NL Industries

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NL Industries
NYSE: NL
Russell 2000 Index component

NL Industries (NYSE: NL), formerly known as the National Lead Company, is a lead smelting company currently based in Houston, Texas. National Lead was one of the 12 original stocks included in the Dow Jones Industrial Average at the time of its creation on May 26, 1896.[1]

NL Industries (Dutch Boy Paint) Specimen Stock Certificate, c.1975

History

It began business in Philadelphia in 1772. The name "National Lead Company" was used since 1891 after a series of mergers. National Lead changed its name to NL Industries in 1971.[2]

California lead paint liability case

NL Industries has encountered legal problems based on their long history of selling lead paint. Exposure to lead paint can cause numerous health and developmental problems in children and adults, and its use has been banned or restricted in many countries.

In January 2014, the Santa Clara County Superior Court ruled that NL Industries, along with Sherwin-Williams and ConAgra were jointly and severally liable for $1.15 billion, to be paid into a lead paint abatement fund to be used to remove lead paint from older housing.[3][4] The judge ruled that the paint companies manufactured, marketed, and sold lead paint without disclosing the health risks to the consumers in spite of "actual and constructive knowledge that it was harmful".[5][6]

The disposition of The People v. ConAgra Grocery Products Company et al. in the California 6th Appellate District Court on November 14, 2017, is that

... the judgment is reversed, and the matter is remanded to the trial court with directions to (1) recalculate the amount of the abatement fund to limit it to the amount necessary to cover the cost of remediating pre-1951 homes, and (2) hold an evidentiary hearing regarding the appointment of a suitable receiver. The Plaintiff shall recover its costs on appeal.[7]

On February 14, 2018, the California Supreme Court denied the defendants' request for review, sending the case back to the trial court as ordered by the Appellate Court.[8]

NL Industries settled its part of the suit in May, 2018 with a payment of $60 million and a pledge to stop supporting the ConAgra & Sherwin-Williams backed ballot measure proposed for the November, 2018 ballot [9]

National Lead and Dutch Boy Paints

In 1907, National Lead entered the consumer market for titanium paints, creating a product line under the name "Dutch Boy". Dutch Boy paints competed with other brands that contained mineral products supplied by National Lead. The "Dutch Boy Painter", which was created by Lawrence Carmichael Earle, became National Lead's symbol for many years.

NL Industries sold off the Dutch Boy brand in 1980 to Sherwin-Williams, two years after the CPSC's directive banning the manufacturing of lead housepaint went into effect.

CompX International

CompX International Inc.
Company typePublic limited company
AMEX: CIX[10]
Russell 2000 Index component
IndustrySecurity & Protection Services
FoundedAugust 4, 1993
HeadquartersDallas, Texas
Area served
the United States
Key people
David Bowers
(CEO)
ServicesSecurity Products, Furniture Components and Marine Components
Increase US$ 083.2 million (2012)[11]
Increase US$ 035.0 million (2012)[11]
Total assetsIncrease US$ 0150.2 million (2012)[11]
Total equityIncrease US$ 0102.1 million (2012)[11]
Number of employees
466 (2013)[12]
Websitewww.compx.com

CompX International Inc. is one of the largest manufacturers of security products and recreational marine components in the world.[13] Located in Dallas, Texas, CompX International Inc. is also a subsidiary of NL Industries, Inc.[12] The business of the company is divided into three segments: Security Products, Furniture Components and Marine Components. Their products are designed to meet the high-end applications.[14] CompX International Inc. offers its products through original equipment manufacturers and distributors.[15]

History

Based in Dallas, Texas, CompX was founded to open business on August 4, 1993.[16][17][better source needed] In March 1998, CompX International Inc. completed its initial public offering, making it a public company with stocks traded on the New York Stock Exchange under the symbol of CIX.[14]

In 1999, CompX International moved the corporate headquarters from Mauldin, S.C. to Houston.[18][19]

