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CoSy/NYSBC:RPM(RPOW)


                      Founded as RepublicPowderedMetals

  From NYSBC.Ac<90.10 :

  ========================== TUE.JUL,1990.7.24 ===========================

|11:33| |12:15| NASDAQ RPOW | RPM 14th yr | Tom | JimKarman ,Exec VP 43rd

 consec yr record sales EarnShare 445M .18 | Cash Div up | Gene Walden 100

 best stocks | best mngmtn of decade | eurobonds issued | Specialty coatings

 for existing structures GM Saturn plant New Const | .1 export | 65M lisense

 & JV not in sales figs. 35 plants | 2500 employees , .25 participate in

 stock purchaser Niche mkts -- Hi performance hi margin | Kop-Coat marine

 sales  .15  yr | 600 direct sales people |

 Income  .17  yr | sold 60M lines not meeting performance

 ES  .12  yr | 24M shares 22k holders | 8th most held by invest clubs

 ROI .17 | compound RoR .25 since '74 |

Jay | 20 op units | strict planning | 6 corp staff runnin .5B co

 3day presidents meeting | Intro | op plan specific sec , core ?s | Key

 objecive ltr | 3 mos to perpare | Medina Ohio | 2 mo to eval |

 During yr talk w 1wk | rev 68   yr |

 .6 | water proofing | maintanance  |

 .24 over past 16 yrs | Financial CEO of Decade | Bondex Radon gas blocking

 orig : Waterproofing

 Corosion control CarboLine

 Specalty chems | Dry adhisives for stamps

 Hobby & leasures | Wolman | Zspar Zinzzar

 Outside dirs | lean corp mgt | always keep mgt of acqs.  'buying in'

|13:26| ?s Combined Sales forces - No multiply sales paths | ongoing business

 w Hungary Yugo & Poland | expect international  | including Pacific Rim

 Qualify | have 24 market makers on NASDAQ | Mona  commodity & raw material

 prices ? | stay in Hi niche mkts | Structure deals 10 - 20 M | notes back to

 sellers | larger bank debt | eurobond converatable | not stock for stock

 because consider equity most expensive capital | when saturation point of

 managers abilities | 20 mgrs , some covering more than 1 co.

 Strong Outside Dirs | look @ each co individually.

 14 in corp office | not a dime of corp service charge |

 Major competition : local good small co. | too service oriented for bigs

 K-Marts , Ace running tight & competitive , co-op ads

 Joel: exposure to past history of aquired co's e.g. : asbestos

 work w Johnson&Higgins | Internal audit ? WoodardClied environmental audit

 Qtry audit - send in outside auditors || R&D ~5M  yr | 1 vp of tech

 2ce  yr meeting environmental meetings - cross fertalizing - suppliers

 Union Carbide etc do much R&D | Radon blocking was internal devel by 3 cos

 inexpensive |13:50|

   From NY.StockBrokersClub :

  ========================== TUE.JUL,1991.7.23 ===========================

|8:56| c> to confirm | 'on list don't worry abt it.' |12:46|

 Earning  .1 | GM Saturn ma | .1 export | +/ 20 OpCos

 sales .16 over last 10 yr |  one of most active on Nasdaq | 22k shareholders

  25 mkt makers | avg return .17 | Goal .15 growth per yr | 1.15 *5 |>| 2.01

Cash div | .25 since '74 | 44 record yrs

Jay: Corp office still 12 people | 4 questions to pres's : Productivity

analysis | < 2 page Pres report | mo trav | Jay Sales , Jim Fin

 Planning meetings over 2 mo | bottoms up - listening & revision

 Plan B if .1 op income  | talks w each wk. | visit 1Q |  Dick @ wolman ?

 TomSullivan Chmn | Board meeting 1Q | he been w 2 >B$ cos | 2000 employees

|13:3| Film |13:17| Jim : Indust Q0 , consumer Q3 | even out Q earnings |

 Rustolium Europe | Holderbank mfg in 75 cos  mex | incentives to op co pres

 Bonus pool , everyone > 40k | translates into stock options | loaded w

 incentives | exceptional talents can get options |

 sell off comodities | coatings adhesives & sealants - every op co

 understands language of others. | aq for synergy | creeping competition

 looked to Thommson | Wolman vs processed lumber | mkt share small |

 Compititons Ameron , Prat lambert , Thomsons |

 Aqs bring in Capital | Aq software ? 'can`t even turn one on' | prods ~

 patented |13:32| JimKarman ('59) & Tom ex-MiamiU. | John (Jay) Morris ex

 ArmstrongWorldIndustries

  ========================== TUE.JUL,1993727 ===========================

|11:22| |13:4| lost notes to bomb  DOS | > 175M RoW | Shareholder

 reinvestment support | bought Bondo | 1.25 annual tot return | never borowed

 for ops , only acqs .| free cash flow 60M | Eurobond dilution - .025 |

 Foreign Ops : .09 of sales | .2 international exposure , bought Rustolium

 Europe | Europe slow | Midwest floods ? big future busn | .6 maintan , .4

 hobby | everybody needs somebody`s product | China : Goal for `94 , how get

 paid | Bulgaria , IMF | LatAmer : Trade barriers | Intnagables write off , ~

 1E6  yr , 10-40 yr writeoff | Goodwill because ~ cap intensive

       4  .12 |>| 0.48  17.75 |>| 0.03

  ========================== TUE.JUL,1994726 ===========================

NYSBC |12:41| Pres Jim : & Jay (S&) 47 record yrs of earning  1 shares

 sales  .06 815M frm 768 , earning  .33 52.6 vs 39.4 ,  share :  .26 ,

 .93$ vs .74 | Bought : Stonhart Polymer floors & Rustolium US | 180th

 Fortune earnings - in 500 in sales | 15 independent units reporting to 6

 mngrs | GM Saturn plant | .2 of ops export or overseas | 30 on corp staff

 45 plants 4000 employees , 1.0 in  esop .3 each mo | 75k dealer chnls

 Earnings  .18  yr for past 10 | ES  .12 for 10 yrs | 42k individual

 shareholders | rank #4 among indiv investors | RoEq ~ .17 | div  20 yrs

 double each 5yrs | cmmpndd RoRtrn .25 since `84 | confident of future

Jim : in fisc 952 | op plan : intro , move blocked mng from on co to another

 Pres ltr 2pgs | Plans Mid nov , done by Feb | Apr-May sign-off | expect

 Prezs to make plan >< .01 | TomSulivan - acqs | plans refed continually

 Plan B guidelines | raw material shortages ? | every yr since `47 | now

 reaching 1B$| .24  since `74 | 815E6  4000 |>| 203750 | corossion off

 shore sulfer mine | DayGlo | 250m$ overseas - some < JVs | office in

 Singapore | Oct AnnMeet | Acqd 30 cos oveer 25 yrs | never borrow for acqs

 90 mil for aq ? ||13:21| ? R&D small 1 tek dir works w suppliers | Rustolium

 mngt : got out Furgason family - used second level - MikeTeller runs

 Rustolium | marine Industrial coats - no | divestitures - sell comodity

 prods | I: why price in 16s ? ~ 20  earnings - cyclicality of Ro mkt | pay

 for retail shelf space - work hard for it | Div | .13  4 |>| 0.52

  .52  18 16 |>| 0.0289 0.0325 |



  ============================: TUE.JUL,970722 :============================

|12:33| Tom Sulivan Chmn & Jim |12:43| 10 yrs since been here usually

 conflict w WDC meeting . exciting News | Video : 50 consec yrs

  100k - 57M in 70s | experienced outside board | yrly centralized planning

  300M in 80s | 90s  1.3B$ | Tremco acq . : complement other units ,

  consolidated several grps | Carboline DayGlo | Div  each yr since 70s .

  Tot Ann return | 1000 75 11 53k s 930k | 100 best stocks in US & world .

  3 plan : acq . borrow only for acqs - convert to prefered | ;rustbond

  encapsulating paint . Testor paint pouch spray paint systems | RoW just .2

  aim for .25 by 2000 .

  Tremco England & SE Asia |12:54| exciting 12 mo : completed yr ago prgs.

  mfg in VIM countries . 50M$ return on 11M cost . Reorganizing RepPowder

  D  Cap to .61 - lowered moody | have lowered to .57 or .37 if count

  convertable as eq | bought 200M$ for 120M - 5-6 x Op Earnings . 9 new 30 yr

  old talents . W/In .01 of yr ago budet . sales .2 earn .14  . 23 growth

  from core busn | not change style | Preminent in Maintanence .

  AGR >> .15 over last decade . have divested 250M$ non core Cos .

  Margin  .059 this yr . ex Trimco : .061 |

  eps  .12 | .33  1 | Shareholder gain | 24 yrs div increas + stock divs .

  fallen behind S&P in last 5 yrs . traded 1.2  now .85 of S&P avg PE

 Since `74 .21 avg Tot return . |13:4| ?s | recognized maintance Roofs &

 floors . Zinzer Rustolium Bondo | 7 ops accnt for .75 of tot mkt . run by

 40 yrOlds | Ted : internal vs acqs grow ? been ~ .5 .5 . expect internal to

 dominate as get larger | Acqs ? have resources to do can do anything we want

 | 50 on 11 M in SA , Russia , SE Asia . Past Pres of HolderBank MaxArmstrong

 - become global | SA ? politics more stable | acqs offer buy | argentena ,

 Brazil | MikeStorm : Tremco just costing $$s ? now broke even including

 expenses . expect it to add .05  shares . bought 300M sold Squiggle for 107

 M . kept 200M$ Cdn retail leaders . gross profit .65 . Sealants .0 , ours .2

 . plan to bring theirs up to ours . waterproofing co as big as any |

 HenryLucander : grooming talent for Russia & other ? Local People - offer

 .25 of Co . Several have been long time licensees for > 20yrs | 20 op cos .

 overlap ? have some internal competiton . Ted : crossFertalization | David :

 Roofer chose Products ? Tremco does schools . go to aplicator not contractor

 | stop stock divs to let price go up ? studies show people like #s in 12 -

 18 range . most boring stock | Lew? : stik to core or create sizzle ?

 Reverting from rubber to BUR w felt . Arosol sprays compact color tubes .

 Chic outlawd aerosols . environ frendly pkg | NAFTA impact ? clearly has

 helpd in CD & MX . expect to be general win | stok divs 1  53 in 20 yrs |

 not far out of Mkt ? right | Larry : S&P project : .12 nxt 5 yrs ? w/i goals

 | rumer abt tender for SherwinWill |13:29|

|14:13| Afterward speaking w Pres JamesKarman : Stonehard Flooring follows US

 multinationals as the build facilities around the world | East Europe big

 mkt for Dryvit Outsulation | Medina OH Headquarters staff still just 30 .

 most increase in Environmental and other regulatatory specialists | Tremco

 bought frm Goodrich has much room for head count cutting . Is being done .



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