NYSA TI Single-Page 1
Annual Report
Abstract
Vice President, Research and Development Chandler H.
Fields
- Named Organization
- Bank of New York (Sells ADRs for BAT)
- City Bank
- General Counsel
- National City Corp.
- Philip Morris & Co. Ltd. (Cigarette manufacturer, incorporated in U.S. in 1902)Philip Morris & Co. Ltd.., was incorporated in New York in April of 1902; half the shares were held by the parent company in London, and the balance by its U.S. distributor and his American associate. Its overall sales in 1903, its first full year of U.S. operation, were a modest seven million cigarettes. Among the brand offered, besides Philip Morris, were Blues, Cambridge, Derby, and a ladies favorite name for the London street where the home companies factory was located - Marlborough.
- Philip Morris Companies Inc. (Parent company of Philip Morris USA, Kraft, Miller)America's seventh-largest industrial enterprise in 1993, owns Kraft, Miller Brewing, General Foods, and more.
- Philip Morris Incorporated (Philip Morris U.S.A.) (a wholly-owned subsidiary of Philip Morris Co., Inc.)A wholly-owned subsidiary of Philip Morris Co., Inc.
- Saturday Evening Post
- *Scientific Advisory Board (SAB) (Only use SAB with name of specific org.)
- Sports Illustrated
- Tobacco Industry Research Committee (TIRC) (Renamed Council for Tobacco Research-USA (CTR))Organized in 1954 as the Tobacco Industry Research Committee (TIRC), and renamed the Council for Tobacco Research-USA (CTR) in 1964.
- Tobacco Institute (Industry Trade Association)The purpose of the Institute was to defeat legislation unfavorable to the industry, put a positive spin on the tobacco industry, bolster the industry's credibility with legislators and the public, and help maintain the controversy over "the primary issue" (the health issue).
- Named Person
- Blum, Henry R.
- Britton, Andrew C (PM Manufacturing VP 1957-64, Board of Directors 1970-74)A.C. Britton was the Vice President of Manufacturing for Philip Morris, Inc. from 1957 to 1964. He was Vice President of Corporate Tobacco Manufacturing from 1965 to 1974 and on the Board of Directors from 1970 to 1974. (Source: Philip Morris Summary - PMI Liability Notebook) Britton was also PMI Vice President of Tobacco & Gum and a PMI Vice President from 1970 to 1973. (N.M. Tobacco Companies Personnel List)
- Browns, Cleveland
- Collyer, Bud
- *Conboy, Hewitt, O'Brien & Boardman (use Named Org. Conboy, Hewitt O'Brien and BDefense
- Cookman, John E.
- Craig, Cornelia
- Cullman, Howard S. "Hugh" (PM Inc., President 1957-67, CEO '67-78)Howard "Hugh" Cullman was the brother of Joseph Cullman Jr. He was president of Philip Morris, Inc. from 1957-67, Chairman of Board and CEO of PM 1967-78, Chairman of Executive Committee of the Board 1978.
- DuPuis, Robert Newell, Ph.D. (VP Research, PM)Vice President of Research for Philip Morris, Inc. from 1955 to 1956. He was Vice President of Research and Development from 1957 to 1959 and on the Board of Directors from 1957 to 1963.
- Edwards, Douglas (Newscaster sponsored by Pall Mall)
- Ewens, Roland N.
- Greene, Roger M.
- Hampson, John A.
- Henn, George J.
- Jones, Ray (Vice Pres. of PM, 1953-57, VP Sales '58-64)Ray Jones was a Vice President for Philip Morris, Inc. from 1953 to 1957 and Vice President of Sales from 1958 to 1964. Then he became Vice President of Corporate Sales Planning in 1965 and was on the Board of Directors from 1965 to 1974. (Source: Philip Morris Summary - PMI Liability Notebook) MR. Jones was a Office Manager for Philip Morris. (PMI's Introduction to Privilege Log and Glossary of Names, Estate of Burl Butler v. PMI, et al, April 19, 1996)
- Kibbee, Chandler H. (PM Finance Exec. VP 1960-73)Defense
- Lyon, Alfred E.
