USG Corporation, also known as United States Gypsum Corporation, is an American company which manufactures construction materials, most notably
drywall and
joint compound
Joint compound (also known as drywall compound, drywall mud, or mastic) is a white powder of primarily gypsum dust mixed with water to form a paste the consistency of cake frosting, which is used with paper or fiber ''joint tape'' to seal jo ...
. The company is the largest distributor of
wallboard
Drywall (also called plasterboard, dry lining, wallboard, sheet rock, gypsum board, buster board, custard board, and gypsum panel) is a panel made of calcium sulfate dihydrate (gypsum), with or without additives, typically extruded between thick ...
in the United States and the largest manufacturer of
gypsum
Gypsum is a soft sulfate mineral composed of calcium sulfate dihydrate, with the chemical formula . It is widely mined and is used as a fertilizer and as the main constituent in many forms of plaster, blackboard or sidewalk chalk, and drywall. ...
products in North America. It is also a major consumer of synthetic gypsum, a byproduct of
flue-gas desulfurization
Flue-gas desulfurization (FGD) is a set of technologies used to remove sulfur dioxide () from exhaust flue gases of fossil-fuel power plants, and from the emissions of other sulfur oxide emitting processes such as waste incineration.
Methods
...
. Its corporate offices are located at 550 West Adams Street in
Chicago
(''City in a Garden''); I Will
, image_map =
, map_caption = Interactive Map of Chicago
, coordinates =
, coordinates_footnotes =
, subdivision_type = Country
, subdivision_name ...
,
Illinois
Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. Its largest metropolitan areas include the Chicago metropolitan area, and the Metro East section, of Greater St. Louis. Other smaller metropolita ...
.
Together with other construction products, USG's most significant brands are:
:* Sheetrock Brand Gypsum Panels
:* Securock Brand Glass-Mat Sheathing
:* Sheetrock Brand All Purpose Joint Compound
In December 2013,
Warren Buffett
Warren Edward Buffett ( ; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net w ...
's
Berkshire Hathaway became the largest shareholder in the company (holding roughly 30%) when it converted USG convertible notes it had acquired in 2008 to common stock.
In June 2018, USG entered into an agreement to be purchased by the German building materials company
Knauf
Knauf Gips KG is a multinational, family-owned company based in Iphofen, Germany, well known for drywall gypsum boards, founded in 1932. The company is a producer of building materials and construction systems comprising construction materials for ...
. The deal closed in April 2019.
In 2020, it was referenced in the movie ''
Nomadland
''Nomadland'' is a 2020 American drama film written, produced, edited and directed by Chloé Zhao. Based on the 2017 nonfiction book '' Nomadland: Surviving America in the Twenty-First Century'' by Jessica Bruder, it stars Frances McDormand ...
''.
History
In the 1890s, gypsum manufacturers perfected a method of strengthening
plaster
Plaster is a building material used for the protective or decorative coating of walls and ceilings and for Molding (decorative), moulding and casting decorative elements. In English, "plaster" usually means a material used for the interiors of ...
by adding a retarder, which controlled the setting time, thus creating a viable competitor to traditional lime plaster. Because gypsum was plentiful, and available at a relatively low price, and because the manufacturing process was so simple, new firms flooded and fragmented the market, placing constant downward pressure on prices.
On December 27, 1901, 30 gypsum and plaster companies merged to form the ''United States Gypsum Company'', resulting in the creation of the first nationwide gypsum company in the United States. The new company combined the operations of 37 mining and calcining plants producing agricultural and construction plaster.
In 1909, USG purchased the Sackett Plaster Board Company, inventor of Sackett Board, which was a panel made of multiple layers of plaster and paper. By 1917, a new manufacturing process produced boards with a single layer of plaster and paper that could be joined flush along a wall with a relatively smooth surface. Originally called Adamant Panel Board, the product became known as Sheetrock in 1917.
By the 1930s, the company's policy of diffusion of manufacturing facilities, vertical integration and product diversification allowed it to operate profitably every year during the
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...
. The
1933 Chicago World’s Fair featured buildings made almost entirely out of SHEETROCK panels, which led to the brand's first major advertising campaign.
The 1950s and 1960s saw expansion into Mexico and other international markets.
Recession and its effect on the bottom line dominated the 1980s and led to a restructuring of the company. On January 1, 1985, USG Corporation was formed as a holding company a
reverse merger
A reverse takeover (RTO), reverse merger, or reverse IPO is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public. Sometimes, conversely, the public compan ...
in which United States Gypsum Company became one of just nine operating subsidiaries.
In the mid- to late-1990s, the company invested in a significant expansion of its manufacturing network, adding new high-speed wallboard manufacturing operations in Rainier, OR, Bridgeport, AL, and Aliquippa, PA. Other existing operations were substantially rebuilt or modernized, including the wallboard manufacturing plant in
East Chicago, Indiana.
In 1999, USG acquired Sybex, Inc. the holding company for Beadex (a competing joint compound manufacturer) and Synkoloid.
Other USG subsidiaries at the time included Alabaster Assurance Company, CGC, Donn Products, Exploracion de Yeso, Grupo Yeso, Gypsum Engineering, H & B Gypsum, L&W Supply, La Mirada Products Co., Inc, Red Top Technology, and Yeso Panamericano.
In 2001, the company entered Chapter 11 bankruptcy proceedings to resolve legacy asbestos lawsuits. Asbestos was a minor ingredient in some specialty products that the company had stopped selling almost 40 years earlier, in the 1970s. The company's operations remained healthy and profitable while it was in Chapter 11. When the bankruptcy was completed in 2006, all creditors were repaid in full and USG shareholders retained equity in the company. In a ''
Wall Street Journal
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
'' article dated February 15, 2006, Warren Buffett said, "It's the most successful managerial performance in bankruptcy that I've ever seen." A $3.95 billion trust was created to handle all existing and potential future asbestos
lawsuits
-
A lawsuit is a proceeding by a party or parties against another in the civil court of law. The archaic term "suit in law" is found in only a small number of laws still in effect today. The term "lawsuit" is used in reference to a civil actio ...
, thus permanently resolving the asbestos litigation issue.
USG managed through the
Great Recession
The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At ...
, which hit the residential and commercial construction markets in mid-2006, by cutting costs and closing older, less efficient operations. William C. Foote, the company's CEO for almost 20 years, retired in 2010, and 30-year USG veteran James S. Metcalf was elected Chairman, President and CEO. Metcalf implemented the company's "Plan to Win" which involved strengthening its core manufacturing operations and L&W Supply distribution business, diversifying sources of revenues and profitability, and differentiating the company from competitors through innovative products and services. The company returned to profitability in the first quarter of 2013, posting net earnings of $2 million, followed by $26 million in net income in the second quarter of 2013.
Corporate structure
USG Corporation has the following significant subsidiaries:
* United States Gypsum Company
:* USG Interiors, LLC
:* Otsego Paper, Inc
* USG Foreign Investments, Ltd
:* CGC Inc.
:* USG Latin America, LLC
::* USG Holding de Mexico S.A. de C.V.
:::* USG Mexico S.A. de C.V.
Corporate headquarters building
In 1992, USG moved its corporate headquarters from 101 South
Wacker Drive
Wacker Drive is a major multilevel street in Chicago, Illinois, running along the south side of the main branch and the east side of the south branch of the Chicago River in the Loop.Hayner, Don and Tom McNamee, ''Streetwise Chicago'', "Wacker D ...
to 125 S. Franklin Street in Chicago, a site which it occupied until March 2007. Known as the USG building, the structure is part of the dual-tower
AT&T Corporate Center, which was completed in 1989. The building was designed by Adrian D. Smith, FAIA, RIBA Design Partner at
Skidmore, Owings & Merrill
Skidmore, Owings & Merrill (SOM) is an American architectural, urban planning and engineering firm. It was founded in 1936 by Louis Skidmore and Nathaniel A. Owings, Nathaniel Owings in Chicago, Illinois. In 1939, they were joined by engineer Jo ...
and constructed by Morse Diesel within its $110 million construction budget. The USG building is tall and houses 35 floors and of space, including of retail, a 650-seat restaurant expansion, and two levels of below-grade parking for 160 cars. USG had its own entrance with a lobby and occupied the first nine floors exclusively and parts of the 11th floor. Italian marble is used as cladding and also in the highly ornate interior. The interior also features gold leaf and satin-finish brown and American oak wood trim. Parts of the building lobbies were used in the filming of the 1994 film,
''Ri¢hie Ri¢h''.
In 2005, USG announced it would not be renewing its lease at the 125 S. Franklin Street building and instead would move to a new building at 550 W. Adams developed by Fifield Companies. The base building architect is De Stefano + Partners, with The Environments Group providing the interior space design and construction. USG entered a 15-year lease, and occupied the building in early 2007. The new building is occupied 65% by USG and 10% by
Humana Inc. As an incentive for USG to remain in the downtown Chicago area, the city of Chicago created a redevelopment agreement that contributed $6.5 million to the construction of the new building.
In turn, USG agreed to maintain at least 500 full-time equivalent jobs at all times for a period of ten years at the new corporate headquarters.
Manufacturing and mining facilities
Gypsum wallboard manufacturing facilities are reported to the SEC based on the extent to which the gypsum they use comes from synthetic or natural sources.
Plaster City, California facility
USG has a large gypsum plant located west of
El Centro, California, along highway
Interstate 8
Interstate 8 (I-8) is an Interstate Highway in the southwestern United States. It runs from the southern edge of Mission Bay at Sunset Cliffs Boulevard in San Diego, California, almost at the Pacific Ocean, to the junction with I-10, ...
, at
Plaster City. The Plaster City location makes Sheetrock brand gypsum panels. The gypsum is mined from a
quarry
A quarry is a type of open-pit mine in which dimension stone, rock, construction aggregate, riprap, sand, gravel, or slate is excavated from the ground. The operation of quarries is regulated in some jurisdictions to reduce their envi ...
located to the north, in the
Fish Creek Mountains
The Fish Creek Mountains are a mountain range in Lander County, Nevada
Nevada ( ; ) is a U.S. state, state in the Western United States, Western region of the United States. It is bordered by Oregon to the northwest, Idaho to the northeast, ...
of
Imperial County
Imperial Count (german: Reichsgraf) was a title in the Holy Roman Empire. In the medieval era, it was used exclusively to designate the holder of an imperial county, that is, a fief held directly ( immediately) from the emperor, rather than from ...
. The quarry is estimated to contain a deposit of 25 million tons of gypsum.
USG operates an active
narrow gauge railway
A narrow-gauge railway (narrow-gauge railroad in the US) is a railway with a track gauge narrower than standard . Most narrow-gauge railways are between and .
Since narrow-gauge railways are usually built with tighter curves, smaller structur ...
, the last
industrial
Industrial may refer to:
Industry
* Industrial archaeology, the study of the history of the industry
* Industrial engineering, engineering dealing with the optimization of complex industrial processes or systems
* Industrial city, a city dominate ...
narrow gauge railway in the United States. The gauge line runs north for from the plant at Plaster City (formerly known as ''Maria'') to the gypsum quarry. The line hauls gypsum rock from the quarry to the plant.
The line was originally built by the
Imperial Gypsum Company Railroad and was owned by the Imperial Valley Gypsum and Oil Corporation. The railroad built from the
San Diego & Arizona Railway
The San Diego and Arizona Railway was a short line U.S. railroad founded by entrepreneur John D. Spreckels, and dubbed "The Impossible Railroad" by engineers of its day due to the immense logistical challenges involved. It linked San Diego, i ...
at Plaster City to the quarry. Surveying commenced in April 1921, grading on October 3, 1921 and construction was completed on September 15, 1922. Commercial operation commenced on October 14, 1922. The total length of the line was . Two years after completion of the line (1924), the track was sold to the
Pacific Portland Cement Company
The Pacific Ocean is the largest and deepest of Earth's five oceanic divisions. It extends from the Arctic Ocean in the north to the Southern Ocean (or, depending on definition, to Antarctica) in the south, and is bounded by the continen ...
