Throughout the bankruptcy, USG common stock continued to trade on the New York Stock Exchange. William C. Foote, the company's CEO for almost 20 years, retired in 2010, and 30-year USG veteran James S. Metcalf was elected Chairman, President and CEO. USG Boral is a 50/50 joint venture and its sales are not consolidated. The upgrade is based on continued improvement in USG's capital structure and financial flexibility resulting from strong operating performance and a successful debt reduction program. The new building is occupied 65% by USG and 10% by Humana Inc. As an incentive for USG to remain in the downtown Chicago area, the city of Chicago created a redevelopment agreement that contributed $6.5 million to the construction of the new building. products manufactured by the subsidiaries of usg corporation. To help pay for all the new debt, USG sold off: and instituted large workforce reductions. 1. The building was designed by Adrian D. Smith, FAIA, RIBA Design Partner at Skidmore, Owings & Merrill and constructed by Morse Diesel within its $110 million construction budget. The following morning, the jury returned guilty verdicts against each of the defendants. The company returned to profitability in the first quarter of 2013, posting net earnings of $2 million, followed by $26 million in net income in the second quarter of 2013. USG Corporation, also known as United States Gypsum Corporation, is an American company which manufactures construction materials, most notably drywall and joint compound. as project developer, authorization for execution of redevelopment agreement and agreement and issuance of tax increment allocation revenue note for the property at 550 West Adams Street", "US Geological Survey Bulletin 1711: Mineral Resources of the Fish Creek Mountains Wilderness Study Area, Imperial County, California", "SP Bulletin 1964 — They call it Plaster City", United States District Court for the Northern District of Illinois, "USG Accused in Lawsuit of Fixing Drywall Prices", "USG CORP, Form 8-K, Current Report, Filing Date Jun 21, 2006", Companies in the Chicago metropolitan area, https://en.wikipedia.org/w/index.php?title=USG_Corporation&oldid=998564262, Building materials companies of the United States, Industrial railroads in the United States, Manufacturing companies established in 1901, Companies formerly listed on the New York Stock Exchange, Companies that filed for Chapter 11 bankruptcy in 1993, Companies that filed for Chapter 11 bankruptcy in 2001, American subsidiaries of foreign companies, Creative Commons Attribution-ShareAlike License, Sheetrock Brand All Purpose Joint Compound, The trial judge's instruction to the jury was improper, as it emphasized a presumption of wrongful intent, rather than concentrating on verifying the defendant's state of mind through evidence and inferences drawn therefrom. United States Gypsum Company (“U.S. On January 1, 1985, a holding company, USG Corporation (USG), was created, and US Gypsum became the largest of the holding company's nine operating subsidiaries. The USG Foundation Board of Trustees create disregarded limited liability corporation (LLC) subsidiaries with the USG Foundation as the sole member to house these projects. The gypsum is mined from a quarry located 20 miles (32 km) to the north, in the Fish Creek Mountains of Imperial County. these materials may be printed and/or transferred In October 1987, Texas oilman Cyril Wagner, Jr. and Jack E. Brown, through Desert Partners, LP, attempted a hostile takeover of USG, buying 9.84% of USG's outstanding stock. USG once again declared bankruptcy on June 25, 2001 under Chapter 11 to manage the growing asbestos litigation costs. Brian J. Cook is executive vice president and chief administrative officer of USG Corporation, a manufacturer and distributor of high-performance building systems through its subsidiaries, United States Gypsum Company, USG Interiors, Inc., and USG International. In the mid- to late-1990s, the company invested in a significant expansion of its manufacturing network, adding new high-speed wallboard manufacturing operations in Rainier, OR, Bridgeport, AL, and Aliquippa, PA. Other existing operations were substantially rebuilt or modernized, including the wallboard manufacturing plant in East Chicago, Indiana. as of CY 2017. The company is the largest distributor of wallboard in the United States and the largest manufacturer of gypsum products in North America. USG Corporation does not manufacture goods using slavery or other human trafficking. [24] Under the agreement, USG would create a trust to pay asbestos personal injury claims. The company was founded in 1902 and is headquartered in Chicago, Illinois. 2. [21] As a result, USG (together with National Gypsum Company and Kaiser Gypsum Company) were found to have violated § 1 of the Sherman Act for conspiring to establish and maintain prices of gypsum wallboard. Chairman and CEO Edward W. Duffy reportedly formed the holding company to protect the bulk of company operations from asbestos litigation against US Gypsum. [6], In June 2018, USG entered into an agreement to be purchased by the German building materials company, Knauf. USG Corporation has the following significant subsidiaries: Login with Facebook USG's bank lenders, bondholders and trade suppliers would be paid in full with interest. Read Wikipedia in Modernized UI. Through research and development and acquisition, USG continued to expand into and lead new markets. [16][17] The 3 ft (914 mm) gauge line runs north for 26 miles (42 km) from the plant at Plaster City (formerly known as Maria) to the gypsum quarry. It is also a major consumer of synthetic gypsum, a byproduct of flue-gas desulfurization. Since 1994, U.S. Gypsum was named in more than 250,000 asbestos-related personal injury claims, and paid more than $450 million (before insurance) to manage and resolve asbestos-related litigation. The $1.8 billion rights offering would be backstopped by Berkshire Hathaway Inc., meaning Berkshire Hathaway would buy all the new shares not bought. Thanks to a tie-up with Boral Limited, USG also distribute products across Asia and Australia. About USG Corporation: USG Corporation is a manufacturer and distributor of innovative, high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, and L&W Supply Corporation subsidiaries and its USG Boral Building Products joint venture. In a Wall Street Journal article dated February 15, 2006, Warren Buffett said, "It's the most successful managerial performance in bankruptcy that I've ever seen." USG announced a $900 million payment to the new trust was made that day and two subsequent payments totaling $3.05 billion would be made within the next 12 months if Congress failed to enact legislation establishing a national asbestos personal injury trust fund, such as the FAIR Act. The Company's segments include Gypsum, Ceilings and USG Boral Building Products (UBBP). Italian marble is used as cladding and also in the highly ornate interior. Because gypsum was plentiful, and available at a relatively low price, and because the manufacturing process was so simple, new firms flooded and fragmented the market, placing constant downward pressure on prices. USG had its own entrance with a lobby and occupied the first nine floors exclusively and parts of the 11th floor. The plan worked and USG re-emerged to be a profitable corporation. The sell-off and workforce reduction of 7% were not enough to allow USG to service the debt payments ($800,000 per day) in the economic downturn. To pay for the offer, USG took a poison pill by borrowing $1.6 billion from 135 banks, and issuing $600 million in 13.25% subordinated debentures due in 2000 and $260 million in 16% pay-in-kind debentures due in 2008. Gypsum segment manufactures and markets gypsum and related products in the United States, Canada, Mexico and Latin America. In the 1890s, gypsum manufacturers perfected a method of strengthening plaster by adding a retarder, which controlled the setting time, thus creating a viable competitor to traditional lime plaster. 1985 USG Corporation becomes holding company for U.S. Gypsum and several other subsidiaries. The company's operations remained healthy and profitable while it was in Chapter 11. Metcalf implemented the company's "Plan to Win" which involved strengthening its core manufacturing operations and L&W Supply distribution business, diversifying sources of revenues and profitability, and differentiating the company from competitors through innovative products and services. USG operates under Building Materials classification in USA and is traded on New York Stock Exchange. USG decided to fight this attempt by offering $42 per share ($37 in cash and $5 in pay in kind debenture) plus a stub stock worth $7. United States District Court for the Northern District of California, United States District Court for the District of Delaware, "Sheetrock® Brand All Purpose Joint Compound", "Berkshire Hathaway agrees to pay $896,000 civil penalty", "Knauf and USG Agree to Transaction at $44 Per Share in Cash", "Knauf Completes Acquisition of USG Corporation", "Designation of Christiana Investors, L.L.C. USG stated that it did not participate, or engage in, any unlawful conduct.[23]. [9] Other USG subsidiaries at the time included Alabaster Assurance Company, CGC, Donn Products, Exploracion de Yeso, Grupo Yeso, Gypsum Engineering, H & B Gypsum, L&W Supply, La Mirada Products Co., Inc, Red Top Technology, and Yeso Panamericano. By a vote of stockholders on December 19, 1984, U.S. Gypsum became a wholly owned subsidiary of the Corporation, and the stockholders of U.S. Together with other construction products, USG's most significant brands are:[2], In December 2013, Warren Buffett's Berkshire Hathaway became the largest shareholder in the company (holding roughly 30%) when it converted USG convertible notes it had acquired in 2008 to common stock. Gypsum wallboard manufacturing facilities are reported to the SEC based on the extent to which the gypsum they use comes from synthetic or natural sources. Its products are distributed through building materials dealers, home improvement centers and other retailers, specialty wallboard distributors, and contractors. It produces a range of products for use in new residential, new nonresidential, and residential and nonresidential repair and remodel construction, as well as products used in certain industrial processes. All of these projects have a ground lease/rental agreement arrangement. USG Corporation is an industry-leading manufacturer of building products and innovative solutions. It includes United States Gypsum Company, or U.S. Gypsum, in the United States, CGC Inc., or CGC, in Canada, USG Mexico, S.A. de C.V., or USG Mexico, and subsidiaries in Latin America. These rights could be exercised or sold. USG Corporation has six subsidiaries: *United States Gypsum Company *USG Interiors, Inc. *L&W Supply Corporation *CGC Inc. *USG International *USG Mexico S.A. de C.V. United States Gypsum Company - "a USG Corp. subsidiary" United States Gypsum Company was incorporated on December 27, 1901, and is a subsidiary of USG Corporation. Existing USG stock owners would be issued rights to buy new USG stock at a set price of $40 per share. USG has a large gypsum plant located 17 miles (27 km) west of El Centro, California, along highway Interstate 8, at Plaster City. Funding The Plan is funded by the USG Corporation Reti … The 1933 Chicago World’s Fair featured buildings made almost entirely out of SHEETROCK panels, which led to the brand's first major advertising campaign. USG's asbestos personal injury costs (before insurance) rose from $30 million in 1997 to more than $160 million in 2000, and were expected to exceed $275 million in 2001. About USG. On June 20, 2006 USG announced their Joint Plan of Reorganization was confirmed by two judges for the United States Bankruptcy Court and the United States District Court for the District of Delaware, allowing the company to complete the bankruptcy case and emerge from bankruptcy. In 1909, USG purchased the Sackett Plaster Board Company, inventor of Sackett Board, which was a panel made of multiple layers of plaster and paper. Estimated. In 2005, USG announced it would not be renewing its lease at the 125 S. Franklin Street building and instead would move to a new building at 550 W. Adams developed by Fifield Companies. [11] In turn, USG agreed to maintain at least 500 full-time equivalent jobs at all times for a period of ten years at the new corporate headquarters. Two years after completion of the line (1924), the track was sold to the Pacific Portland Cement Company. The line hauls gypsum rock from the quarry to the plant. In December 2012, USG (together with National Gypsum, Lafarge North America and Georgia-Pacific), was accused in a class action for allegedly violating federal antitrust laws,[22] through raising prices on drywall products by as much as 35 percent, as well as halting a longstanding practice of letting customers lock in prices for the duration of a construction project. its construction metals plants, a paper-bag plant, and a lime plant, This page was last edited on 5 January 2021, at 23:57. In November 1986 the Belzberg brothers of Canada attempted a hostile takeover of USG. The Court of Appeals for the Third Circuit reversed the convictions,[18] and that ruling was subsequently affirmed by the United States Supreme Court[19] on the grounds that: In 1940, the U.S. Justice Department filed suit against USG and six other wallboard manufacturers, charging them with price fixing under §§ 1 and 2 of the Sherman Act. The USG plant at Plaster City is currently served by the Union Pacific Railroad (UP). [13] The Plaster City location makes Sheetrock brand gypsum panels. The USG building is 538 ft (164 m) tall and houses 35 floors and 1,100,000 square feet (100,000 m2) of space, including 12,000 square feet (1,100 m2) of retail, a 650-seat restaurant expansion, and two levels of below-grade parking for 160 cars. For the service, USG would pay Berkshire Hathaway a $67 million non-refundable fee. In 1947, the first diesel engine was operated on the line. The interior also features gold leaf and satin-finish brown and American oak wood trim. USG Corporation, through certain of its subsidiaries, is a leading manufacturer of building materials. USG Corporation (together with its subsidiaries, called the “Co rporation” ) was incorporated in Delaware on October 22, 1984. USG's stock dipped to 28 cents per share and the corporation emerged from bankruptcy 38 days later on May 6, 1993. The trial judge's charge concerning participation in the conspiracy, although perhaps not completely clear, was sufficient, but his charge on withdrawal from the conspiracy was erroneous. The total length of the line was 19.63 miles (31.59 km). In 1984, USG Corporation was formed as a holding company — a reverse merger in which United States Gypsum Company became one of just nine operating subsidiaries. In 1992, USG moved its corporate headquarters from 101 South Wacker Drive to 125 S. Franklin Street in Chicago, a site which it occupied until March 2007. The claim stemmed from US Gypsum's 1929 cross-licensing agreements for its patented wallboard, which set prices at which the wallboard must be sold. USG Corporation is a Fortune 500 manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, Inc. and L&W Supply Corporation subsidiaries. The Company's segments include Gypsum, Ceilings and USG Boral Building Products (UBBP). USG Boral – 50/50 joint venture with market leading position and sales of $1.2 billion in Asia, Australasia, and the Middle East. the drawings are intended solely as technical support incident to the sale and use of usg products and not intended to be a substitute for the design review and approval of the licensed design professionals for the project. In 1950 the Supreme Court forced US Gypsum and its six licensees — who produced all of the wallboard sold east of the Rocky Mountains — to cease setting prices, and US Gypsum was enjoined from exercising its patent-licensing privilege.[20]. By the 1930s, the company's policy of diffusion of manufacturing facilities, vertical integration and product diversification allowed it to operate profitably every year during the Great Depression. Defense counsel moved for a mistrial, but the trial judge denied the request, although he indicated that, if no verdict were rendered by the end of the week, he would then reconsider the mistrial motions. USG operates an active narrow gauge railway, the last industrial narrow gauge railway in the United States. USG managed through the Great Recession, which hit the residential and commercial construction markets in mid-2006, by cutting costs and closing older, less efficient operations. It produces a range of products for use in new residential, new nonresidential, and residential and nonresidential repair and remodel construction, as well as products used in certain industrial processes. The corporation's debt was reduced by $1.4 billion and interest costs dropped from $320 million per year to $170 million per year. On March 17, 1993, USG filed a pre-packaged bankruptcy petition that included a 50-to-1 reverse stock split. USG Corporation, through its subsidiaries, is a manufacturer and distributor of building materials. USG Corporation is a manufacturer and distributor of innovative, high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. During 1969–1974 in the United States District Court for the Northern District of California, a series of civil antitrust cases were heard that came to be known as In re Gypsum Antitrust Cases. The base building architect is De Stefano + Partners, with The Environments Group providing the interior space design and construction. In July 1975, after the jury was committed to deliberate, it became apparent that the jury was heading for a deadlock. The line was originally built by the Imperial Gypsum Company Railroad and was owned by the Imperial Valley Gypsum and Oil Corporation. USG Corporation is a manufacturer and distributor of innovative, high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, and L&W Supply Corporation subsidiaries and its USG Boral Building Products joint venture. USG Corporation, through its subsidiaries, is a manufacturer and distributor of building materials. When the bankruptcy was completed in 2006, all creditors were repaid in full and USG shareholders retained equity in the company. Desert Partners was unable to match the offer and lost the proxy fight at a shareholder's meeting. The vast majority of the products our manufacturing subsidiaries sell in the United States are made by those subsidiaries in our plants located in North America. more on USG Ceilings segment manufactures and markets interior systems products in the United States, Canada, Mexico and Latin America. Headquartered in Chicago, USG worldwide operations serve the commercial, residential, and. Durock® Brand Cement Board offered new water construction solutions. The company's Gypsum division manufactures and markets gypsum and related products to construct walls and ceilings of residential, nonresidential, and institutional buildings; and … In 1999, USG acquired Sybex, Inc. the holding company for Beadex (a competing joint compound manufacturer) and Synkoloid. USG Corporation has the following significant subsidiaries:[10]. USG purchased the line from the Pacific Portland Cement Company in 1946. Stockholders would retain ownership of the company. By 1917, a new manufacturing process produced boards with a single layer of plaster and paper that could be joined flush along a wall with a relatively smooth surface. 3 Moody's Investors Service raised the senior unsecured credit ratings of USG Corporation (USG) and its subsidiary United States Gypsum Company to Baa2 from Baa3. In that regard, the, A good faith belief, rather than an absolute certainty, that a price concession is being offered to meet an equally low price offered by a competitor suffices to invoke the defense available under § 2(b) of the. Recession and its effect on the bottom line dominated the 1980s and led to a restructuring of the company. USG immediately instituted a plan to buy back 20 percent of its common stock in an effort to fend off the takeover. USG Corporation, through its subsidiaries, manufactures and sells building materials worldwide. The 1950s and 1960s saw expansion into Mexico and other international markets. In 2001, the company entered Chapter 11 bankruptcy proceedings to resolve legacy asbestos lawsuits. The poison pill was too much for the corporation to survive. CHINA NATIONAL BUILDING MATERIAL COMPANY LIMITED, President, CEO, CFO, Treasurer & Director, SVP-Manufacturing, Technology & Global Operations, Chief Information Officer & Vice President, Secretary, Senior Vice President & General Counsel, VP-Advanced Manufacturing & Corporate Excellence, Chief Innovation Officer & Vice President, Senior Vice President & President-Ceilings, VP-Human Resources & Organizational Effectiveness, Berkshire Hathaway, Inc. (Investment Management). USG received more than 22,000 new claims since the beginning of 2001. Commercial operation commenced on October 14, 1922. The UBBP segment manufactures, distributes and sells certain building products, mines raw gypsum and sells natural and synthetic gypsum throughout Asia, Australasia and the Middle East. A $3.95 billion trust was created to handle all existing and potential future asbestos lawsuits, thus permanently resolving the asbestos litigation issue. USG Corporation manufactures and distributes building materials. Surveying commenced in April 1921, grading on October 3, 1921 and construction was completed on September 15, 1922. On January 1, 1985, USG Corporation was formed as a holding company — a reverse merger in which United States Gypsum Company became one of just nine operating subsidiaries. The quarry is estimated to contain a deposit of 25 million tons of gypsum.[14][15]. To pay for the trust USG would use cash it had accumulated during the bankruptcy, new long-term debt, a tax rebate from the federal government, and an innovative rights offering. The railroad built from the San Diego & Arizona Railway at Plaster City to the quarry. Recognized brands include Sheetrock, Durock, Fiberock, and Securock. 1 . The new company combined the operations of 37 mining and calcining plants producing agricultural and construction plaster. Its corporate offices are located at 550 West Adams Street in Chicago, Illinois. USG Corporation and its principal domestic subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code on June 25, 2001. 1920 Company is reincorporated as the United States Gypsum Company. Originally called Adamant Panel Board, the product became known as Sheetrock in 1917. By December 1986, however, USG had purchased Samuel, William, and Hyman Belzberg's 4.9 percent stake, for $139.6 million. In the prior two decades, 27 companies filed for protection under Chapter 11 because of asbestos litigation. USG entered a 15-year lease, and occupied the building in early 2007. On January 1, 1985, USG Corporation was formed as a holding company — a reverse merger in which United States Gypsum Company became one of just nine operating subsidiaries. W. Duffy reportedly formed the holding company for Beadex ( a competing compound., Illinois and occupied the building in early 2007 's meeting and satin-finish brown American. 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