- Mason, Perry (Fictional TV Lawyer played by Andy Griffith)
- Millhiser, Ross R (TI Executive Committee, PM Pres, 1968)Ross Millhiser was Vice President of Philip Morris in 1952, VP and Director of Marketing at PM 1961-62, President of PM USA in 1970-72, President of PM Inc. in 1977, Chair of the Tobacco Institute Executive Committee and Vice Chairman of PM Inc. in 1979, Chairman of the Board of PM in 1980. The above information is gleaned from correspondence found within the Philip Morris collection of documents. The assumption is made that Millhiser worked at Philip Morris the entire time between 1952-1994, based on his correspondence during those dates, however nothing has been found in the documents verifying his positions at PM during the gaps in time noted above. President of Philip Morris in 1968 Millheiser was with Philip Morris in 1983 in New York. Knew that profitability of PM derived from addictive nature of nicotine. Why risk multi-billion dollar business for your rats, Victor.
- Riddell, H.E.Defense
- Rockey, K.H.Defense
- Roper, Robert P, Jr. (PM Marketing VP 1993)1993 Held this position from June 7, 1993 to October 31, 1993, when he resigned.
- Shulman, Max
- *Smith, Paul D. (use Smith, Paul Davis) (Dir., VP and Assoc. Gen. Counsel for PMI, 1966)Paul Smith, who is retired, was Director, Vice President and Associate General Counsel for PMI in 1966. He served on the Committee of Counsel. (Source: NM Tobacco Companies Personnel List)
- Wagner, Pauline
- Weissman, George (PM Chairman & CEO '79-84)Vice President of Philip Morris from 1954 to 1956. Vice President and Assistant to the President in 1957. Vice President of Marketing from 1958-59. Executive Vice President of Marketing in 1960. Exec. VP Overseas in 1961, Exec. VP PM International 1962-66. President from 1967 to 1972. President and Chief Operating Officer in 1973. Vice Chairman from 1974-78. Chair and CEO from '79-84 and on the Board of Directors from 1959-84.
- Date Loaded
- 16 Mar 2005
- Box
- 5188
Document Images
ANNUAL REPORT
1_958
t
BKingeSlz~
enson
Benson &Hedges
PHILIP I~IORRI S
Year ende~ 1)ece~ber 81,1958
Tl54232540
Joseph F. Cullman, 3rd
President and Chief E~ecutive
Howard S. Cullman
President, Cullman Bros., Inc.
Dr. Je.~s H. Davis
Presell Stevens l~tltute o/Tech~logy
Dr. Rob~ N. DuFuis
Vice Preston,, Research a~ De~el~n~
Rol~d N. Ewe~
Ch~g~n of ~he Board, MilprinL I~.
L. G. H~son
Re~ired
Wirt H. Hatcher
~ior V~ce Pres~en~
Chandler H. ~bbee
Vice Presider, Tre~urer a~ 8ecret~ry
H. E. Riddell
Wiekes, R~de~, Bloomer, Jacobi & MoGuire,
Atto~e~s~t-L~w
K. H. Rockey
New York, Nsw York
Robert P. Roper
Vice President, ~erations ~ Subsidiaries
Ar~ur Snapper
Presider, M~p~n~, In~.