.
USG purchased the line from the Pacific Portland Cement Company in 1946. In 1947, the first diesel engine was operated on the line.
The USG plant at Plaster City is currently served by the
Union Pacific Railroad
The Union Pacific Railroad , legally Union Pacific Railroad Company and often called simply Union Pacific, is a freight-hauling railroad that operates 8,300 locomotives over routes in 23 U.S. states west of Chicago and New Orleans. Union Paci ...
(UP).
Significant events
Antitrust cases
;Criminal
In 1973, six wallboard manufacturers (including USG) were charged with violating §1 of the
Sherman Act
The Sherman Antitrust Act of 1890 (, ) is a United States antitrust law which prescribes the rule of free competition among those engaged in commerce. It was passed by Congress and is named for Senator John Sherman, its principal author.
Th ...
during the period 19601973, through engaging in a combination and conspiracy in restraint of interstate trade and commerce in the manufacture and sale of gypsum board. In July 1975, after the jury was committed to deliberate, it became apparent that the jury was heading for a deadlock. Defense counsel moved for a mistrial, but the trial judge denied the request, although he indicated that, if no verdict were rendered by the end of the week, he would then reconsider the mistrial motions. The following morning, the jury returned guilty verdicts against each of the defendants.
The
Court of Appeals for the Third Circuit
The United States Court of Appeals for the Third Circuit (in case citations, 3d Cir.) is a federal court with appellate jurisdiction over the district courts for the following districts:
* District of Delaware
* District of New Jersey
* East ...
reversed the convictions, and that ruling was subsequently affirmed by the
United States Supreme Court
The Supreme Court of the United States (SCOTUS) is the highest court in the federal judiciary of the United States. It has ultimate appellate jurisdiction over all U.S. federal court cases, and over state court cases that involve a point o ...
on the grounds that:
#The trial judge's instruction to the jury was improper, as it emphasized a presumption of wrongful intent, rather than concentrating on verifying the defendant's state of mind through evidence and inferences drawn therefrom. In that regard, the ''
Sherman Act
The Sherman Antitrust Act of 1890 (, ) is a United States antitrust law which prescribes the rule of free competition among those engaged in commerce. It was passed by Congress and is named for Senator John Sherman, its principal author.
Th ...
'' does not create a regime of
strict liability
In criminal and civil law, strict liability is a standard of liability under which a person is legally responsible for the consequences flowing from an activity even in the absence of fault or criminal intent on the part of the defendant.
...
.
#A good faith belief, rather than an absolute certainty, that a price concession is being offered to meet an equally low price offered by a competitor suffices to invoke the defense available under § 2(b) of the ''
Clayton Act''.
#The ''
ex parte'' meeting between the trial judge and the jury foreman was improper, and the Court of Appeals would have been justified in reversing the convictions solely because of the risk that the foreman believed the judge was insisting on a dispositive verdict.
#The trial judge's charge concerning participation in the conspiracy, although perhaps not completely clear, was sufficient, but his charge on withdrawal from the conspiracy was erroneous.
;Civil
In 1940, the U.S. Justice Department filed suit against USG and six other wallboard manufacturers, charging them with price fixing under §§ 1 and 2 of the Sherman Act. The claim stemmed from US Gypsum's 1929 cross-licensing agreements for its patented wallboard, which set prices at which the wallboard must be sold. In 1950 the Supreme Court forced US Gypsum and its six licensees who produced all of the wallboard sold east of the Rocky Mountains to cease setting prices, and US Gypsum was enjoined from exercising its patent-licensing privilege.
During 19691974 in the
, a series of civil antitrust cases were heard that came to be known as ''In re Gypsum Antitrust Cases''. As a result, USG (together with
National Gypsum Company National Gypsum Company is a company based in Charlotte, North Carolina, that produces drywall gypsum boards in the US. It has 17 gypsum board plants in the US and presents itself as a fully integrated building products manufacturer. It is a private ...
and
Kaiser Gypsum Company
''Kaiser'' is the German word for "emperor" (female Kaiserin). In general, the German title in principle applies to rulers anywhere in the world above the rank of king (''König''). In English, the (untranslated) word ''Kaiser'' is mainly ap ...
