Newspapers / Amco News (High Point, … / Dec. 1, 1983, edition 1 / Page 1
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I t i Adams-Millis AmcO NcWS CG7ZI /\Z! Vol. 39, No. 2 December 1983 Sliver Be Part Of Adams-Millis Family A o m c' AAillio ^ A. • . Adams-Millis Corporation will own Silver Knit Industries in January if the directors and shareholders of High Point’s two largest hosiery firms approve the agreement in principal which was announced in October. The purchase price of approx imately $25.4 million will be paid $23.4 million in cash and the re mainder in Adams-Millis Cor poration common stock. Adams- Millis plans to borrow approx imately $20 million from one or more financial institutions to fund the transaction. The pur chase includes Silver Knit In dustries and its Drexel Knitting Mills division and Hayward- Marum, Inc., all of which are closely-held North Carolina“S” corporations that manufacture and market hosiery. “It will give us another market area that we’re not in,” said Robert M. Bundy, Jr., Adams- Millis President. Silver Knits’ products are sold in department stores and “fine” men’s shops, he said. They are “high-priced, high-quality items; not to say we’re not high-quality, but we're more of a volume house that caters to the large national chains.” square feet of manufacturing facilities located in Drexel Valdese and High Point, N. C.' The companies market hosiery under the Week-ender, Jockey, Yves Saint Laurent and Allen Flusser labels. James H. Millis, Sr., Chair man, stated that as part of its plan to operate the companies as a business entity separate from the parent, Adams-Millis will maintain current management and policies of the Silver Knit In dustries group. Sales, Earnings Show Improvement “It is going to make us larger,” Mr. Bundy said of the acquisition. Our goal, as stated, is that we are going to be the best hosiery com pany in the world.” Collectively, the Silver Knit group has approximately 550 employees and a half a million Edward and Donald Silver ex pressed pleasure in having struc tured a transaction which is favorable to all parties and which insures the continuity of current management and is also in the best interest of the employees of Silver Knit. James H. Millis, Sr., Chairman and Chief Executive Officer of Adams-Millis Corporation, reported that net sales and earn ings for 1983 show significant im provement for the thirty-nine weeks ended October 2, 1983, in creasing 28.8% .and 233.4% respectively. Earnings from con tinuing operations for the thirty- nine week period increased to $2,817,000 ($1.23 per share) from $1,350,000 ($.57 per share) last year. Net earnings for 1983 were $4,194,000 ($1.83 per share) which included a gain from the discon tinued TexElastic Division of $1,377,000 ($.60 per share). 1982 net earnings were $1,258,000 ($.54 per share) which included a loss of $92,000 ($.03 per share) from discontinued operations. Mr. Millis also stated that third ()uarter sales and earnings also show improvements when com pared to the same period last year. New sales and earnings from continuing operations in creased to $22,222,000 and *1,002,000 ($.44 per share) for 1983 from $17,888,000 and $8%,000 ($.38 per share) last year. Net earn- ■ngs for the 1983 third quarter in creased to $1,002,000 ($.44 per share) from $863,000 ($.37 per share), which includes a loss of $33,000 ($.01 per share) from discontinued operations, for the 1982 third quarter. Socksmith, Inc., a New York- based hosiery sales company Which Adams-Millis purchased in January, has become an impor- ant part of the company’s opera- 'on. Socksmith has generated Sales of $8,741,000 for the first 9-weeks of this year with third quarter sales of $4,827,000. Frank Reid, Maintenance Supervisor, and Adams-Millis Presi dent, Robert M. Bundy, Jr. inspect knitting machines at the Hickory plant. Bundy Grew Up In Hosiery Plants by Vicki Bridgers The High Point Enterprise Ellen Scott Scott Wins State Award Ellen B. Scott, Corporate Director of Health and Safety for Adams-Millis Corporation, has been named the winner of the 1983 Sobering Award by the North Carolina Association of Occupa tional Health Nurses at its semi annual meeting in Asheville, N. C. The Sobering Award recognizes an occupational health nurse who has given outstanding service to occupa tional health through exceptional performance of professional responsibilities in all facets of this nursing specialty. registered nurse, is responsible for occupational health and safe ty for nine locations in North Carolina. She is currently Chairperson for the Central Pied mont Safety Council, a member of High Point Mayor’s Committee on the Handicapped, a member of both the North Carolina and American Association of Occupa tional Health Nurses, a Red Cross instructor, a member of the American Acoustical Society, a member of the American Society of Safety Engineers, and is a Cer tified Occupational Health Nurse. Employed with Adams-Millis since 1972, Mrs. Scott, a Mrs. Scott is married, has two children, and resides in Kernersville, North Carolina. “Most kids wonder what they are going to do with their lives. It never entered my mind that I was going to do anything other than sell socks.” Well, now ... Robert Bundy does a little more than sell socks. But the sentiment remains the same. He has just become Presi dent and Chief Operating Officer of Adams-Millis Corporation after a career spent entirely in the hosiery business. Bundy is a local boy. He was born and grew up in High Point. He attended High Point High School and UNC-Chapel Hill, where he received a bachelor’s degree in economics. After graduation, he entered a training program at Adams- Millis Hosiery because, he says, his father worked there and it seemed a logical step. When he began the training program, Bundy says that even though the Korean War was win ding down, he expected to be drafted. So he stayed at Adams- Millis biding his time and did not make long-range plans. “Frankly it got embarrassing. The training program was suppose to last only two or three months, but I just stayed there taking the\ir money.” But he did eventually get drafted, served in the U.S. Army, then returned to High Point to work in sales at Maro Hosiery. Bundy says that the extended training program at Adams- Millis was beneficial. Sales at Maro, he says, doubled in the cou ple of years he was there. He eventually became Vice President of Southern operations at Maro but left in 1975 to rejoin Adams-Millis as President of Adams-Millis Hosiery Co., a division of Adams-Millis Corp. Going from Maro to Adams- Millis was a “critical decision,” says Bundy. It was at that point that he contemplated going into business for himself. But, he add ed laughing, “I’ve never wanted to do anything but work in the hosiery business.” At the first of August, Bundy assumed his current duties with Adams-Millis Corp. His job involves, of course, the traditional corporate respon sibilities. But Bundy says he also considers one of his main goals to be “getting people to work ■Continued On Page 8
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