8 started in 1957 and risen to the rank of vice president and branch manager. In March 1968, while he was assistant manager of the South Pasadena branch, Mr. Clearman first met Mr. Munro, who was manager of that branch. Mr. Clearman and Mr. Munro worked together at the South Pasadena branch for about a year and a half. By about 1975, UCIC's trade debt with its primary insulation supplier, Owens-Corning Fiberglass, was delinquent. Because of Owens-Corning's importance to UCIC, UCIC could not remain in business unless it avoided default on this debt. Mr. Munro persuaded Owens-Corning to restructure the payment terms on the debt. Then, by reducing overhead, returning some leased equipment, and closing unprofitable branch locations, he cut UCIC's expenses and increased its cash-flow. In this and other ways, Mr. Munro succeeded in having the Owens-Corning trade debt repaid in full and in putting UCIC on a sound operating footing. Mr. Munro was UCIC's and Alondra's primary spokesman for purchasing fiberglass insulation material and for negotiating prices and terms with Owens-Corning. This was because the president of Owens-Corning personally held him in high esteem. Whereas the industry payment term was generally 30 days, and 60 days for a large contractor, Owens-Corning's terms with Alondra and UCIC were 90 days with a 2-percent discount. Mr. Munro's good relations with Owens-Corning were a critical reason for Owens-Corning's granting such favorable terms. The 90-day-Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011