On Jan 11, 2000, CompX International Inc. acquired Chicago Lock Co. successfully for about $9.2 million in cash, which was borrowed under its existing credit facility.[20] In May 2002, CompX International achieved an agreement to close its Dallas corporate office.[21]

In September 2004, NL Industries completed the acquisition of 68% of CompX International for $168.6 million.[22]

In December 2012, CompX International Inc. sold its Furniture Components operations to Knape & Vogt Manufacturing Company for approximately $59 million in cash.[23]

Leadership

The main officers of the company are listed as follows:[24]

  • David Bowers - President, chief executive officer
  • Jim Brown - Chief Financial Officer

References

  1. ^ History of the Dow, The Motley Fool, May 29, 1996, archived from the original on 2006-06-12
  2. ^ "National Lead Company". Harvard University. Archived from the original on 2010-06-30. Retrieved 2011-10-24.
  3. ^ Rosenblatt, Joel (2013-12-17). "Sherwin, NL, ConAgra Lose $1.1 Billion Lead Paint Ruling". Bloomberg News. Retrieved 2014-11-25.
  4. ^ Rosenblatt, Joel (2014-01-08). "Manufacturers Must Pay $1.15 Billion in Lead Paint Suit". Bloomberg Businessweek. Archived from the original on January 11, 2014. Retrieved 2014-11-25.
  5. ^ Elias, Paul (2013-12-17). "Lead Paint Lawsuit: Judge Orders 3 Companies To Pay $1.1 Billion For Removal Services". Huffington Post. Retrieved 2014-11-25.
  6. ^ Kleinberg, James (7 January 2014). "Judge Kleinberg's Order, final statement of decision, Case Number 1-00-CV-788657" (PDF). Santa Clara County Superior Court's Electronic Filing System. Archived from the original (PDF) on 7 April 2014. Retrieved 26 August 2014. The defendants sold lead paint with actual and constructive knowledge that it was harmful
  7. ^ Judge Nathan D. Mihara; Associate Justice Eugene M. Premo; Associate Justice Franklin D. Elia (2017-11-14). "The People v. ConAgra Grocery Products Company et al". California Courts - Appellate Court Case Information. Judicial Council of California. Retrieved 2017-11-19. ... we can accept the inference that defendants' pre-1951 promotions increased the use of lead paint on residential interiors during the period of those promotions ...
  8. ^ http://appellatecases.courtinfo.ca.gov/search/case/dockets.cfm?dist=0&doc_id=2239732&doc_no=S246102&request_token=NiIwLSIkXkw9WyBVSCNNSE1IUFg0UDxTJyM%2BQzpTUCAgCg%3D%3D Further reading
  9. ^ Dillon, Liam (2018-06-26). "Will paint companies pay to clean up lead in homes? California voters could decide in November". Los Angeles Times. Retrieved 2018-06-26.
  10. ^ traded marks
  11. ^ a b c d 2012 Annual Report
  12. ^ a b number of employees
  13. ^ "General business in annual report" (PDF).
  14. ^ a b "Corporate Profile - CompX International Inc. (NYSE MKT:CIX)". CompX. self published. n.d. Archived from the original on 2013-07-03. Retrieved January 18, 2022.
  15. ^ Company descriptions
  16. ^ Foundation in Yahoo
  17. ^ foundation time
  18. ^ "CompX moves to Houston" Houston Business Journal
  19. ^ CompX moved to Houston
  20. ^ "CompX International completes acquisition of Chicago Lock - 2000-01-11". Archived from the original on 2006-02-10.
  21. ^ CompX International close Dallas corporate office
  22. ^ "NL Industries closes buy of 68% of CompX for $168.6M". September 24, 2004. Archived from the original on 2009-07-20. Retrieved Dec 6, 2013.
  23. ^ "COMPX Announces the Completion of the Sale of its Furniture Components Operation". Archived from the original on December 5, 2013.
  24. ^ Managers

External links

Retrieved from "https://mdwiki.org/wiki/NL_Industries"