Johns Manville

added.

I mean, the object was not to make people fireproof or anything like that as, you know, Johns Manville made asbestos fire protective, you know, wall coverings and, you know, all these different things.

Right.

No, it was just talc and asbestos are chemically identical.

But then they had others that were struggling heavily, mostly tied to housing.

Johns Manville, Mitek, Shaw and Acme Brick saw profits drop from one point three billion down to three hundred and sixty two million due to the recession.

Although they were smart, even they're doing strategic bolt on acquisitions during the downturn.

Mitek bought five companies.

The first report, report of asbestosis in an American insulation worker came in 1933, though it is speculated the disease had simply been misdiagnosed as tuberculosis or other pulmonary diseases before then.

The Metropolitan Life Insurance Company found asbestosis in 29% of workers in a Johns Manville asbestos factory, leading to settlements and lawsuits filed by 11 sick employees.

In 1934, link between workplace asbestosis exposure and cancer discovered.

Researchers report cases of asbestosis and lung cancer in an asbestos factory.

Although greater production levels from the Canadian mines soon overtook European production, mining also took off in South Africa from 1893 under the aegis of the British businessman Francis Oates, the director of the De Beers Company, which we've talked about them before too.

It was in South Africa that the production of amosite began in 1910.

The US asbestos industry began in 1858 when fibrous anthophyllite was mined for use as asbestos insulation by the Johns Company, a predecessor to the current Johns Manville, at a quarry at Ward's Hill on Staten Island, New York.

US production began in earnest in 1899 with the sched- discovery of large deposits in Belvedere Mountain in Vermont.

And they own businesses directly exposed to the housing market.

Acme Brick, Shaw Carpet, Johns Manville Insulation, MyTech Building Products, and even Home Services of America, which is a massive real estate brokerage.

You would naturally assume they would be facing catastrophic write downs.

You would.

Acme Bricks saw pre-tax earnings decline 41 percent.

Oh, yeah.

Johns Manville was down 38 percent and Shaw Carpet fell 27 percent.

But the crucial takeaway for you, the listener, is the difference between an earnings recession and a balance sheet crisis.