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Thomas C. Nelson

Excerpts from Writings on the Wall article - early 1996

In making investments, Delcor looks for outstanding management teams with strong market positions that have the ability to grow. The companies are primarily in the Carolinas. In the past, Delcor has mainly purchased minority positions in companies. National Gypsum represents a change; Delcor purchased the entire company, not just a minority interest.

When Delcor purchases a company, we have a long-term focus. We try to find great companies, invest in them, and hold them. That is our intent with National Gypsum. We plan to be here for the long term.

We have four main goals for National Gypsum. Our first goal is to maintain the company's financial integrity. We realize this is a cyclical business. Over the next 12 to 18 months, we want to focus on debt retirement so the company is flexible enough to weather the next cyclical downturn in business.

Second, we want to enhance National Gypsum's long-term value. For example, we know this is a capital-intensive business, and we're prepared to invest in our plants to make sure they can work efficiently and effectively.

We want to grow the value of the company. As a public company, the company had to focus on quarterly results and meeting Wall Street's short-term expectations. Because the company is now privately owned, we can make business decisions based solely on whether they make financial sense. We also can take a long-term view; we don't have to scramble for results to meet the next quarterly report. Our plans to increase the company's value may include expansions, new products, or acquisitions.

Third, we want to make National Gypsum an attractive place to work. We want employees to find their jobs challenging and motivating, and we want to encourage teamwork and cooperation as we work to achieve the company's goals.

Finally, we want National Gypsum to be a strong and active corporate citizen in the communities where we work. One way we'll do this is by seeking opportunities to participate as a company in civic and business organizations and activities.

The message we want to send is continuity, stability, and a long-term focus.

 

 

"We have four main goals for National Gypsum. Our first goal is to maintain the company's financial integrity. We realize this is a cyclical business. Over the next 12 to 18 months, we want to focus on debt retirement so the company is flexible enough to weather the next cyclical downturn in business."