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SPRINGS INDUSTRIES CHAIRMAN TELLS ANNUAL MEETING CHANGES CONTINUE TO BETTER SERVE NEEDS OF CUSTOMERS, SHAREHOWNERS AND ASSOCIATES

 FORT MILL, S.C., April 18 /PRNewswire/ -- Springs Industries (NYSE: SMI) continues to change to better serve the needs of its customers, shareowners, and associates, Chairman and Chief Executive Officer Walter Y. Elisha told shareowners at their annual meeting here today.
 For example:
 -- The company continues to invest in new technology to be a low-cost producer and remain competitive with global competitors. Springs has invested $510 million in capital projects since 1988, for 137 percent of depreciation, he noted.
 -- The company has diversified its business mix through acquisitions, spending $450 million on other companies since 1985.
 -- Half of total revenues now come from new businesses and new products added since 1983.
 -- The North American Free Trade Agreement, of which Springs was a leading supporter, has opened the Mexican market to Springs. The company now serves new customers through a sales and distribution center in Mexico City with products made in the United States. In addition, the free-trade agreement with Canada paved the way for Springs to acquire two marketing and distribution companies, becoming a leading marketer of Canadian home textiles in a short time.
 -- The Springs Quality System helps the company change and improve through associates' creative ideas for cost savings or enhancements to quality, service and safety. At the same time, Elisha said, the quality system makes associates' jobs more rewarding.
 Springs recently initiated a $15 million cost-reduction plan, Elisha said, to keep the company in step with its 1994 earnings and sales goals. The plan calls for accelerating cost-cutting programs already in progress; delaying certain capital projects with associated expense; reducing salaried positions through consolidations, attrition and limits on new hiring; finding savings in administrative areas through systems improvements; reducing travel costs; and raising product prices.
 During the meeting, shareowners re-elected their directors to the board and approved reappointment of Deloitte & Touche as independent auditors for 1994.
 -0- 4/18/94
 /CONTACT: Robert E. Slough, Director of Public Relations, Springs Industries, 803-547-3738 or (Home) 803-366-6646/
 (SMI)


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

CM -- CH007 -- 7590 04/18/94 09:45 EDT
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Publication:PR Newswire
Date:Apr 18, 1994
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