2 2 1%g
More than
1500 children
from Fire
stone house
holds were
entertained at
tradition
al Christmas
Parties in
Gastonia's
^ebb Theatre
last month. In
kittle - honored
pattern, there
^ere the glit
tering Yule
* r e e, enter
tainment va-
riety on the
Screen, and
Sifts which
the company
distributed
^ith the help
of "Mr.Cheer"
tro m the
North Coun
try. — More
pictures, page
3.
Harvey S. Firestone Jr.
Retires As Board Member
Harvey S. Firestone Jr.,
^ho has served as a member
the board of the company
for 50 years, has announced
||is retirement from the
ooard, effective with the An
nual Meeting Jan. 18, 1969.
Raymond C. Firestone, chair
man, and E. B. Hathaway, pres-
^dent, pointed out in a recent
“to stockiiGlcicrs I
“Few corporate directors in
American industrial history
^ave served a corporation as
long or as ably as Harvey S.
firestone Jr. has served our
^^ttipany. He has been its presi-
^®nt and chairman of its board,
for 17 years was its chief
Executive officer.
"because of the length and
l^Vel of his service to the com-
the board has honored
by designating him an hon-
orary director at the end of his
Present term.”
Mr. Firestone said that his re
tirement from the board “in no
changes my keen and en
suring interest in the company
and in its future progress and
success. I shall always be avail
able to render any service and
to offer any advice which may
be helpful and useful.”
He was elected a director of
the company in 1919, and has
served in many capacities in
cluding vice president, presi
dent, president and chief ex
ecutive officer, chairman and
chief executive officer, chair
man, and honorary chairman.
During the 50 years of his
—More on page 2
Harvey S. Firestone Jr.
Richard
Riley
Vice President
Of Diversified Products
The Firstone company Board of Directors elected Rich-
A. Riley Vice President of Diversified Products in late
■*^6cember, to succeed Louis J. Campbell, w^ho died unex
pectedly earlier in the month.
Mr. Riley directs the non-tire
divisions of the company. Fire
stone Synthetic Fibers and Tex-
Company is one of the op-
®^ations under his guidance.
“WE ARE fortunate in having
^ ttian of Mr. Riley’s ability to
the position so capably
l^^ndled by the late Mr. Camp-
said Raymond S. Fire
stone, company chairman. “Un-
®r the guidance of Mr. Riley
are looking forward to con-
inued business increases and
^.^Pansions in our many diversi-
products divisions.”
The new vice president, 52,
Tire$ton«
JANUARY • 1969
Company
Milestone
S!5SW
GASTONIA
NORTH CAROLINA
Beyond $2 Billion In 1968
Firestone reached and passed a milestone as net sales
for the year ending Oct. 31 went above the $2 billion level
for the first time. Net income also reached a record high, as
earnings were 6.0 per cent of sales.
The company reached the $2
billion sales level just 15 years
after achieving its first $1 bil
lion sales year. Sales for the
year were $2,131,443,365 com
pared with $1,875,376,329 for the
previous year — an increase of
13.7 per cent.
Earnings for the year amount
ed to $127,034,657, compared
with $102,349,310 a year ago
which is an increase of 24.1 per
cent.
Raymond C. Firestone, chair-
have in our worldwide organiza
tion.”
One of the costs of doing busi
ness was reflected in taxes
which the company paid last
year. Taxes totaled $339,161,718.
Net working capital on Oct.
31, 1968 was $645,866,575, com
pared with $558,386,887 a year
before.
“To meet demand for our
products, as well as to prepare
for future needs in our indus
try, capital expenditures for new
facilities, additions and im
provements were a record $199,-
087,901 compared with $139,944,-
568 in 1967,” the officers said.
• A long-range weath
er view and an ancient
blessing for a New Year
— ALMANAC on page 4.
Firestone At ‘Career Day’
man, and Earl B. Hathaway,
president, reporting the figures
in December, said:
“We are extremely proud of
the records achieved by our
company during the year. At
taining the $2 billion sales mark
and amassing the record profit
reflected greatly on the accep
tance of our quality products
and on the caliber of people we
Worth Remembering # Put
ting things off is the art of keep
ing up with yesterday.
Firestone was among the in
dustries, businesses and institu
tions taking part in the Dec. 27,
second annual Career Opportun
ity Day at the Gastonia Nation
al Guard Armory.
Representatives of the plant
here joined others in the indus
try to point up and outline job
opportunities for careers in tex
tiles.
Career Opportunity Day is
staged each year by the Indus
trial Committee of the Gastonia
Chamber of Commerce. Commit
tee chairman is P. R. Williams,
Jr., Firestone plant production
manager.
The annual program is intend
ed to benefit youth seeking their
life’s work. At the displays
and information sessions, visit
ing youth learned of a broad
range of industries and other ca
reer fields.
Of textiles, they heard that
it is a basic industry which
dates to ancient times, and one
Vv’hich — through technological
advance — promises “the best
yet to be.”
Progress In Fibers-Textiles Division
Synthetic Fibers and Tex
tiles Company division shar
ed attention in the company’s
worldwide operations, as re
viewed in Firestone’s 1968
Annual Report issued in De
cember.
Production of tire-cord
fabric was substantially in
creased with opening of the
new Bowling Green, Ky., fa
cility early last year, the
Report noted.
The Gastonia and Bennetts-
ville plants worked to capacity
to meet growing demands for
fabric from our own tire plants
and from outside customers.
A new electronically-con
trolled unit for processing
polyester and nylon fabrics
was installed at the Gastonia
plant. A similar unit is plan
ned for Bowling Green.
During 1968, operations of
the Synthetic Fibers Com
pany and the Textiles Com
pany were combined into the
^Firestone Synthetic Fibers
and Textiles Company, with
Robert W. Rice named presi
dent of the combined divi
sions.
The division is producing
nylon resins for molding and
extrusion applications; Ny-
telle, textile nylon for the
clothing industry; nylon and
polyester yarn for tire cord;
and rayon, nylon and poly
ester tire cord.
A new Technical Center
was opened at the Hopewell,
Va. division headquarters
plant. The Center provides
research, development and
pilot production facilities for
polyester and nylon yarns.
The division is supplying a
new glass fiber-filled nylon
resin to the automotive and
appliance industries for
molded items. Other Fire
stone nylon resins are also
being used in manufacture
of synthetic turf for sports
fields.
Served as president of Fire-
^ ^ne Steel Products one year
before his latest promotion.
A native of Fall River, Mass.,
he joined Firestone in 1939 as
an accountant at the company’s
Industrial Rubber Products
plant in Fall River.
Three years later he was nam
ed comptroller of World Bestos
division, then located at Pater
son, N. J. When the plant was
relocated at New Castle, Ind.,
Mr. Riley moved there.
HE BECAME assistant gen
eral manager of World Bestos
in 1954. Two years later he was
made president of that division
of the company.
In 1959 Riley was named pres
ident of Firestone Rubber and
Latex Company in Fall River
—More on page 4
What Went On Here?
See page 4