Johns Manville

Last updated
Johns Manville
Company typemostly Private until 1927

Public until 2001

Subsidiary (2001-)
NYSE: JM
Industry Manufacturing
Founded1858 in New York City

1886 in Milwaukee
Reincorporated 1901

Reincorporated 1926
Founders
  • Henry Ward Johns
  • Charles Brayton Manville
Headquarters
Denver, Colorado
,
U.S.
Key people
Bob Wamboldt (president and CEO)
Products
Parent Berkshire Hathaway
Website www.jm.com

Johns Manville is an American company based in Denver, Colorado, that manufactures insulation, roofing materials and engineered products.

Contents

For much of the 20th century, the then-titled Johns-Manville Corporation was the global leader in the manufacture of asbestos-containing products, including asbestos pipe insulation, asbestos shingles, asbestos roofing materials and asbestos cement pipe. [1]

The Johns-Manville Corporation went public on the New York Stock Exchange in 1928 and was included in the Dow Jones Industrial Average from 1930 (replaced the North American Company) to 1982 (replaced by American Express). It was a Fortune 500 company in each of the years 1955-1996. [2] The company had crossed the $10 million revenue threshold in 1911. The $100 million mark was first exceeded in 1942 during World War 2 and then in peace-time in 1947. In 1981, Johns-Manville Corporation was renamed simply Manville.

In 1982, facing unprecedented liability for asbestos injury claims, the company voluntarily filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. [1]

Berkshire Hathaway bought the company in 2001.

Today, Johns Manville is still a manufacturer and marketer of (asbestos-free) products for building insulation, mechanical insulation, commercial roofing and roof insulation, as well as fibers and non-woven materials for commercial, industrial and residential applications. The company serves markets that include aerospace, automotive and transportation, air handling, appliance, HVAC, pipe and equipment, filtration, waterproofing, building, flooring, interiors and wind energy. Johns Manville has annual sales over $4.5 billion. The company employs 8,000 people and operates 46 manufacturing facilities in North America and Europe.

History

An advertisement for Johns-Manville asbestos roofing used in the construction of the Detroit Public Library's main building, 1921 Johns-Manville Asbestos Roofing.jpg
An advertisement for Johns-Manville asbestos roofing used in the construction of the Detroit Public Library's main building, 1921

Early years

The present-day Johns Manville company traces its origins to two early manufacturers of construction materials. Just prior to the American Civil War, in 1858, at the age of 21, Henry Ward Johns (1837 West Stockbridge - Feb 8, 1898 Yonkers [3] ) founded the H.W. Johns Manufacturing Company in New York City. [4] [5] [6] He obtained a number of patents during his business career. [a] In the midst of the Second Industrial Revolution, in 1886, the Manville Covering Company was established with a capital stock of $200,000 in Wisconsin by Charles Brayton Manville (Dec 16, 1834 Watertown - Nov 27, 1927 Pleasantville [8] [9] ), who also won several patents [b] and whose grandson was the much-married socialite Tommy Manville.

In 1891, the H. W. Johns Manufacturing Co. consolidated with its four largest competitors. [c] Business was continued as H. W. Johns Manufacturing Co. (incorporated June 25, 1891 in New Jersey [15] ), the name of the pioneer in the business and owner of the largest asbestos plant in the world employing 125 workers in Brooklyn. [16] The company had been running perennial advertisements in dozens of newspapers for years, [d] creating a brand.

At the turn of the century, virtually all asbestos used in the United States was imported from Canada. Under the Dingley Act of 1897, raw asbestos was free to import, while there was a 25% duty on imported manufactured asbestos products and the quantity so imported was relatively small. [22] [23]

In 1901, the H.W. Johns Manufacturing Company and the Manville Covering Company of Milwaukee merged to form the H.W. Johns-Manville Company with a capital of $2,500,000 in appraised assets and $500,000 of new cash raised. [e] In 1920 the company renamed itself to Johns-Manville Incorporated. [26] In 1926, the firm was reincorporated as Johns-Manville Corporation. [f] On the occasion, JP Morgan & Co invested close to $7,500,000 into what had theretofore essentially been a family-owned "gold mine" (New York Times). [27] A few months later JP Morgan & Co. increased their stake substantially. [28] In both cases though this was not new financing for the company, but the purchase of stock from other individuals. A June 1931 article in Fortune Magazine explored in detail the relationship between individuals in leading positions at the time. Estelle Manville married Folke Bernadotte, who was the nephew of the King of Sweden, albeit without the right of ascension to the throne. [29]

