Stock Certificate, issued/canceled1960'sColumbian Bank Note CompanyThe item shown is representative of the piece you will receive
United States Gypsum Company was incorporated on December 27, 1901, and is a subsidiary of USG Corporation. The company was formed by consolidating 30 gypsum and plaster companies. This resulted in forming the first nationwide gypsum company in the United States.
Today, the company is the largest distributor of wallboard in the United States and the largest manufacturer of gypsum products in North America. The company produces the popular SHEETROCK gypsum wallboard as well as the FIBEROCK Brand Panels and SECUROCK Brand Roof Board. The company operates 21 gypsum board plants in the United States and has 14 gypsum mines and quarries in the United States, Canada and Mexico.
To transport gypsum rock from various quarries, the company owns and operates a fleet of oceangoing cargo ships based in Bermuda.
On March 17, 1993, USG filed a pre-packaged bankruptcy petition that included a 50-to-1 reverse stock split. USG's stock dipped to 28 cents per share and the corporation emerged from bankruptcy 38 days later on May 6, 1993. The corporation's debt was reduced by $1.4 billion and interest costs dropped from $320 million per year to $170 million per year. The plan worked and USG re-emerged to be a highly profitable corporation.
USG once again declared bankruptcy on July 25, 2001 under Chapter 11 to manage the growing asbestos litigation costs. USG was the eighth company in an 18-month period that was forced to utilize Chapter 11 to resolve asbestos claims. In the prior two decades, 27 companies filed for protection under Chapter 11 because of asbestos litigation. Since 1994, U.S. Gypsum was named in more than 250,000 asbestos-related personal injury claims, and paid more than $450 million (before insurance) to manage and resolve asbestos-related litigation.IL-Illinois Mining and Related Manufacturing and Production Under $10 Bird Featured Eagle Featured