List of Deals
- 1969 warrants to purchase 729,222 shares of common stock expiring December 1, 1978
- 1971 500,000 shares common stock
- 1973 exchange offer 6 3/4% convertible subordinated debentures
The Fibreboard Corporation was incorporated on November 20, 1917, in Delaware as the Paraffine Companies, Inc., as the consolidation of the following companies: Economy Paper Company, Northern Board & Paper Mills, Coast Waste Products Company, Crescent Boxboard Company, Southern Board & Paper Mills, R.W. Pridham Company, California Paper & Board Mills, and the Paraffine Paint Company.
In November 1927 Fibreboard merged several properties that it owned and that were used in the manufacture of paperboard with similar properties owned by National Paper Products Company of California to create a 50 percent owned affiliate named Fibreboard Products. Years later, in 1956, the other 50 percent was acquired from Crown Zellerbach Corporation for $37.8 million.
During 1927 Fibreboard sold machinery used in the manufacture of printing ink to the California Ink Company in exchange for stock in the company. In September 1928 Fibreboard purchased all of the capital stock of Plant Rubber & Asbestos Works and in 1929 it acquired the entire stock of Cott-a-lap Company.
Fibreboard merged with the Schumacher Wall Board Corporation, an affiliate, in April 1946, issuing 15,000 shares of common stock in exchange for Schumacher's 45,000 shares. In April 1951 Fibreboard purchased all of the stock of Pacific Roofing and dissolved the company in June 1953.
On November 1, 1950, the company name was changed to Pabco Products Inc., and on May 1, 1956, it was changed once again to Fibreboard Paper Products Corporation. The name Fibreboard Corporation was adopted on June 29, 1966.
Sales for Fibreboard grew to $127.4 million with net income of $5.9 million in 1956. The company sold a floor-covering plant at Metuchen, New Jersey, in 1957 as well as carton and container plants in Philadelphia and Baltimore. It also discontinued floor-covering operations in Emeryville, California, in 1961.
In the 1960s Fibreboard began to expand into the lumber business through several acquisitions. In 1965 Fibreboard acquired Lorenz Lumber Company and Cloverdale Plywood Company, both of California. It also purchased assets of Clear Fir Sales Company, a national distributor of plywood and lumber products, and a 50 percent interest in Pickering Lumber Corporation. Fibreboard bought the mill facilities of Douglas Lumber Company of Truckee, California, in 1967 on a long-term lease arrangement, and it also sold three of its four gypsum plants and quarries. Fibreboard added several other lumber companies in 1969 when it bought the following five companies: Green Valley Lumber Inc., Sequoia Pine Mills, Bate Plywood Company, Merlin Forest Products, and S.H. & W. Lumber Company.
In 1971 Fibreboard acquired Round Prairie Lumber Company, and in June 1971 it added Clear Fir Products, both of Oregon. It sold what remained of its gypsum operations in May 1972, and in June 1972 Fibreboard acquired the assets of Corban Industries of Tampa, Florida, a pipe manufacturer.
By 1972 sales were $217.2 million and net income was $13.4 million with 5,800 employees. Fibreboard had evolved into a business manufacturing and selling paperboard and packaging products. It was also engaged in the manufacture and sale of lumber, plywood, and high-temperature industrial insulators as well as in developing land for housing.
In 1974 Fibreboard collaborated with the State of California to reduce pollution from one of its paper mills. Fibreboard issued tax-exempt bonds with the California Pollution Control Financing Authority, a California governmental agency. The bonds fund construction of a facility to control air and water pollution at Fibreboard’s San Joaquin pulp and paper mill near Antioch, California. The CPCFA built the facility, which was then sold to Fibreboard Corporation upon completion.