for $2,500,000. In three years, he picked up eleven more paint companies, strategically spotted through the nation...
Through the years, Joyce plowed profits (which hit $8,600,000 last year) back into the company, has paid dividends continuously since 1933. This week, son Dwight had more good news for stockholders. In the first quarter of its fiscal year, said he, Glidden's sales hit $57.1 million for a net of $2,600,000. Says Dwight: "Right now, both our paint and food divisions are going full blast ... If times are bad and paint becomes a luxury to some people, they still have to eat, and they will be more inclined to eat margarine than butter...