) were found to have violated § 1 of the Sherman Act for conspiring to establish and maintain prices of gypsum wallboard.
In December 2012, USG (together with
National Gypsum National Gypsum Company is a company based in Charlotte, North Carolina, that produces drywall gypsum boards in the US. It has 17 gypsum board plants in the US and presents itself as a fully integrated building products manufacturer. It is a private ...
,
Lafarge North America
La Farge, LaFarge or Lafarge can refer to:
People
* Antoinette LaFarge (1966–), American artist and writer
* Christopher Grant LaFarge (1862–1938), American architect and partner in the firm Heins & LaFarge
* Christopher Grant La Farge ...
and
Georgia-Pacific
Georgia-Pacific LLC is an American pulp and paper company based in Atlanta, Georgia, and is one of the world's largest manufacturers and distributors of tissue, pulp, paper, toilet and paper towel dispensers, packaging, building products and r ...
), was accused in a
class action
A class action, also known as a class-action lawsuit, class suit, or representative action, is a type of lawsuit where one of the parties is a group of people who are represented collectively by a member or members of that group. The class actio ...
for allegedly violating federal antitrust laws, through raising prices on drywall products by as much as 35 percent, as well as halting a longstanding practice of letting customers lock in prices for the duration of a construction project. USG stated that it did not participate, or engage in, any unlawful conduct.
Hostile takeover attempts
In November 1986 the Belzberg brothers of Canada attempted a
hostile takeover of USG. USG immediately instituted a plan to buy back 20 percent of its common stock in an effort to fend off the takeover. By December 1986, however, USG had purchased
Samuel
Samuel ''Šəmūʾēl'', Tiberian: ''Šămūʾēl''; ar, شموئيل or صموئيل '; el, Σαμουήλ ''Samouḗl''; la, Samūēl is a figure who, in the narratives of the Hebrew Bible, plays a key role in the transition from the bibl ...
, William, and Hyman Belzberg's 4.9 percent stake, for $139.6 million.
In October 1987,
Texas
Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...
oilman Cyril Wagner Jr. and Jack E. Brown, through Desert Partners, LP, attempted a hostile takeover of USG, buying 9.84% of USG's outstanding stock. USG decided to fight this attempt by offering $42 per share ($37 in cash and $5 in
pay in kind debenture) plus a stub stock worth $7. Desert Partners was unable to match the offer and lost the
proxy fight
A proxy fight, proxy contest or proxy battle (sometimes even called a proxy war) is an unfriendly contest for the control over an organization. The event usually occurs when a corporation's stockholders develop opposition to some aspect of the corp ...
at a shareholder's meeting. To pay for the offer, USG took a
poison pill by borrowing $1.6 billion from 135 banks, and issuing $600 million in 13.25% subordinated debentures due in 2000 and $260 million in 16% pay-in-kind debentures due in 2008. To help pay for all the new debt, USG sold off:
:* subsidiaries Castlegate, A. P. Green,
Masonite
Masonite is a type of hardboard, a kind of engineered wood, which is made of steam-cooked and pressure-molded wood fibers in a process patented by William H. Mason. It is also called Quartrboard, Isorel, hernit, karlit, torex, treetex, and pr ...
,
DAP
DAP or Dap may refer to:
Science
* DAP (gene), human gene that encodes death-associated proteins, which mediate programmed cell death
* Diamidophosphate, phosphorylating compound
* Diaminopimelic acid, amino acid derivative of lysine
* Diamin ...
, and
Wiss, Janney, Elstner Associates, Inc.
Wiss, Janney, Elstner Associates, Inc. (WJE) is an American corporation of architects, engineers, and materials scientists specializing in the investigation, analysis, testing, and design of repairs for historic and contemporary buildings and stru ...
:* its construction metals plants, a paper-bag plant, and a lime plant
:* its headquarters building at 101 South
Wacker Drive
Wacker Drive is a major multilevel street in Chicago, Illinois, running along the south side of the main branch and the east side of the south branch of the Chicago River in the Loop.Hayner, Don and Tom McNamee, ''Streetwise Chicago'', "Wacker D ...
in Chicago and its corporate jets,
and instituted large workforce reductions.