From 1902 to 1920 the company had paid a total of $3,067,969.07 of dividends on its 7% preferred and its common stock and paid out $9,067,815.25 in dividends from 1921-1926. The stock buyback of $2,500,000 face amount of preferred stock for cash concluded in 1923 was also a form of (self-selecting) cash dividend. [26]

External videos
Nuvola apps kaboodle.svg The Story of Asbestos (1921) [30]

On the New York Curb Exchange Manville common stock more than doubled during 1927 from a low of 55+1⁄2 in January to a high of 126+1⁄2 in November. [31] There had been some trading of the old company's stock on the Curb Market as well. [g] The stock was listed on the NYSE in February 1928. [34] In February '29 market capitalization briefly exceeded $180 million.

Johns-Manville Common Stock Price Range [h]
YearJanFebMarAprMayJunJulAugSepOctNovDec
1928202High125122+7⁄8133+1⁄2134124+7⁄8117+1⁄2140159+1⁄4177+1⁄2194+3⁄4202
96+1⁄4Low114111+1⁄2116+1⁄2120+1⁄296+1⁄4101+3⁄8116+7⁄8130+1⁄8148161+3⁄4159
1929242+3⁄4High237242+3⁄4217187194189200+3⁄4205219+1⁄4211+3⁄8137140+3⁄4
90Low180+1⁄2192+1⁄2155+1⁄4162152+1⁄2161+1⁄2179+1⁄2175+1⁄8190+5⁄8 107 90105

In 1929 J-M obtained a license from the Eternit Pietra Artificiale, S.A. of Genoa, Italy to manufacture and sell seamless asbestos-cement pipe ("Transite Pipe") in the U.S. and in Canada. Two sets of machinery were built in Italy and were shipped for installation at Waukegan. [37] On June 26, 1929 the Johns-Manville International Corporation was incorporated in Delaware. [38] In the early 1930s, the United States was still the biggest consumer and importer of asbestos, Canada was still by far the biggest producer. [39] Johns-Manville in 1930 was the largest asbestos company in the United States, employed 10,000 people, made more than 1,000 individual products in 12 factories supplied from two mines (Asbestos, Quebec and Chrysotile, Arizona) and had a substantial interest in a plant in Donk, Antwerp (Belgium). [40]

Theodore F. Merseles, president since July 1, 1927 and former president of Montgomery Ward, died unexpectedly on March 6, 1929. [41] [42] On March 15, 1929, Lewis H. Brown was elected president of the company. [43] After serving for 17 years he became Chairman of the Board on September 18, 1946 and was succeeded as president by R. W. Lea. [44]

Johns-Manville tilted a bit towards banking. In 1931 the company went into the business of providing credit to their own customers, large distributors and home-owners alike, who could spread out their payment over periods ranging from 6 months to 2 years without having to involve third party banks. [45] In October 1934 the Johns-Manville Credit Corporation was formed with a capital of $1 million. Under the National Housing Act of 1934 the company was to make home loans on favourable terms in cooperation with the government to improve the quality of housing in the United States. [46]

During the depression, no dividend was paid on common stock (last paid Oct 15, 1931; first paid July 15, 1935 [47] ) In 1933 the April 1 and July 1 quarterly dividend on cumulative preferred stock was not paid until December. [48] In 1937 100,000 shares of stock were sold (at $100 per share [49] [i] ) to finance $6,920,000 of ongoing plant expansions and to inject $1.2 million additional cash into the Johns-Manville Credit Corporation. This was the first new financing since incorporation, bringing the outstanding stock to 850,000 common shares. [51]

During World War 2, Johns Manville managed operations of the Kansas Army Ammunition Plant in Parsons. [52] In 1943 J-M factories continued to operate at a high level, management however attributed a growing percentage of the demand to ordinary (civilian) business that had been deferred due to the war. The company was accruing a deferred expenditure account, in anticipation of heavy spending required for renewals and expansion after the war. [53] In each of the years 1940, 1941 and 1944, $3,000,000 was spent to redeem at 120 the 75,000 shares of preferred stock issued in 1926. [54]

In July 1945 $17,000,000 were raised with the sale of a new issue of 3.5% convertible preferred stock. [j] In each of 1947 and 1950 about half of the stock was called for redemption with the goal of having it converted to common stock. [k] A $50 million expansion program was set in motion during 1946 [60] and expected to yield first results in 1947. Part of this program were several new facilities: a research center near Manville (NJ), a plant in Natchez, Mississippi for insulating board, one at Tilton, New Hampshire for asbestos insulation, one at Port Union near Toronto for asbestos-cement pipe and rock wool insulation and one at Marrero, Louisiana for asbestos-cement pipe. [61]

