Newspapers / Amco News (High Point, … / July 1, 1986, edition 1 / Page 1
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CC77J AZ! Sians'Millis Amco News ie42,No.2 July 1986 A-M Closes Deal With Maro Hosiery t a joint statement April fames H. Millis, Sr., irman, and Robert M. |dy, Jr., President of [ns-Millis Corporation, orman Weiss, Chair- and President of Maro fery Corporation, an- iced the closing of the ’base by Adams-Millis )oration of Maro Hosiery LoBBoration, a closely-held North Carolina corporation Engaged in the marketing [indihianufacture of hosiery. TJie purchase generally followed the agreement in |)rinciple announced by the parties in February. The purchase price of $36.6 mil lion iwas paid in cash which Adams-Millis Corporation boil'owed from three finan- pial institutions. Millis reconfirmed that Adams-Millis plans to oper- ate^aro as a business entity separate from the parent. Adams-Millis will retain fWfts and the current man- Sgement and policies of (tafo. Maro Hosiery Corporation as'approximately 1,300 em ployees and a half million square feet of manu facturing facilities located in Thomasville, Lumberton, Mebane, Hildebran and High Point. The company is licensed to market hosiery under the Wrangler, Bill Blass, BVD, Disney, Bronzini, Adolfo, Dunlop, Oscar de La Renta, John Weitz, Diane Von Fur- stenberg and Lanvin trademarks. For the fiscal year ended June 30, 1985 Maro Hosiery Corp., which was an “S” cor poration, had net sales of $73.7 million, which equated to net earnings after taxes of approximately $4.4 million. Millis went on to say that this acquisition is in keeping with Adams-Millis’ long term strategy of improving our market position and share-value for our share holders. Weiss again expressed pleasure in having struc tured a transaction which is favorable to all parties and which insures the continuity of current management and A-M Contributes To Liberty Project Adams-Millis Corporation has joined more than 200 Kmart suppliers donating to the Statue of Liberty Ellis Island Foundation. The companies contributed a total of $653,827.64 to pay part of the cost to restore the 100-year-old statue. The donation was presented to the Ellis Island Foundation by K mart Corporation on behalf of its suppliers. The check was presented by Robert E. Dewar, Chairman of the Executive and Finance Committee, to Steve Briganti, Ex ecutive Vice President of the Statue of Lib erty Ellis Island Foundation, on June 16. James H. Millis, Sr., Adams-Millis Chairman stated, “We are pleased to be a part of this most worthwhile project to restore Miss Liberty, who stands as a symbol of freedom for the entire world.” Adams-Millis Corporation joined more than 200 other K mart suppliers in donating a percentage of their April sales toward the restoration of the Statue of Liberty. Each supplier was recognized at K mart stores nationwide during April with in-store signage, and will be listed in the Registry of Contributors to be kept at the Statue of Lib erty. The Statue of Liberty Ellis Island Fow- dation’s four-year plight in restoring the Statue of Liberty ended July 3 when she was officially unveiled and her torch was re lighted. Robert M. Bundy Jr,, Anne Derrico, Norman Weiss, J.H. Millis Sr., Neel Harrison is also in the best interest of the employees of Maro. Bundy, who worked with Maro for 18 years before joining Adams-Millis Cor poration, said the ac quisition should give Adams-Millis a more level operation. Adams-Millis’ 19 branded lines of hosiery that covers Continued on Page 3 Winners Plan To Pursue Law, Business H '.rx t -t/.- m The winners of this year’s James H. and Jesse E. Millis Scholarship at High Point College plan to pursue ca reers in law and engineering or business. Karen R. Welch of High Point, a 1986 graduate of Southern Guilford High School, plans to study busi ness management at High Point College. Following graduation, she wants to study law at Wake Forest University Law School. Karen is the daughter of Louise C. Smith, who is em ployed at Plant 7 in High Point. During her high school ca reer, Karen played volley ball, basketball, and softball. She was an honor roll student, president of the Future Business Lenders of America, and was amed Outstanding C'l ■nt ord n smess uthern i senior she is 'ountins sic (ini Kmart’s Robert E. Dewar, left, preseniE check to Steve Briganti, Executive President of Statue Of Liberty Ellis Foundation
Amco News (High Point, N.C.)
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July 1, 1986, edition 1
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