The reason for a business report this week is that American Can (nicknamed Canco) was at one time a giant factory in Fairport. Here it shows that sales were just under $2 billion for 1970. In the 1980s the company was sold a couple of times. That resulted in the factory in Fairport being closed in the early 1990s.

The picture shows a railroad derailment. Although the picture was in the newspaper, it didn’t even warrant a short news story.

Herald-Mail

Feb. 10, 1971

Canco Sales Set Record

Photo shows thirteen of the cars that jumped the track between Lincoln and Baird Roads last week. It took some time to get traffic moving again.

American Can Company today reported record sales and increased earnings for 1970. Consolidated net sales were $1,838,146,000. and net earnings were $65,893,000 for 1970 1970, as compared to sales of $1,783,729,000 and net earnings of $64,569,000 for 1969. Earnings per common share for the year amounted to $3.66 against $3.48 for 1969.

For the fourth quarter, the company reported net sales of $437,383,000 versus $421,468,000 in the same period a year ago. New income for the quarter was $6,644,000 against $8,845,000 in the same period the preceding year. Earnings per common share were 33 cents against 46 cents for the 1969 quarter.

The reduction in 1970 fourth quarter earnings was principally due to increased federal income taxes resulting from the repeal of the 7 percent investment credit. Income before taxes for the 1970 period was $13,359,000, as compared to $13,841,000 for 1969.

The 1970 fourth quarter earnings were also reduced by lower sales of beverage containers, higher interest coasts and a 17-week strike at one of the company’s printing locations.

William F. May, chairman and president, said that sales gains were reported for 1970 in all three of the company’s business areas — Packaging, Consumer and Service Industries and Venture Businesses and that the increased earnings for the year were produced in spite of higher federal income taxes resulting from the repeal of the 7 percent investment credit as partially offset by the reduced surtax. Earnings before income taxes were $135,758,000 for 1970, as compared with $125,730,000 for 1969, an increase of 8.0 percent.