Continental Can Co., Inc. Deal - Lehman Brothers Collection
Continental Can Co., Inc.
|Company Deal||Continental Can Company, Inc.: 150,000 shares of $3.75 cumulative preferred stock|
|Transaction Type||Cumulative Preferred Stock|
|Deal Description||Continental Can Company, Inc., added the proceeds from this transaction to its general funds. The company anticipated using the funds to finance in part a program of capital improvements and additions when circumstances permitted. The company anticipated spending additional funds through its Canadian subsidiary to complete the construction of a can manufacturing plant at St. Laurent, Quebec. The company also contemplated constructing other can-manufacturing plants in the United States, including plants to replace those recently sold in Wheeling, Kansas City, and Canonsburg. In addition, the company planned to spend funds on new warehouse facilities at its manufacturing plants and for the manufacture of additional can- closing machinery. Additionally, the company anticipated expending funds for its program to increase its productive capacity by the installation of a number of fully automatic production lines, in some cases replacing semi-automatic equipment contained in some of the plants. This program was, at the time, suspended because of the war, but was expected to resume as soon as conditions improved. Finally, it was probable that the company and its subsidiaries may have, at a later date, built, or leased and equipped, further plants for the manufacture of metal and paper containers, crown caps, and plastic products.|
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