[Congressional Record Volume 157, Number 156 (Tuesday, October 18, 2011)]
[Senate]
[Pages S6658-S6659]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   TRIBUTE TO LOUISVILLE PLATE GLASS

  Mr. McCONNELL. Mr. President, I rise today to pay tribute to a native 
Louisville business that is celebrating its 100th anniversary this 
year, Louisville Plate Glass, and the company's owner, my good friend, 
Bill Stone. Louisville Plate Glass specializes in custom glass products 
such as laminated and insulated glass and was founded in 1911. The 
company is among an elite group of Louisville firms that have survived 
100 years of business success.
  Louisville Plate Glass has been hit hard by the struggling economy 
and faltering housing market that we are all familiar with, due to its 
close attachment to the real estate industry. Owner Bill Stone, 75, 
reclaimed ownership of the business in 2009 in order to ensure the 
business stays afloat. At the time, Bill was a partner in parent 
company United Glass Corp. when it announced its plans to sell 
Louisville Plate Glass to consolidate the company's business into other 
holdings outside the State.
  Bill's pride took control however, and he decided to trade in a 
portion of his shares in United Glass Corp. to independently reacquire 
Louisville Plate Glass. ``It's not about money,'' Bill said. ``It's 
about pride now. It's about making it a success again.'' Bill says he 
is taking a ``survive-and-advance'' strategy with the business until 
the real estate market picks up again, and he rarely takes a salary 
from the company to further help company profits.
  Louisville Plate Glass has recently had major projects at William 
Paterson University in Wayne, N.J., and also an outlet mall in New 
Hampshire, and Bill is optimistic that the real-estate industry will 
pick up soon and the business will grow. The company is also 
responsible for work on other notable projects in my hometown of 
Louisville, including Churchill Downs, the Humana Building, Louisville 
Slugger Field, Preston Pointe, and the University of Louisville Medical 
Faculty Building.
  Bill is currently flirting with the idea of adding a tempering plant 
to grow the business. He says there is a ``50-50'' chance that he will 
invest in the new plant, which would add 20 employees and would bring 
in-house the production of safety and architectural glass work that is 
currently outsourced. The new plant would require several million 
dollars in investment, and Bill says his decision will be based upon 
whether he can secure State or local funding for the project.
  ``I take a great deal of pride in this business,'' says Bill, as he 
is determined to protect the 30 employees currently working at the 
company's headquarters on West Broadway. For anyone who is concerned 
with surviving the current down economy in similar fashion, Bill has 
three suggestions: always keep a strong balance sheet with cash 
reserves even when times are good, build the best product and provide 
the best service and the money will follow, and finally, answer every 
client phone call and customers will take notice.
  Mr. President, I would ask all of my Senate colleagues to join me in 
congratulating Louisville Plate Glass as it celebrates its 100th 
anniversary. Owner Bill Stone's wisdom and effective business practices 
will, I hope, provide the company with great opportunities for success 
moving forward. Louisville Plate Glass is an inspiration to the 
businesses of Louisville and the people of Kentucky, and it is my hope 
the company will continue to prosper in the years to come. The 
Louisville publication, Business First, recently published an article 
recognizing the company's accomplishments over the past 100 years. I 
ask unanimous consent that the full article appear in the Record as 
follows.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:

                  [From Business First, Aug. 26, 2011]

    Louisville Plate Glass Strives to Survive as It Marks Its 100th 
                              Anniversary

                             (By Ed Green)

       Louisville Plate Glass Co. owner Bill Stone admits that he 
     should be celebrating a major milestone.
       His business, which traces its roots to 1911, is among an 
     elite group of Louisville firms to last 100 years.
       Stone, a longtime Louisville businessman, recognizes the 
     achievement and said he is proud the firm has lasted this 
     long. But he's not exactly jumping for joy. Louisville Plate 
     Glass produces custom glass products, designing and 
     assembling products such as insulated and laminated glass.
       Its business is closely attached to the commercial real 
     estate industry, so the company has seen declining business 
     in recent years as real-estate development and construction 
     practically halted, he said.