On March 31, 1947 J-M bought the Goetze Gasket & Packing Co of New Brunswick, New Jersey (est. 1887), owner of a 40,000sqft factory in that town. [62] Effective May 12, 1947 the common stock was split 3-for-1. Each of the following quantities were tripled: 1,500,000 authorized common stock, 950,461 outstanding shares (to 2,851,383), 74,634 reserved for conversion of the preferred. [63] On July 15, 1947 the company arranged a line of credit with the Metropolitan and the Mutual life insurance companies for a maximum of $25,000,000 in 20-year notes. It paid 0.5% on amounts not borrowed for the right to borrow until Dec 31, 1950 at any time at the rate of 2.7% (apparently some form of interest rate swap). In 1947 $5,000,000 were borrowed under this arrangement. [64]

In 1949, the Canadian branch of the company was involved in the Asbestos Strike at its mines in Asbestos, Quebec.

In the early 1950s the company framed itself as vital for national defense, as was common for companies that could be considered on the fringes of the military-industrial complex. The company would pursue projects for "the development of substitutes for critical materials, jet aircraft blanket insulations, filters for radioactive dusts, improved fireproof clothing and other projects which will play a vital role in military and civilian defense". [65]

Effective March 12, 1956 the common stock was split 2-for-1. [66] [67] One share of par $100 common stock worth $100 in 1901 would have been split 8x in 1923, 3x in 1926, 3x in 1947 and 2x in 1956 into 144 shares with a 1956 market value of ca. $50 per share.

In 1956 a $40,000,000 expansion plan mainly for an increase in production of Transite Pipe (asbestos-cement pipe) was carried out. Existing plants at Marrero, Waukegan, Manville and Watson, California were equipped with new facilities. A large plant at Stockton was underway and the plant at Denison was announced on August 22, 1956. The Denison plant was the company's 7th Transite Pipe plant (one additional plant was at Toronto). [68] It was the first continuous asbestos-cement pipe mill and was almost completely automated. It was one of 8 new J-M factories opened in 1958, the company's centennial anniversary [l] and Denison was one of 26 towns in the United States and Canada where J-M mines or factories were located. [70]

In December 1958, Johns-Manville bought Libbey-Owens-Ford Glass Fibers, Inc. for about $55 million in stock, [m] based in Toledo, Ohio and second largest by revenue in the glass fiber business. The properties obtained included a research center at Waterville, Ohio and plants in Parkersburg, West Virginia, Houston, Corona, California, Waterville and Defiance, Ohio (3 plants). The new company became the 10th Manville operating division and was headquartered in Toledo. The 7 new plants resulted in a new total of 33, including the plant in Belgium. [73] At that time, Dominick Labino was working for Glass Fibers; Barnard and Labino both joined Johns-Manville. Glass Fibers had several plants in Waterville and Defiance, which are still in operation under Johns Manville,

Beginning just after World War II, sculptor Beverly Bender spent thirty-two years working in the art department of Johns-Manville, creating animal sculpture in her free time. [74]

Asbestos litigation and bankruptcy

Starting as early as 1929, Johns-Manville employees began claiming disability from lung diseases. [75] The claims settled out of court, with a secrecy order. [76] In 1943, Saranac Laboratory in New York confirmed the link between asbestos and cancer, but Johns-Manville suppressed the report. [76] From approximately 1930 to 1950, attorney Vandiver Brown handled involvement in such lawsuits. Files and testimony alleged that "[Johns-Manville] maintained a policy into the 1970s of not telling its employes that their physical examinations showed signs of asbestosis". [77]

In 1943, Johns-Manville suppressed a report confirming the link between asbestos and cancer. During the 1960s, 1970s and 1980s, the company faced thousands of individual and class action lawsuits based on asbestos-related injuries such as asbestosis, lung cancer and malignant mesothelioma. Many new settlements included offering $600 for asbestosis, while the FAIR Act called for $12,000 for this condition level.[ citation needed ]

As a result, the company voluntarily filed for chapter 11 bankruptcy protection in 1982. At that time, it was the largest company in United States history to have done so. The filing shocked financial analysts, but a few, such as Gary J. Aguirre, had predicted the filing and had forced the company to post a bond to guarantee payment to their clients. [78] [79]

The bankruptcy was resolved by the formation of the Manville Trust to pay asbestos tort claimants in an orderly fashion by giving the trust the majority of the equity in the company. The bankruptcy took over five years to process and resulted in protracted litigation. The Manville Trust is still in operation today. [80] [81]

Post-bankruptcy

The company emerged from Chapter 11 in 1988 [82] as the Manville Corporation.[ citation needed ] In 1997, the company changed its name back to Johns Manville (but without the hyphen), and this is the name under which it does business today. In 2001, Johns Manville became a wholly owned subsidiary of Berkshire Hathaway (NYSE :  BRK.A, NYSE :  BRK.B).

