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1990s – Bankruptcy – New Owners

The company entered Chapter 11 in the first part of the decade. By the end, it was under new private ownership which pledged to invest in the core business, Gold Bond, giving new life to New NGC, Inc.

October – Peter Browning becomes chairman of Aancor (National Gypsum Company)

October 28 – Company entered Chapter 11 bankruptcy in Dallas, TX. The company had $1 billion in debt and a negative net worth of $648 million.

Company experiments with byproduct gypsum at Tampa Plant. Under the Clean Air Act of 1990, power plants in the US must scrub sulfur dioxide emissions.

Company initiates 1-800-NATIONAL for technical service

March 14Gold Bond Conveyor lost at sea. The 33-person crew was lost off the coast of Nova Scotia. The ship carried 27,000 tons of gypsum ore bound for Tampa. Millions of Americans watched videotape of the ship rolling over and sliding beneath huge frigid North Atlantic seas on CNN broadcasts.

July 1 – Effective date of National Gypsum's reorganization plan and conclusion of the bankruptcy. A new publicly-held company was formed – the "New" National Gypsum Company – which acquired substantially all the operating assets of the bankrupt "old" National Gypsum Company, including the wallboard and joint compound businesses and the National Gypsum name under an assets Purchase Agreement. Gold Bond Building Products was no longer a separate operating unit of the new National Gypsum.

New board of directors formed and headed by Chairman and CEO Peter Browning. Board represents approximately 3,150 shareholders. Charlotte businessman C.D. Spangler, Jr. is a member of the board.

The court-approved reorganization plan established an asbestos settlement trust and channeled future bodily injury claims to it. The reorganization plan also provided that the trust would settle all outstanding asbestos property damage claims for approximately $137 million. The trust's assets included the "old" National Gypsum's stock and insurance policies, the stock of the Austin Company, and some cash. Trustees were appointed by the court and mechanisms established for dealing with claims.

July 23 – National Gypsum headquarters moved from Dallas to Charlotte, the headquarters of the former Gold Bond Building Products Division. Charlotte associates and local community leaders celebrate.

Common stock and warrants traded publicly on the NASDAQ under the symbol NGCO.

October – Peter Browning leaves company to join Sonoco Products Company.

Westwego begins using byproduct gypsum.

Under the sponsorship of Senior Vice President of Sales Tony Maraia, the Customer Service Center was consolidated in Charlotte. Over 50 percent of the customer service representatives moved from the field to Charlotte, setting up a service center that became the envy of the industry.

March 4 – Bulk Carrier Melvin H. Baker (second ship bearing that name) retired. Takes last cargo from Halifax to Baltimore.

March 21 – Stephen M. Humphrey joins company as president and CEO.

April 16Melvin H. Baker III replaces Melvin H. Baker II and Gold Bond Conveyor which was lost at sea in 1993

November -- National Gypsum receives a proposed negotiated merger from Delcor, a company headed by C. D. Spangler, Jr. That offer is rejected as inadequate.

February – National Gypsum receives a new proposal from Delcor which is rejected as inadequate.

March – National Gypsum rejects an offer from BPB Industries plc, Europe's largest wallboard manufacturer.

Company enters into a definitive agreement with Delcor Inc.

September 25 -- Delcor acquires the stock of National Gypsum Company, in a cash merger at $54 per share. Total transaction -- $1.2 billion. Delcor is a wholly owned subsidiary of Golden Eagle Industries Inc., a privately-held company whose owners include C.D. "Dick" Spangler, Jr. Spangler was named chairman of National Gypsum's board of directors and Thomas C. Nelson named vice chairman of board. Nelson joins company as executive vice president and chief financial officer. Stephen M. Humphrey remains as president.

June 30 – Atlanta – Property leased for ready mix operation.

June – Tony A. Maraia named president, replacing Stephen Humphrey. Maraia also was named to the company's board of directors.

New quarry opened at Ft. Dodge – 300 acres, eight miles from plant and adjacent to original quarry. $4.5 million project.

November 1996 – July 1997 – $15 million expansion at Pryor paper plant.

January – Orlando Plant begins production – $2.2 million investment. Company closes IFP line in the Tampa wallboard plant.

March 5 – Groundbreaking for $77 million Shippingport Plant. First National Gypsum plant operating exclusively with byproduct gypsum.

November 12 – Ready mix production begins at new Jasper, IN, Plant. Dry powers start-up on January 15, 1999, and tape during the last quarter of that year. $10 million project.

December – Matteson, IL, IFP plant closed.

December 15 – Company acquires Unifix and its Bromont, Quebec, and Jacksonville, FL plants. Acquisition adds PermaBase cement backerboard with its patented EdgeTech technology to the product line.

December 31 – President Tony Maraia announces retirement.

PeopleSoft ERP software project introduced – accounts payable, procurement, budgeting, inventory.

January – Long Beach upgraded to produce 54-inch board. Second line added at Baltimore -- $55.5 million.

January 1 – Company makes its first sale of cement board using the PermaBase brand to Westmont Building Products, Westmont, IL.

January 31 – Dallas Plant– property leased -- $3.4 million.

June – Charlotte Office building purchased -- $7.6 million.

July – Tom Nelson named CEO.

October – Shippingport Plant Grand Opening – Constructed for $87 million.

November 15 – Shippingport ships plant's first order to 84 Lumber in Eighty Four, PA.



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