National Can Corporation - Specimen Stock Certificate

Specimen Stock printed by American Bank Note Company. For many years, the National Can Corporation has held the position of the third largest can manufacturer within the container industry. However, due to its significantly smaller size compared to American Can and the Continental Group (approximately one-sixth of their size), National exhibits greater flexibility and responsiveness to industry changes. Nevertheless, in 1985, the company reported revenues exceeding $1.9 billion and was engaged in can production across more than 30 foreign nations.

Traditionally, the "big two" have regarded National Can with a sense of benign indifference. It maintained just enough market share (8% in contrast to 30% for American Can and Continental) to prevent anti-trust laws from being applied against American Can and Continental. However, this previously ambivalent relationship has evolved over the past two decades into a more competitive dynamic. In fact, National Can's growth rate surpasses that of all major can manufacturers, with the exception of Crown, Cork & Seal. Furthermore, it has achieved this growth with the reluctant support of American Can and Continental.

Most significant can customers prefer not to depend solely on a single container company; instead of pitting one competitor against another and risking the displeasure of both, clients typically allocate the majority of their can orders to either Continental or American Can, reserving the remainder for a smaller third party. Consequently, the fierce competition between American Can and Continental generates substantial business opportunities for National. The company also reaps benefits from the technological advancements of its competitors. Customers generally require that their cans be produced uniformly. This compels the larger can manufacturers, much to their dismay, to share their technology with smaller firms fulfilling the orders. This arrangement allows a corporation like National to save considerable amounts on research and development expenses.

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