23 Facts About USG Corporation

USG Corporation, known as United States Gypsum Corporation, is an American company which manufactures construction materials, most notably drywall and joint compound.

USG Corporation is the largest distributor of wallboard in the United States and the largest manufacturer of gypsum products in North America.

In June 2018, USG Corporation entered into an agreement to be purchased by the German building materials company Knauf.

In 1909, USG Corporation purchased the Sackett Plaster Board Company, inventor of Sackett Board, which was a panel made of multiple layers of plaster and paper.

In 1999, USG Corporation acquired Sybex, Inc the holding company for Beadex and Synkoloid.

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USG Corporation's operations remained healthy and profitable while it was in Chapter 11.

USG Corporation managed through the Great Recession, which hit the residential and commercial construction markets in mid-2006, by cutting costs and closing older, less efficient operations.

USG Corporation 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.

In 1992, USG moved its corporate headquarters from 101 South Wacker Drive to 125 S Franklin Street in Chicago, a site which it occupied until March 2007.

USG Corporation had its own entrance with a lobby and occupied the first nine floors exclusively and parts of the 11th floor.

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.

USG Corporation entered a 15-year lease, and occupied the building in early 2007.

In turn, USG Corporation agreed to maintain at least 500 full-time equivalent jobs at all times for a period of ten years at the new corporate headquarters.

USG Corporation has a large gypsum plant located 17 miles west of El Centro, California, along highway Interstate 8, at Plaster City.

USG Corporation operates an active narrow gauge railway, the last industrial narrow gauge railway in the United States.

USG Corporation purchased the line from the Pacific Portland Cement Company in 1946.

In December 2012, USG Corporation, was accused in a class action 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 Corporation stated that it did not participate, or engage in, any unlawful conduct.

USG Corporation immediately instituted a plan to buy back 20 percent of its common stock in an effort to fend off the takeover.

USG Corporation decided to fight this attempt by offering $42 per share plus a stub stock worth $7.

USG Corporation was the eighth company in an 18-month period that was forced to utilize Chapter 11 to resolve asbestos claims.

Under the agreement, USG Corporation would create a trust to pay asbestos personal injury claims.

USG Corporation announced a $900 million payment to the new trust was made that day and two subsequent payments totaling $3.