                            Back In Business

       That's one reason Stone, 75, took back ownership of the 
     business in 2009 from Louisville-based United Glass Corp., a 
     partnership in which he was involved.
       Now, he said, he is working to get the business back on its 
     feet and protect the about 30 jobs remaining at the company's 
     headquarters and plant on West Broadway.
       ``In our 100th year, we're taking a licking but keep on 
     ticking,'' Stone said.
       He declined to say whether the business remains profitable 
     but said sales are in the ``mid-seven figures'' range and 
     about 40 percent of the record levels set in 2007.
       Employment has dropped from its peak of about 50, but none 
     of the job cuts has come from layoffs.

[[Page S6659]]

       Stone, who has been taking a salary from the business only 
     rarely, said he doesn't want to sound like the situation is 
     dire. But the last few years have been tough, he said.
       ``I feel a great deal of pride in the business,'' he said, 
     adding that he could have retired with the money he earned 
     from the business and other investments.
       Instead, in 2009, he traded in a portion of his shares in 
     United Glass, a company he helped found that owned several 
     glass businesses, to re-acquire Louisville Plate. He declined 
     to disclose the value of the sale, which was a cashless 
     transaction, he said.
       Stone's decision, he said, came after his partners said 
     they were considering closing Louisville Plate Glass and 
     consolidating its business into other holdings outside the 
     state.
       The partners sold the other United Glass assets earlier 
     this year to Florida-based private-equity firm Sun Capital 
     Partners Inc. for an undisclosed amount, and Stone now is 
     involved only in Louisville Plate Glass, he said.
       Officials with United Glass could not be reached for 
     comment.
       Stone said he is taking a ``survive-and-advance'' strategy 
     with his business until commercial real estate picks up.
       ``It's not about money,'' he said. ``It's about pride now. 
     It's about making it a success again.''


                   Business Starting to Pick Up Again

       Stone said that although there is no clear end in sight to 
     the recession's impact on the real estate industry, he is 
     optimistic that business will return.
       The company recently had major projects at William Paterson 
     University in Wayne, N.J., and at an outlet mall in New 
     Hampshire.
       Stone said much of the work in the past couple of years has 
     come from the public sector, but he is starting to see more 
     plans coming together for private commercial real estate 
     projects.
       There also is a lot of interest in improving the efficiency 
     of windows, which is one of the company's niches.
       And Louisville Plate Glass has started selling fire-rated 
     glass that acts as a barrier to heat and is required in many 
     large buildings, such as schools, hospitals and public 
     institutions.


                         Opportunity for Growth

       Stone has not decided whether he will invest in growth but 
     said the chances are about ``50-50'' that he will add a 
     tempering plant to his Louisville operation.
       The project would require an investment of several million 
     dollars and would add about 15 to 20 employees.
       The plant would bring in-house the work, which creates 
     safety and architectural glass through heat treatments. The 
     company currently outsources the tempering work.
       Stone said his decision likely will be based on whether he 
     can secure state or local incentives for the project. He 
     added that he has not yet sought help.
       ``I just haven't decided if, at this point in my career, I 
     want to make that kind of investment.''


                            Notable Projects

       The following local structures have used Louisville Plate 
     Glass Co.'s products:
       Churchill Downs
       Fleur de Lis condominiums
       The Green Building
       The Humana Building
       Louisville Slugger Field
       Preston Pointe
       University of Louisville Medical Faculty Building


           Three Tips to Help Make it Through the Tough Times

       Bill Stone offered these suggestions for how small 
     companies can survive when business is off and profits are 
     down.
       1. Don't take all the profit out of a business when times 
     are good. Make sure the business keeps a strong balance sheet 
     with cash reserves. ``Almost every mistake can be traced to 
     instant-gratification desires,'' Stone said.
       2. ``It sounds trite, but build the best product and 
     provide the best service, and the money will follow,'' he 
     said, adding that young businesses often are too focused on 
     the bottom line.
       3. Answer all phone calls, letters and other forms of 
     communication promptly, and clients will take note. ``Do not 
     screen calls,'' he said, adding that staff at his office 
     never asks callers who they are. Instead, he said, he takes 
     all calls if he is available.

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