Then chairman and CEO Jerry Henry retired in 2004. At that point, Steve Hochhauser became chairman, president and CEO. Todd Raba succeeded him in the summer of 2007; he came from MidAmerican Energy Holdings, another Berkshire Hathaway company. In November 2012, Mary Rhinehart was named president and CEO, [83] and she added the title of chairman in 2014. In September 2020, Bob Wamboldt became CEO and president, while Rhinehart remained as chairman.

In 2012, Johns Manville appointed a new CEO, Mary Rhinehart. [84] She was the CFO for Johns Manville and had been with the company for over 33 years. In 2020, Bob Wamboldt became the president and CEO, while Rhinehart remained as chairman.

Manville, New Jersey

External videos
Nuvola apps kaboodle.svg Reflections of Manville - part 2

The town of Manville, New Jersey, is named for the company. It had a large manufacturing plant in the borough. Guests could stay in the Hotel Asbestos on Millstone Road. The town was a patriotic place: many of the streets were named after States of the Union and former Presidents. There was a Hungarian and Greek Orthodox church and a Polish school. [85]

Plants

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Pictures of plants (and also office buildings) can be found in the 1915 publication: J-M Products and Their Uses. [86]






In the "Since" column below, a date in green indicates a plant that was originally constructed (greenfield project), brown indicates an existing plant was acquired.

PlantStateSinceUntilbold=exact
Brooklyn NY 40°39′26″N74°00′53″W / 40.65719°N 74.0146°W / 40.65719; -74.0146 [87]
Milwaukee WI 43°02′08″N87°54′50″W / 43.03546°N 87.9138°W / 43.03546; -87.9138 [88]
West Milwaukee WI 43°02′29″N87°58′11″W / 43.04139°N 87.96974°W / 43.04139; -87.96974 [89]
Nashua NH 42°45′50″N71°27′00″W / 42.76389°N 71.44994°W / 42.76389; -71.44994 [90]

Prof. Charles L. Norton of Manchester, Massachusetts and of the Massachusetts Institute of Technology spoke about Asbestos Wood, his new fire-resisting material, in front of insurance people in March 1907. [91] He published an article in the April 27 issue of Electrical World. [92] He won 2 patents that were assigned to the Asbestos Wood Co. of Maine. [n] HW Johns-Manville was exclusive sales agent for the Asbestos Wood Co. (in 1907, [95] in 1914, [96] ...) and had advertised "Transite Asbestos Wood" in 1909, [97] and registered the trademark in 1923 claiming to have used it first in 1907. [98] The Asbestos Wood & Shingle Co. was incorporated in New Hampshire on January 26, 1925 and the Johns-Manville Corp in 1927 owned 19,857.2 out of 20,000 shares. [26] The Nashua plant was in operation in March 1907. Henry M. Whitney was president and was also president of the American Asbestos Company which owned mining properties at Black Lake, Quebec. [99]

Asbestos Wood does not contain any wood. It is a mixture of 80% short (refuse) asbestos fibers and 20% Magnesium oxide. The two materials bond to produce a material with properties comparable to wood, but which of course does not burn.

Lockport NY1910 43°11′04″N78°41′54″W / 43.18453°N 78.6983°W / 43.18453; -78.6983 [100]

The plant of the United Indurated Fiber Co. was taken over in 1910 and expanded to make asbestos articles in addition to fiber. [101] Burned for 6 hours after overheated oven exploded on May 15, 1914. [102] Was in receivership since Apr 6, 1914 [103] and sold at an auction on June 30, 1914 [104] to the only bidder at reserve price ($300,000). [105] Bought by J-M again in Sep 1914. [106] [107] Struck by 2 lightnings on May 12, 1915 and burned down. [108] City officials agreed to put in place a new 12-inch water main to improve water pressure available to firefighting efforts. [109]

The A. W. Jack Corporation commenced business on Nov 28, 1918. Capitalized at $500,000 it produced asbestos mill board in the plant. The company started an extensive rebuilding program on May 1, 1922, which involved tearing down all existing structure to put new buildings in place on the 8 acre tract. [110]

In 1927 the Republic Asbestos Board Corporation (Archibald W. Jack president) with a capital of $2 million began operations producing 40 million sqft of wallboard a year. [111]

Manville NJ1913 40°32′58″N74°34′53″W / 40.5495°N 74.5814°W / 40.5495; -74.5814 [112]

In 1913 the Manville, New Jersey plant was completed with a floor space of 1,000,000sqft. [113] In 1929 Telex machines were installed in the New York headquarters and in Manville, connected via a private wire. [114]

Waukegan IL1923 42°23′17″N87°49′10″W / 42.38799°N 87.81947°W / 42.38799; -87.81947 [115]

There was a plant in Waukegan under construction in 1921 [116] [117] and in operation until 1998 leaving behind significant contamination. [118]

About $30,000,000 were invested in the plant. There were efforts to officially name the company town of 5,000 employees north of Waukegan Asbestos City. [119] By September 1923 the plant was in full operation. [120]

Gretna LA1925 29°53′24″N90°02′49″W / 29.89°N 90.047°W / 29.89; -90.047

The plant at Gretna, Louisiana commenced operations in 1925, producing roofing and shingles in a 50,000sqft building taken over from the American Cotton Oil Co. [121] [122]

Pittsburg CA 38°01′50″N121°52′44″W / 38.0305°N 121.879°W / 38.0305; -121.879 [123]
Redwood City CA1928 37°29′39″N122°12′52″W / 37.49412°N 122.21438°W / 37.49412; -122.21438 [124]
Lompoc CA1928 34°38′35″N120°27′03″W / 34.64292°N 120.45071°W / 34.64292; -120.45071 [125]

In November 1928, Johns Manville acquired the Celite Products Company of Lompoc, California having a business of $3,300,000 annual sales. This included the properties of the National Magnesia Manufacturing Co. of Redwood City which had been acquired by Celite in April 1928. Both companies were started in 1912. [126] [127] [128] At Lompoc was the largest plant for the processing of Diatomaceous earths ("celite") in the world, tapping a supply in the White Hills. The plant at Redwood City also processed celite and produced magnesia and asbestos products. [129] Johns Manville annouced the acquisition for an undisclosed cash sum on Nov 22, 1928. Having previously been a customer reliant on Celite Co.'s supply, J-M estimated to acquire a business generating $4 million in annual sales going forward. [130]

Location of the Johns Manville Park.

Alexandria IN1929 40°15′46″N85°43′08″W / 40.2628°N 85.719°W / 40.2628; -85.719

On February 1, 1929 the plant(s) of the Banner Rock Products Company were acquired for a reported sum of $1,750,000, adding nearly 400 employees to the Johns-Manville Corporation. [131] [132] The Banner Rock Products Company was formed 1906. Plant No. 1 was on West Washington St., Plant No. 2 was an extension across the street. [133] The company held a few patents. [o]

Oswego NY1935 43°27′17″N76°30′16″W / 43.4546°N 76.5045°W / 43.4546; -76.5045

The plant of the Oswego Board Corporation (incorporated in 1927 [139] as a wholly owned subsidiary of the St. Regis Paper Company [140] ) was taken over with a long term lease. J-M had been the sole selling agent since the plant had opened in 1928. [141] [142] St. Regis Paper Co. produced 500 tons per day of paper in its mills in Deferiet, Black River, Norfolk, Norwood and Raymondville in Upstate New York. The Oswego plant made insulating board from the waste pulp material of these mills. [143] Lease ended before 1957. [144]

Richmond IN1937 39°50′06″N84°54′55″W / 39.83511°N 84.91526°W / 39.83511; -84.91526 [145]

In 1937 the Richmond, Indiana plant of the Fibre Conduit Co. was taken over. [146]

Carson CA1937?1982? 33°49′25″N118°13′50″W / 33.82349°N 118.2305°W / 33.82349; -118.2305 [147]
Jarratt VA19391977 36°49′05″N77°28′53″W / 36.8181°N 77.4813°W / 36.8181; -77.4813 [148]

Construction began around May 1938 on 142 acres of a $1 million plant to employ 300-400 making the same (asbestos-free [149] ) wood fibre based insulation board product manufactured in the Oswego plant. [150] The opening ceremony took place on October 19, 1939. [151]

The plant was sold to Georgia Pacific in 1977 and was ultimately closed on November 1, 2013. [152]

North Billerica MA1939 42°35′00″N71°15′30″W / 42.5833°N 71.2583°W / 42.5833; -71.2583 [153]

Produced Marinite and Marine Sheathing panels used in ship construction and for fireproofing ovens, boilers, etc. in the steel and chemical industries. Homogeneous material made from asbestos fiber and inorganic binders. Factory was the long term lease of a 109,400sqft former car shop of the Boston & Maine Railroad and employed 75-100. [154]

Marinite panels were developed to meet demand created by regulatory pressure enacted in response to the sinking of the Morro Castle in 1934. [155]

New Brunswick NJ1947 40°28′18″N74°26′45″W / 40.4718°N 74.44594°W / 40.4718; -74.44594 [156]

plant of the Goetze Gasket & Packing Co. was taken over in 1947

Natchez MS1948 31°32′13″N91°21′51″W / 31.53705°N 91.36406°W / 31.53705; -91.36406 [157]

Opening ceremony was on June 25, 1948. [158] Part of the 1956 expansion was the company's first hardboard plant, 54,300sqft adjacent to the Natchez insulating board factory. The plant was projected as a 60 million square feet per year operation employing 120 and increasing the annual payroll at Natchez from $1,500,000 to $2 million. [159]

Tilton NH1948 43°27′31″N71°32′40″W / 43.45855°N 71.54457°W / 43.45855; -71.54457

Produced a heat-resistant paper made from asbestos and inorganic clays for electrical insulation, trademarked Quinterra Asbestos Paper. Opened Oct 7, 1948 on 200 acre tract on the Winnipesaukee River, flanked by the Daniel Webster Highway and the Boston & Maine RR. [160] 83 Manville Rd.

Marrero LA 29°54′10″N90°06′50″W / 29.90267°N 90.114°W / 29.90267; -90.114 [161]
Toronto ON 43°46′39″N79°08′29″W / 43.77743°N 79.14141°W / 43.77743; -79.14141 [162]
Fort Worth TX1952 32°45′12″N97°21′01″W / 32.7532°N 97.35022°W / 32.7532; -97.35022

In October 1952 a plant of the American Asphalt Roof Corporation was taken over at 2316 West 5th Street in Fort Worth. [163] The plant was spun-off when the Ruberoid Co. (on Sep 30, 1952 [164] ) acquired American Asphalt Roof Corp (est. 1920 [165] ) and its plants in Salt Lake City, East St. Louis and Forth Worth in exchange for $4 million worth of its own stock. [166]

North Bay, Ontario ON

Insulating board

Savannah GANov 20, 1956 [167]
Stockton CA1957 37°54′07″N121°15′34″W / 37.90183°N 121.25952°W / 37.90183; -121.25952

The pipe mill at 1051 Sperry Road, Stockton opened in 1957. Made asbestos pipe until 1987. [168]

Denison TX1958 33°48′36″N96°32′20″W / 33.81°N 96.539°W / 33.81; -96.539 [169]

On June 20, 1958 the pipe plant at Denison, Texas was formally opened. Ground had been broken Nov 30, 1956 and preliminary production had begun on April 15, 1958. [170]

Waterville OH1959 41°30′N83°44′W / 41.5°N 83.74°W / 41.5; -83.74
Houston TX1959 29°46′N95°24′W / 29.77°N 95.4°W / 29.77; -95.4
Corona CA1959 33°53′N117°34′W / 33.89°N 117.57°W / 33.89; -117.57
Parkersburg WV1959 39°16′N81°34′W / 39.27°N 81.56°W / 39.27; -81.56
Defiance OH1959 41°16′N84°22′W / 41.27°N 84.36°W / 41.27; -84.36

at 3rd and Perry Street. [171]

Klamath Falls OR1959

The insulating board plant at Chiloquin, 22 miles north of Klamath Falls was completed in April 1958, but due to an economic downturn was not put into operation and instead a supply from Natchez was warehoused at the plant for distribution in the Pacific Northwest. Projected employment was 250 with a $1 million annual payroll. Ground had been broken Aug 19, 1956 for the 6 general groups of buildings comprising a total of 337,000sqft of floor space. The cost of the plant and of an initial supply of 450,000 cords of timber was $12 million [172] The plant was characterized as the first to make use of lodgepole pine on a commercial scale. A long term contract for 50,000 cords of lodgepole pine per year from national forests was entered into with the government. The opening ceremony took place on June 30, 1959 [173] making it the 7th J-M plant on the West Coast. [174]

Hayward CA 37°36′32″N122°02′31″W / 37.60879°N 122.04182°W / 37.60879; -122.04182 [175]
Chilicothe OHOct 11, 1960 39°20′24″N82°59′33″W / 39.34°N 82.9925°W / 39.34; -82.9925

produced asphalt and vinyl asbestos floor tile. [176] A 57-acre tract 5 miles north of the town on the Scioto River. Increased tile capacity of the company by almost 50%. [177]

Green Cove Springs FL 29°59′00″N81°40′32″W / 29.9832°N 81.67565°W / 29.9832; -81.67565

Ground was broken Sep 28, 1964 at the intersection of highway 16 and 17. [178]

The research center was built beginning in September 1945. It was across the Raritan River from the huge Manville plant. [179]

The Coalinga Asbestos Company, a joint venture of J-M Corp and the Kern County Land Co operated a mill some 16 miles northwest of Coalinga, California and processed ore mined in surrounding open pit mines from 1962 to 1974. [180] An EPA cleanup ended in 1995 and a cleanup of a related site (shipping facilities) in the town of Coalinga ended in 1993. [181]

Statistics

Profits are after amortization, depreciation, taxes and before preferred dividends. The company issued no long term debt (bonds) at all before 1947 and the numbers reflect income that would have been available for interest. The significant revenue of the Canadian subsidiary is included in $US in the consolidated figures.

Consolidated Earnings
YearRevenueProfit
1906$5,700,000$456,000 [182]
19077,032,165525,000
19085,806,782252,000
19097,577,961343,632
19109,850,387624,119
191111,155,190730,178 [183]
191213,747,749915,193
191316,635,119946,470
191415,238,136275,134
191515,671,151662,498
191622,284,7122,629,221 [184]
191729,881,9792,189,687 [185]
191836,540,0002,869,946
191934,338,9662,582,994
192045,138,1813,703,314
192126,400,909679,473
192230,624,2022,262,528
192338,261,0253,662,009 [26]
192437,627,0842,407,504
192539,201,2633,017,207
192645,042,3274,856,033
...
193049,492,0483,268,123 [186]
193133,481,300583,792
193220,409,206—2,680,873
193321,232,272105,331
193427,300,248749,803 [187]
193534,646,8542,164,858 [188]
193648,922,0114,373,707
193760,173,3925,451,844
193846,890,1481,455,302
193952,047,7204,127,691 [189]
194061,761,236 [p] 5,882,071
194192,852,483 [p] 5,967,145
1942108,021,383 [p] 5,570,192 [53]
1943107,418,305 [p] 4,655,280
1944101,211,499 [p] 5,476,213 [54]
194585,993,6765,096,462 [61]
[64]
194692,049,0445,836,613
1947133,885,4129,486,633 [190]
[58]
1948173,458,03315,440,475
1949162,580,78214,368,926
1950203,272,94522,814,491
...
1959377,562,00031,616,000 [191]
1960365,175,00026,508,000
...
1973915,506,00055,784,000 [192] : 22 
19741,117,867,00071,883,000
19751,117,017,00038,413,000
19761,321,159,00053,417,000
19771,478,906,000102,627,000

WW2 Deferred Expenditure Account on Dec 31 [193] [61] [54] [53]
1948194719461945194419431942
Cash$802$482$388,606$1,252
US tax notes series C02,720,6258,353,24612,258,400
Treasury bonds incl. interest2,752,8208,823,56915,402,98916,743,034
Excess Profit Tax refunds649,549843,635845,0431,751,781
Federal Tax refund carryback2,871,2992,871,2992,814,1491,200,000
Total6,274,47015,259,61027,804,03331,954,46714,022,44911,493,6701,188,237
during year
Deposits3,324,1322,647,420
Withdrawals7,486,04918,591

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  1. ↑
    • US 76,773 (Apr 14, 1868): Improved Compound for Roofing and Other Purposes [7]
    • ...
  2. ↑
    • US 334,959 (Jan 26, 1886): Steam Boiler and Pipe Covering [10]
    • US 378,372 (Feb 21, 1888): Boiler Covering [11]
    • US 393,441 (Nov 27, 1888): Cold Surface Covering [12]
    • US 465,701 (Dec 22, 1891): Pipe Covering [13]
    • US 527,867 (Oct 23, 1894): Pipe Covering and Process of Manufacturing Same [14]
  3. ↑
    • Chalmers Spence Company, New York
    • Asbestos Packing Company, Boston
    • W. Trainer & Company, Boston
    • Shields & Brown Company, Chicago
  4. ↑
    • Scientific American (1878): [17]
    • American Architect and Building News (1878): [18]
    • Frank Leslie's Illustrated Newspaper (1878): [19]
    • Harper's Weekly (1878): [20]
    • Oil, Paint And Drug Reporter (1878): [21]
    • ...
  5. ↑ The H.W. Johns-Manville Company was incorporated in the state of New York on December 13 or 16, 1901 with a capital of $500,000 7% preferred and $2,500,000 common stock. The merger became effective on January 1, 1902. [24] The preferred stock was issued for cash while the common stock was exchanged for the properties valued at $2,604,133.47. In April 1913, authorized capital was increased to $5,000,000 preferred and $5,000,000 common and $2,000,000 preferred were issued, [25] but no new common was issued. The preferred was then reduced over time with the last shares called on January 1, 1923. At the same time, the 25,000 shares of common stock outstanding were exchanged 8-for-1 for 200,000 shares of the new no-par stock and 50,000 new shares made available for subscription by employees, all 50,000 were sold. [26]
  6. ↑ Incorporated in the state of New York on December 28, 1926. The 250,000 shares of the old company were exchanged for 750,000 shares of the new company (3-for-1) and additionally for 75,000 shares of par $100 7% preferred stock (3-for-10). Actually transferred were the properties. The new company was not a holding company (and the old company was presumably dissolved). [26]
  7. ↑ 1925 [32] : 143+1⁄2 (Nov) 185 (Aug); 1926 [33] : 130 (Mar) 220 (Dec)
  8. ↑ 1928 [35] 1929 [36]
  9. ↑ Pro rata warrants for 2 new shares for each 15 held, given to existing stockholders, briefly traded on the NYSE in 1937. Feb: 4+3⁄8—5+1⁄16, Mar: 4+5⁄16—6+1⁄8; J-M shares were traded at: Jan: 143—155 Feb: 134+1⁄8—150 Mar: 134—148+1⁄2 [50] In other words, shareholders who chose not to invest were compensated for the dilution at a loss for the corporation, which sold below market value.
  10. ↑ Shareholders were given the right to subscribe to 1 share of the par $100 preferred for each 5 common shares held. Before Aug 1, 1955 one share plus $15 in cash could be converted to 1 common share. The new stock was redeemable at 105, the redemption premium decreasing each year to a final 102 after Aug 1, 1948. Authorized capital was increased from 1,000,000 to 1,500,000 common shares with no intention to sell new common stock in the near future. [55] The offer expired Aug 4, 1945. Morgan Stanley took up the remainder of 6,833 shares. [56]
  11. ↑ Only a year later, 167,406 were outstanding and a block of 85,000 shares was called for redemption on Aug 20, 1946. It was company policy to only have common stock outstanding. [57] The remainder of the preferred stock (ca. 65,500 shares [58] ) was called for redemption on March 6, 1950 at $102. Eager to conserve its cash, an arrangement was made with Morgan Stanley, who offered $102.5 and were given a discount for conversion, which nominally required payment of $15 in cash for each preferred share converted. [59]
  12. ↑
    • new insulating board plant at North Bay, Ontario
    • new insulating board plant at Klamath Falls, Oregon
    • hardboard plant extension at Natchez, Ms.
    • floor tile plant extension at Marrero, La.
    • extension of plant in Chicago
    • Denison pipe mill
    • Stockton pipe mill
    • roofing plant at Savannah, Ga. [69]
  13. ↑ 2,281,404 of 2,710,193 shares (84.2%; including the 50% held by the Libbey-Owens-Ford Glass Co.) voted to sell all assets and business to the new Johns-Manville Fiber Glass Inc wholly owned Manville subsidiary, in exchange for 1,093,803 J-M shares (1-for-2.5). [71] J-M common in Dec 1958 traded between 48 and 52+5⁄8, making this a $55 million dollar transaction. [72]
  14. ↑
    • US847,293 Refractory Material and Process for Producing It (March 12, 1907). [93]
    • US865,606 Insulating Material and Method of Producing the Same (Sep 10, 1907): [94]
  15. ↑
    • US884,456 (Apr 14, 1908) Insulating Compound [134]
    • US1,387,391 (Aug 9, 1921) Yielding Mat Construction [135]
    • US1,611,907 (Dec 28, 1926) Insulating Structure [136]
    • US1,670,378 (May 22, 1928) Heat-Resisting Metal Structure [137]
    • US1,824,430 (Sep 22, 1931) Apparatus and Process of Treating Mineral Wool [138]
  16. 1 2 3 4 5 After WW2 excess profit taxes
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