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3 Vplunie 44, Number 2
August 1988
A-M Agrees To Merger With Sara Lee
Adams-Millis Corporation has
agreed, subject to approval by its
shkeholders, to be acquired by
Sara Lee Corporation in a tax-free
exchange of Sara Lee Corporation
stock for Adams-Millis stock
valued at $ 17 per share.
Currently, Adams-Millis has 4.7
million shares of common stock
outstanding.
Adams-Millis will operate as a
sepjirate operating company within
thejpersonal products business of
Sara Lee Corporation and will
continue to be run by current
management. James H. Millis, Sr.,
will remain as chairman and chief
executive officer of Adams-Millis.
The merger offers Sara Lee
Corporation entry into the $2
billion retail sock market and also
strengthens Adams-Millis’ market
position,” said Paul Fulton,
president of Sara Lee Corporation.
"We believe this transaction is
favorable to our shareholders,”
Millis said. “The transaction also
ensures the continuity of current
management and employees of
Adams-Millis. Our strategic thrust
and relationships with customers
will remain intact.”
Millis said that he and his wife,
Mrs. Jesse Millis, who are parties to
an agreement with the company
which would have resulted in the
shareholders receiving $16.50 per
share in cash for the company, have
agreed to terminate that agreement
and vote in favor of the acquisition.
Mr. and Mrs. Millis collectively
own more than 34 percent of the
outstanding Adams-Millis stock.
The acquisition includes all
Adams-Millis subsidiaries and is
expected to be completed following
approval by Adams-Millis share
holders and compliance with
government regulations. The
transaction is expected to close by
October 31, 1988 but will be
completed no later than December
31, 1988.
For the fiscal year ended January
3,1988, Adams-Millis reported net
sales of $198.4 million and net
earnings of $5.96 million. Adams-
Millis has approximately 3,600
employees at 16 plants in North
Carolina and a New York sales
office.
Sara Lee Corporation is an
international food and consumer
(Continued On Page 4)
Working At A-M
Is Family Affair
For Many Families
From left, Ollene Wood, Enie Neal Jr., Mike Wood, Roger McBride, Henry Donald Neal, Dennis Wood
Family is a special term for
Adams-Millis employees. Almost
every one talks about being part of
the Adams-Millis “family.” At
some plants “family” really is
“family.”
Millis Scholarship Winners Honored
Pam Thomas, Karen Welch and
John Richardson have won the
James H. and Jesse E. Millis Scho
larship to High Point College for
the 1988-89 school year.
^he scholarship is offered to
dependents of Adams-Millis em
ployees and winners are selected by
High Point College officials,
fhomas, daughter of Joe Thomas
of [the Administrative Office in
High Point, is a rising senior major
ing in home furnishings marketing
wkh a minor in art.
Jthe is a member of Zeta Tau
Alpha, active in the Student Union
and a Dean’s List student.
^elch, daughter of Louise Smith
who works with the Adams-Millis
print shop in High Point, is a rising
junior majoring in home furnish
ings marketing and business.
(She is a graduate of Southern
Huilford High School and now a
High Point resident. It is the third
she has won the Millis
Wiolarship.
w^ichardson, son of Joyce A.
^chardson, Plant 2, Mount Airy, a
J^'ng senior, is a business adminis-
^tion and economics major. He is
Ipaduate of North Surry High
™ol.
We are pleased the company
iiun offer this scholarship to
employees’ dependents,” Chair-
®an James H. Millis Sr. said. “It is
From left, Pam Thomas, Jesse E. Millis, James H. Millis, Sr., Karen Welch chat during luncheon.
rewarding to see these young peo
ple as they move out into their
careers. We look forward to con
tinuing this program for a long
time.”
This is the fourth year the scho
larship has been offered.
Any Adams-Millis employee
having dependents attending or
interested in attending High Point
College may complete an applica
tion for the scholarship. Forms are
available at each personnel office.
Completed applications should
be submitted to Michael L. Ryan,
Senior Vice President Administra
tion and Human Resources, who
will forward them to High Point
College officials for consideration.
Applications must be filed no later
than March 1 each year.
Plant 4 in Kernersville is a fine
example.
“I had no idea so many people
here were related,” said Plant Man
ager Jim Foster. “But I learned just
while I was talking with people.”
“When I came to work here,
there were very few people who I
was not kin to,” said Ernest Harden,
who has been with the company 46
years.
Although the percentage of folks
he’s related to at Plant 4 may have
decreased, the numbers still are
significant. His daughter-in-law,
Debbie Harden has worked with
the company 11 years. His brother,
Charles, is a 15-year veteran.
Harden also had two sisters who
worked for the company for some
15 years. So did his wife, a son and a
grandson worked at Plant 3.
The family tradition at Adams-
Millis for the Hardens began when
his father and mother left R.J.
Reynolds years ago to work for
Adams-Millis. His father eventu
ally retired from the company after
some 20 years of service.
“It must be a good place to
work,” Harden said, “otherwise I
woudn’t have stayed here this long.
“I’ve always like the people I’ve
worked around.”
Head Eixer Dennis Wood has 32
years of service to the company and
is surrounded by plenty of family
too.
His wife Ollene is a seamer with
29 years of service. His son, Mike, is
a fixer with seven years of service.
There are brothers-in-law Henry
Donald Neal, a fixer with 23 years
of service, and Enie Neal Jr., main
tenance supervisor, with 15 years of
(Continued On Page 4)