George Weiae~n
Vice Pres~, Director of Marketing
J. H~e Wi~inson,
PresM~t, 3~ge PMn~ers B~nk of C~merce
~ T~sts, Ricking, Virgini¢
DIRECTOR EMERITUS
Alfred E. Lyon, Honorary Chairman
Joseph F. Cullman, 3rd
President and Chief Eze~utive 01~cer
Wirt H. Hatcher
Senior Vice President
John E. Cookman
Vice Preside:n. t, Diversification
Dr. Robert N. DuPuis
Vice President, Research and Development
Chandler H. Kibbee
Vice President, Treasurer and Secretary
Robert P. Roper
Vice President, Operations and Subsidiaries
Paul D. Smith
Vice President and General Counsel
George Weissman
Vice President, Director of Marketing
Andrew C. Britton
Vice President, Manufacturing
Roger M. Greene
Vice President, Advertising
George J. Henn
Vice President, Distribution and Customer Service
Ray Jones
Vice President, Sales
Ross R. Millhiser
Vice President, Assistant Director of Marketing
Henry R. Blum, Controller
Hugh Cullman, Assistant Treasurer
John A. Hampson, Assistant Treasurer
Cornelia Craig, Assistant Secretary
Pauline Wagner, Asslsfant Secretary
EXECUTIVE OFFICES: 100 Park A~e., New York 17, New York
TRANSFER AGENTS: Guaranty Trust Co. of N.Y., 1~0 Broadway, New York
REGISTRARS: The First National City Bank of New York, 55 Wall Street, New York
Hew York Trust Company, 100 Broadway, New York
COUNSEL: Conboy, Hewitt, O~Brien & Boardman, 89 Broadway, New York
AUDITORS: Lybrand, Ross Bros. & Montgomery, 90 Broad Street, New York
T154232541
CONTENTS
H~ghlTghts 1
Pras~ent's Message 2-3
Leaf 4
Marketin~ 4
Research 5
Operations 6
Diversification 6
Subsidiaries 7
Audited Flnanclal Statements 8-13
Five-Year Summary 14
Philip Morris Overseas 15
Corporata Citizenship 16
Executive Personnel 16
Sales
"'°""°""19 58
Income Before Federal and State Taxes
Federal and State Taxes on Income
• Net Income
Earnings per Common Share
Common Stock Dividends Paid
Earnings Retained for Future Operation and Risk
$440,833,708
37,076,913
19,987,000
17,089,913
4.90
9,821,809
6,231,279
Current Assets 257,305,436
Current Liabilities 115,578,686
Working Capital 141,726,750
1957
$408,813,852
32,721,339
16,961,900
15,759,439
4.50
9,410,548
4,896,759
249,792,702
108.557.412
141,235,290
T154232542
1958 ANNUAL REPORT
For the year ended December 31, 1958, con-
solidated net sales were $440,8"33,708, an in-
crease of 7.8% over net sales of $408,813,852
for the previouh year. Consolidated net income
was $17,089,91-3, compared to $15,759,439 in
1957, an increaseof 8.4%. Earnings in 1958
equalled $4.90 per share of common stock,
after provision for dividends on the preferred
stock, compared to $4.50 per share in 1957.
Your Directors declared the regular quar-
terly dividends of 75 cents each quarter of the
year on common stock of the Company, mak-
ing this the 81st year of consecutive dividend
payments and the 9th consecutive year in
which the Company has paid $3.00 per annum
on its common stock.
Consolidated net sales in 1958 represent an
all-time high for the Company and unit sales
of cigarettes were also the largest for any
calendar year ia our history. Marlboro con-
tinued its sales growth and strengthened its
position as one of America's leading filter
brands. Parliament was introduced nationally
early in 1958 as America's only popular-priced
high-filtration cigarette with the unique re-
cessed filter. Parliament sales increased dra-
matically and consistently throughout the
year. Although the Philip Morris brand con-
tinued to decline in 1958, toward the end of
the year the decline slowed measurably. Our
Benson & Hedges brand continued to be the
leading premium price, premium quality
brand in America.
Shipments of our cigarettes overseas con-
tinued to improve and contributed impor-
tantly to our total sales volume.
Smoking tobaccos showed encouraging in-
creases in sales, especially our Bond Street
and Revelation brands which are now na-
tionally distributed in new flexible pouches.
Milprin~, Inc., ottr flexible packaging sub-
sidiary, felt the national business inventory
liquidation which took place earlier in 1958,
but recovered all of its lost volume by the end
of the year. Although its profits were affected
adversely by competitive conditions, never-
theless, Milprint made a good contribution
to consolidated net income, due in good meas-
ure to the continued profitable operation of
its subsidiary, Nicolet Paper Corporation.
As the new year begins, the cigarette indus-
try is again facing the possibility that even
higher taxes will be collected from cigarette
smokers at our many retail outlets. In addition
to the extension in 1958 of the Federal Excise
Tax of 8 cents per pack, originally raised to
that level in 1950 as a wartime emergency in-
crease, we find ourselves facing possible in-
creased taxes at the state and city level. The
consumer is paying more for excise and state
taxes than he is for the cigarettes themselves
when you consider that state taxes range up
T!54232543
to 8 cents and average about 5 cents per pack
in addition to the Federal Excise Tax of 8
cents. We consider this to be an undue burden
on our industry and on our smokers.
We have continued to join with other seg-
ments of the tobacco industry in support of
the Tobacco Industry Research Committee.
The Scientific Advisory Board of the T.I.R.C.
authorizes grants to various research activi-
ties to investigate all aspects of tobacco use
and makes available to medical, scientific and
public circles the information resulting from
this research. Total grants for this work have
now reached approximately $2.5 million.
We also have joined with other tobacco
companies in establishing The Tobacco Insti-
tute, Inc. of Washington, D. C. The Tobacco
Institute's purpose is to establish a better
understanding of the tobacco industry gener-
ally, and to inform people of the great impor-
tance of our industry to the economy of our
country.
Cigarette consumption had a record year
again in 1958, with an indicated increase of
approximately 4.5%, the largest in many
years. This is the fourth consecutive year that
national cigarette consumption has increased.
The increased use of cigarettes, both in the
United States and elsewhere in the world, for-
tifies our confidence that cigarettes will con-
tinue to be an ever-increasing source of pleas-
ure and satisfaction to people every~:here.
The growing acceptance of cigarettes
among all segments.of the enlarged population
has resulted, too, in a wide~, interest on the
part of both institutional and individual inves-
tors in tobacco company common stocks. In
addition to its reputation for stability of sales,
earnings and continuity of dividends, the in-
dustry is demonstrating its ability to show
impressive sales and earnings growth.
As an illustration of sustained progress of
one cigarette company through good and bad
times, your attention is called to page 14 of
this report, showing the five-year progress in
sales and earnings that Philip Morris has
accomplished.
1958 was a year of significant progress for
Philip Morris Incorporated, In addition to
record sales and our fifth consecutive year of
improved earnings, we gained valuable expe-
rience in diversified operations. The dedica-
tion and competence of our vigorous manage-
ment team is an intangible asset of great im-
portance. My thanks go to all Philip Morris
and subsidiary company employees all over
the world for their devotion and loyalty. We
vimv the future with confidence.
T154232544
LEAF"
Favorable growing conditions pro-
duced a Bright tobacco crop supe-
rior in quality to the previous year's
leaf. Production in 1958 was some
100,000,000 pounds greater than
1957, but due chiefly to higher gov-
ernment support prices, the cost
averaged higher per pound.
Appreciable amounts of aged to-
baccos were offered by leaf dealers
prior to the opening of the auction
markets and your Company was
able to buy a considerable quantity
at prices lower than comparable
grades of the 1958 crop. As in the
year before, the Company was able
to be very selective in the grades of
tobacco purchased.
A somewhat smaller crop, com-
bined with increased government
support prices, resulted in a sub-
stantial increase in the market
price per pound for the 1958 Bur-
Icy crop. This Burley, grown with
a fu|l supply of rain, was a mild
type of tobacco well suited for
cigarettes.
Foreign leaf crops were good in
1958 and costs should not exceed
those for the previous year.
In general, higher prices paid
for tobacco continue to increase
the cost of cigarettes, but our
tobacco ~'Will allow the Com-
pany ~0 ~ ~l~lpetition in any
fi~l I1~ ~l~l ~rbduce mild, flavor-
fat ~1~.
4
MARKETING
A number of important marketing
moves in 1958 contributed to rec-
ord cigarette unit and dollar sales
and also improved your Com-
pany's share of the total cigarette
industry business.
... Popular-priced, high-filtration
Parliament, with the unique re-
cessed filter, was introduced in a
flip-top box.
... i~Iarlboro was introduced in a
soft package.
... Parliament was introduced in
a soft package.
... Johnny once again sounded his
famous "Call For Philip Morris."
.,. Pipe tobacco brands were re-
packaged in flexible pouches.
In January, the Company intro-
duced Parliament as a popular-
priced cigarette in the high-
filtration field. Superior filtration,
confirmed by independent sources
and the Company's research labo-
ratories, and a unique recessed
filter that prevents direct transfer
of smoke solids to lips or mouth,
combined to distinguish this brand.
Parliament sales volume more than
tripled in less than a full year of
national distribution.
l~Iarlboro, famous as the brand
that pioneered the flip-top box,
was also introduced in a soft pack-
age to accommodate those smokers
who like the cigarette but prefer
that package style. In addition,
l~larlboro was re-engineered to pro-
vide improved filtration without dis-
turbing the famous 5Iarlboro flavor.
Parliament, too, was offered in
a soft pack, again for those con-
sumers who prefer it to the flip-
top box.
New emphasis was placed on
the Philip Morris brand during
the latter half of the year and
Johnny's well-known "Call For
Philip l~Iorris" again became part
of the brand's radio and television
advertising.
Revelation and Bond Street to-
baccos, re-packaged in flexible
pouches produced for Philip Morris
by Milprint, Inc., showed encour-
aging sales growth.
Benson & Hedges, incorporating
an improved filter system, con-
tinued to be the largest selling
brand in the premium price, pre-
mium quality field.
Mftrlboro'.~ .~p,,'t.r id~':~tlt!l hd the C, mpa,!t It., si~t~, ~,,r ~',',," };,rk (;ht:~t.~
pr,,I'e.,M, ral
football pb~y,.,.~ to .~ell th~ C,,,~,pa~g'.~ britain. ,b,'i,g the "'o~ ~, ,L~,,,." A b,,,','. Jim
Pqtto~z,
Del:,~H, Mi~M.~;Iq,;. ~cit], J.R. O'Co,~,t,r.N,~ti,,,,d S,tb'.~ $[,t~:,r~l,'r. O~l., r.~ ~;~:,,, ,I
were Li~z-
don Cro~e. Los A~gcles; Don Cl.~dler, T~d~; a~.l ~'am H~(~F, F~rm~tyto~b II~'st ~'irgini~
T154232545
Better makin's"
The most
important ~A inch
in smoking tod~y
H÷'d!l~.,~ and Philip
helped tell our product stories to
consumers everywhere, l~lajor mag-
azines, such as Life, Look, Satur-
day Evening Post, TV Guide, New
Yorker, Time, Sports Illustrated.
and the Saturday Review, carried
heavy schedules of our product
advertisements.
Max Shulman, the noted humor-
ist, wrote a special weekly column
for us which appeared in more than
200 college newspapers, as well as
in the Saturday Review.
This advertising effort was
closely coordinated with the Com-
pany's sales force and with dis-
tributors, to whom great credit is
given for securing national dis-
tribution in turn on the popular-
priced Parliament, the soft-pack
~Iarlboro, and the soft-pack Par-
liament.
The cigarette industry spent only
2~,~% of the retail sales value of
the product on advertising, a fig-
ure much lower than many con-
sumer industries.
Cigarette advertising has re-
sulted in one of the most economi-
cal forms of distribution for any
product in this country. On sale
in more than 1,500,000 outlets,
cigarettes have wider availability
than any other product in Ameri-
can life. The creation of demand
by advertising, coupled with the
efficiency of our distributors, com-
bine to produce broad economical
distribution and to maintain a low
cost of cigarettes to the consumer.
Maintaining full distribution and
availability of our products has be-
come a problem because of the
growing number of brands, sizes
and styles. However, farseeing to-
bacco merchants, who appreciate
the wisdom of the industry's policy
of giving consumers the products
they want in the styles and pack-
ings they choose, have merchan-
dised the variety and depth of their
stock and participated profitably
in the growth of the industry.
RESEARCH
Your Company's research program
was expanded again during 1958
and results contributed materially
to new and improved products.
Philip l~Iorris scientists and tech-
nicians conducted comprehensive
analyses of tobacco and tobacco
Also during the year, test-mar-
keting began in the Northwest on
a new product, a possible entry in
the mentholated market which has
grown substantially during the
past year.
The strongest advertising and
merchandising programs in Com-
pany history supported our prod-
ucts during 1958. Outstanding in
our television programming was
sponsorship of the National Pro-
fessional Football League games
all over the country, including the
dramatic Cleveland Browns-New
York Giants playoff and the Giants-
Baltimore Colts Championship
game. The latter event, with its
"sudden-death" playoff, was an all-
time television highlight, and
reached an audience of some 50
million viewers.
Saturday night's "Perry Mason"
show, over 180 CBS-TV stations,
carried Parliament commercial
messages. On Tuesday nights,
*'Douglas Edwards and the News"
and Bud Collyer's "To Tell The
Truth" television shows delivered
millions of i~Iarlboro, Philip Morris
and Parliament advertisements.
Your Company's cigarette brands
also sponsored on television "Sea
Hunt," "3Iickey Spillane," news-
casts, movies, sports and special
events on a regional basis.
Daily newspapers, Sunday maga-
zines, radio and outdoor billboards
T!54232546
smoke, and extensive chemical
and physical research on tobacco.
Contributions by the Research
Department to flavor techniques,
cost reductions and by-product uti-
lization were important. Manufac-
turing, purchasing and marketing
activities had the advantage of in-
creased technical assistance, and
products benefited significantly
from the accumulated knowledge,
experience and application of the
Research Department.
During the year, construction
began on the new ~IcComas Re-
search Center, and the buildings
are expected to be ready for occu-
pancy by June, 1959. They will pro-
vide an attractive and efficient
work place for the Department's
approximately 120 members and
for the expanded staff projected fox"
the future.
The coordination of the research
efforts of Milprint and Polymer
subsidiaries with those of the par-
ent company has been carried on
and expanded. A corporate explor-
atory research program has been
drafted and will be initiated in
1959 to take advantage of the
many areas of mutual technical
interest and value. This central
research effort will provide mul-
tiple benefits to the three seg-
merits of the business and will
avoid duplication of research effort.
OPERATIONS
The Company's program of basic
engineering and machine develop-
ment continued in 1958 and helped
hold operating costs at a satisfac-
tory level despite higher leaf and
material prices, increased labor
rates and the rising cost of main-
taining employee benefits.
Problems presented in develop-
ing and producing Parliament,
with its high filtration and re-
cessed filter, were solved imagina-
tively by the Company's technical
and operating personnel.
,4, great deal of the knowledge
gained in the concentrated devel-
opment of the popular-priced Par-
liament ~ particularly in tobacco,
filtration, flavor and paper technol-
ogy-was later translated into
improvements in other of the Com-
pany's brands. Most significant,
Marlboro was completely re-engi-
neered to improve filtration with-
out disturbing the cigarette's
famous flavor.
TechnologicaI improvements in
the manufacture of cigarettes in-
clude processes for fashioning to-
bacco in sheet form to permit
fuller leaf utilization and more
exact control of product consist-
ency. A majority of major ciga-
rette producers, including Philip
~Iorris Inc., are using this sheet
form. The Company's Operations
Department has kept abreast of
the industry in this area of to-
bacco technology.
A 100,000 square foot factory-
warehouse was completed during
the year on a 67-acre tract on the
outskirts of Richmond, Virginia.
The Operations Department con-
tinues to work closely with the Mar-
keting, Leaf, and Research and
Development Departments in antic-
ipating and meeting the smoking
public's demand for even better to-
bacco products and new packaging.
DIVI[RSIFICATION
In the year's only acquisition,
Philip Morris Inc. purchased for
cash Polymer Industries, Inc., of
Springdale, Connecticut, a small
chemical and textile adhesives com-
pany with excellent promise.
Diversification received con-
siderable attention during 1958.
Search efforts were directed to-
ward well-managed companies with
above-average growth potential
which were large enough to be-
come direct subsidiaries and which
had, as well, a degree of relation-
ship to some phase of Philip
Morris' activities.
The search was also continued
for smaller companies which would
broaden or strengthen the opera-
tions of our present subsidiaries.
It is management's conviction
that a sound program of diversifi-
cation will benefit the operations
and earnings of Philip Morris Inc.
in the years ahead.
TI54232547
SUBSIDIARIES
Milprint, Inc.
5Iilprint, Inc., a leader in the flex-
ible packaging industry, expanded
its facilities and consolidated its
plant operations in 1958.
The first practical polyethylene
bread wrap--"Ever-Fresh"--was
developed by 5Iilprint and sold to
bakeries across the country. Spe-
cial packages were produced for
the meat and cheese industries.
and a number of others.
To strengthen its lead in flex-
ible packaging, 5Iilprint expanded
its physical plant, enlarged its re-
search and development laborator-
ies, and made additional improve-
ments to its package design studios
in Milwaukee. A Milprint subsid-
iary--Nicolet Paper Corporation
--announced plans to expand its
glassine facilities at De Pete, Wis-
consin. Demand for this packaging
material has gone ahead steadily.
i~Iilprint Overseas Corporation,
S. A., made plans to open its first
European branch office, in Zurich,
Switzerland.
The development during the year
of new and improved packages,
the discover.v of new uses for
packaging materials, the econo-
mies effected by Milprint in a
year of intense competition, and
the fundamental need for pack-
aging in the nation's expanding
economy, all point toward even
greater progress by Milprint in
the years ahead.
Competition sharpened by cus-
tomer inventory liquidation had a
tendency to curtail profits. Never-
theless, l~Iilprint, Inc.'s contribu-
tion to Philip Morris profits was
substantial.
During 1958, l~Iilprint co-founder
William tteller, Sr. was elected Hon-
orary Chairman. Roland N. Ewens,
The l'hillp Morris Bo~rd of D;~'vet.r.~ I*'chl'it.~ .Imp,"
Milwaukee. Here, on o pb~nt in.Slwctlott tmo" of the ?lexihl,, im,.k,tai,,~l
facilitle~, Rol.nd N. Ewen~. left. Ch,drm,~n o/Milprivt. M,,~v.s r~,~nlt. ,ff mode.rn
7mc#¢t~livy tecbniqm..~ I. Jo.~,.pb F. C~Hlm~v. Jr, l, r[!l],f [.,r~'!lr, m.,1. l' ~',.~hlent of
PIHIip M.m'i.~. .rot IVirl H. H~Hchvc. .~'~ ah,~" Uicr
formerly President, was named
Chairman. and Arthur Snapper,
previously Executive Vice Presi-
dent, became President of Milprint.
Polymer Industries, Inc.
Polymer Industries, Inc., acquired
in May, 1958, is a specialty chemi-
cal firm serving two major in-
dustrial markets: packaging
adhesives, and textile processing
and finishing chemicals. Polymer
maintains plants in Springdale,
Connecticut, and Greenville, South
Carolina, with principal offices
and development laboratory in
Springdale and a textile sales of-
fice and service laboratory in
Greenville.
Polyrner's sales were up in 1958
over the previous year, an increase
attributed chiefly to foil packaging
adhesives, a field in which the com-
pany has established a leading posi-
tion. Polymer's textile chemical
sales advanced over 1957 in the
face of depressed conditions in the
textile industry.
In December, Polymer completed
extensive field testing of adhesive
coatings developed for structural
laminating. These coatings have
shown great promise and Polymer
plans to start marketing some of
them in 1959.
Plans have been completed to
improve and enlarge Polymer's
Springdale facility. Added ware:
house capacity and new tank stor-
age are expected to lower produc-
tion costs appreciably, while the
projected laboratory expansion will
accelerate Polymer's new products
development program. All construc-
tion is scheduled for completion
during the latter part of 1959.
T!54232548