The sell-off and workforce reduction of 7% were not enough to allow USG to service the debt payments ($800,000 per day) in the economic downturn. The poison pill was too much for the corporation to survive.
Bankruptcy
On March 17, 1993, USG filed a pre-packaged
bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...
petition that included a 50-to-1 reverse
stock split
A stock split or stock divide increases the number of shares in a company. For example, after a 2-for-1 split, each investor will own double the number of shares, and each share will be worth half as much.
A stock split causes a decrease of mark ...
. 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 profitable corporation.
USG once again declared bankruptcy on June 25, 2001, under
Chapter 11 to manage the growing
asbestos
Asbestos () is a naturally occurring fibrous silicate mineral. There are six types, all of which are composed of long and thin fibrous crystals, each fibre being composed of many microscopic "fibrils" that can be released into the atmosphere b ...
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. USG received more than 22,000 new claims since the beginning of 2001. USG's asbestos personal injury costs (before insurance) rose from $30 million in 1997 to more than $160 million in 2000, and were expected to exceed $275 million in 2001.
On February 17, 2006, USG announced a Joint Plan of Reorganization to emerge from bankruptcy.
Under the agreement, USG would create a
trust
Trust often refers to:
* Trust (social science), confidence in or dependence on a person or quality
It may also refer to:
Business and law
* Trust law, a body of law under which one person holds property for the benefit of another
* Trust (bus ...
to pay asbestos
personal injury
Personal injury is a legal term for an injury to the body, mind or emotions, as opposed to an injury to property. In common law jurisdictions the term is most commonly used to refer to a type of tort lawsuit in which the person bringing the suit (t ...
claims. USG's bank lenders, bondholders and trade suppliers would be paid in full with interest. Stockholders would retain ownership of the company. To pay for the trust USG would use cash it had accumulated during the bankruptcy, new long-term debt, a tax rebate from the federal government, and an innovative rights offering. Existing USG stock owners would be issued rights to buy new USG stock at a set price of $40 per share. These rights could be exercised or sold. The $1.8 billion rights offering would be backstopped by
Berkshire Hathaway Inc., meaning Berkshire Hathaway would buy all the new shares not bought. For the service, USG would pay Berkshire Hathaway a $67 million non-refundable fee.
On June 20, 2006, USG announced their Joint Plan of Reorganization was confirmed by two judges for the
United States Bankruptcy Court
United States bankruptcy courts are courts created under Article I of the United States Constitution. The current system of bankruptcy courts was created by the United States Congress in 1978, effective April 1, 1984. United States bankruptcy c ...
and the
United States District Court for the District of Delaware
The United States District Court for the District of Delaware (in case citations, D. Del.) is the Federal district court having jurisdiction over the entire state of Delaware. The Court sits in Wilmington. Currently, four district judges and fi ...
, allowing the company to complete the bankruptcy case and emerge from bankruptcy. USG announced a $900 million payment to the new trust was made that day and two subsequent payments totaling $3.05 billion would be made within the next 12 months if
Congress
A congress is a formal meeting of the representatives of different countries, constituent states, organizations, trade unions, political parties, or other groups. The term originated in Late Middle English to denote an encounter (meeting of a ...
failed to enact legislation establishing a national asbestos personal injury trust fund, such as the FAIR Act.
References
Citations
Book references
*
*
*
*
*
Web references
2011 Annual Report on Form 10-K*
*
External links
{{DEFAULTSORT:Usg Corporation
Building materials companies of the United States
Asbestos
Industrial railroads in the United States
Rail transportation in California
Narrow gauge railroads in California
Manufacturing companies based in Chicago
Manufacturing companies established in 1901
Companies formerly listed on the New York Stock Exchange
Companies that filed for Chapter 11 bankruptcy in 1993
Companies that filed for Chapter 11 bankruptcy in 2001
2019 mergers and acquisitions
American subsidiaries of foreign companies