Printer Friendly

/REPEATING FROM MONDAY TO POINT NEEDING/ STRATEGIC SHIFT BEGUN YEARS AGO HAS MADE SPRINGS INDUSTRIES PRINCIPALLY A HOME FURNISHINGS COMPANY, CHAIRMAN TELLS SHAREOWNERS MEETING

 FORT MILL, S.C., April 19 /PRNewswire/ -- Springs Industries (NYSE: SMI) is principally a home furnishings company as a result of a strategic shift begun several years ago, Chairman and Chief Executive Officer Walter Y. Elisha told shareowners at their annual meeting here today.
 Approximately 65 percent of 1992 revenues were derived from the home furnishings business, and, more importantly, the home furnishings segment contributed 89 percent of the company's operating profit, Elisha said.
 Furthermore, he said, Springs is positioning itself for growth opportunities that will arise from passage of the North American Free Trade Agreement (NAFTA). Springs is a leading marketer of home furnishings in Canada as a result of two acquisitions in Canada during 1992, and free trade with Mexico will open a dynamic new market to Springs and many other U.S. manufacturers, Ean said.
 He reviewed 1992 achievements and the current state of the business:
 -- 65 percent of revenues are from businesses in which Springs holds
 the No. 1 or No. 2 U.S. market position;
 -- Product market position is supported by strong brand recognition;
 -- Springs has more sales per associate than any other public U.S.
 textile company;
 -- Springs is the world's largest source of fiberglass fabric;
 -- Capital spending and acquisitions each total $500 million since
 1979;
 -- Springs is recognized as one of Fortune magazine's "Most
 Admired Companies in the U.S.," and the company was featured once
 again in the business book "The 100 Best Companies to Work for In
 America."
 Among goals for the organization, Elisha said, Springs will strive for annual sales growth of seven percent and an annual return on equity of 13 percent.
 Shareholders elected Aldo Papone and Robin B. Smith to fill vacancies on the board created by the retirements of Donald N. Frey and Julius Lasnick, who were each honored for their years of service to Springs. Frey joined Springs' board in 1975. He is a professor of Northwestern University in Chicago and a retired chief executive officer of Bell & Howell Company. Lasnick, an executive vice president of Springs, joined the company through its acquisition of M. Lowenstein Corp. in 1985. He served most recently as president of textile production.
 Papone is a director and senior advisor to the American Express Company and retired chairman and chief executive officer of American Express Travel Related Services Company, Inc.
 Smith has served since 1981 as president of Publishers Clearing House and as chief executive officer of the company since 1988. Publishers Clearing House is the largest magazine subscription company in the world.
 Shareholders also approved reappointment of Deloitte & Touche as independent auditors for 1993.
 -0- 4/19/93 R
 /CONTACT: Robert E. Slough, Director-Public Relations, Springs Industries, Inc., 803-547-3738/
 (SMI)


CO: Springs Industries, Inc. ST: South Carolina IN: TEX SU:

SB -- CH007R -- 9471 04/22/93 12:46 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 22, 1993
Words:469
Previous Article:CUSTOMER REPRESENTATIVES AND LOUISVILLE GAS AND ELECTRIC COMPANY ANNOUNCE INNOVATIVE ENERGY-USE AGREEMENT
Next Article:ALLEN GROUP CHARACTERIZES FIRST QUARTER EARNINGS AND ANNOUNCES COMMON STOCK DIVIDEND AND ANNUAL MEETING RESULTS
Topics:


Related Articles
SPRINGS INDUSTRIES NEARS COMPLETION OF MAJOR RESTRUCTURING AND MODERNIZATION PROGRAM
AMERIWOOD TELLS SHAREOWNERS OF NEW PRODUCTS, NEW MARKETS CUSTOMER FOCUS
STRATEGIC SHIFT BEGUN YEARS AGO HAS MADE SPRINGS INDUSTRIES PRINCIPALLY A HOME FURNISHINGS COMPANY, CHAIRMAN TELLS SHAREOWNERS MEETING
SPRINGS INDUSTRIES REPORTS RECORD FOURTH QUARTER SALES AND EARNINGS
'Real' furniture, now.
Elmore joins Casual Lifestyles.
SPRINGS INDUSTRIES, INC. REPORTS HIGHER SALES AND EARNINGS; COMPLETES SALE OF CLARK-SCHWEBEL INDUSTRIAL FABRICS BUSINESS
SPRINGS INDUSTRIES ANNOUNCES EARNINGS
A MORE SUBDUED TONE IS PREDICTED FOR HIGH POINT PREMARKET INTRODUCTIONS.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters