Newspapers / Amco News (High Point, … / Aug. 1, 1989, edition 1 / Page 1
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jysfs. AjtainS'Millis Aiiic o News A^i Stock Ownership Employees Share In Company Two different programs now allow Adams-Millis employees to obtain shares of Sara Lee Corpo ration stock, providing a retire ment benefit as well as giving participating employees an opportunity to share in the growth of Sara Lee. The Employee Stock Owner ship Plan has been extended to more than 40,000 Sara Lee employees and involves some $350 million of convertible pre ferred stock. The Sara Lee Stock Purchase Plan allows employees to pur chase shares of Sara Lee stock at a discount. According to John H. Bryan, Jr., chairman and chief executive officer of Sara l^e, the ESOP plan will place up to an addi tional six percent of Sara Lee ownership in the hands of employees. “We believe this will enhance productivity and, in the long run, allow employees to benefit from Sara Lee’s future perfor mance,” Bryan said. Eligible full-time and part- time employees participate in the ESOP automatically on either January 1 or July 1 after completing a year of service with the company or reached age 21. Robert M. Bundy Jr. Bundy Named A-M CEO Robert M. Bundy, Jr., has been named chief ^executive officer of Adams-Millis Corpora tion. He had served as * president of the com- pany since 1975. Bundy, a High Point native, will report to Keith L. Aim, Sara Lee Corporation vice presi dent. “We are pleased that Bob has agreed to broaden his leadership role at Adams-Millis,” Aim said. “His expe rience is vital to the continued development of our sock business. Sara Lee is excited about the potential for the socks business and see it as a major growth category for our cor poration.” Lots Of Products Tammy Sizemore, Manager of the Employee Store at Plant 3 diplays a wide variety of products available to employees. Not only hosiery products, but also knit as well as Fuller Brush products are available at all employee ^^orp. The Mount Airy Employee Store recently was opened with the extended product lip-The H*gh Point Outlet Store, which is open to the public, is undergoing renovation and will be reopened m the near future. 85 Earn Safety Awards ADAMS-MILLIS CORPORATION Eighty-five Adams-Millis super visors earned safety awards for completing 1988 operations without a lost-time injury in their departments. They included: Plant 1 — .■Randy Stone, Jimmy Carrick, 'Phillis Hutto and Jimmy ichael; Plant 2 — Craig ickens and Clifford Inman; lant 3 — Coy Bolick, Ann oover, Danny Jones, Eaye awson, Doug Shelley, Joe Riv- rs. Buddy Taylor, Louise Hes- er, Becky Lewis, Jeff Martin, ae Nelson, Gail Warren, Billie Stack and Jim Woollen. Also, Plant 4 — Jeanette Surface, Jane Reynolds, Mike Smith, Henry Smith and Glenn Hawkins; Plant 6 — Bill Pinch, Steward Dulla, Geneva Fowler, Betty Bobbitt, V.T Huffman, Bruce Jordan, Marie Bolick and Joel Edwards; Plant 7 — Austin Hutto, Evelyn Cox, Claude Eddinger and Ester Lowe; Plant 66 — Greg Trollinger. Also, Plant 8 — Mary Fowler, Edward Dickerson, Pat Young, Jeanette Patterson, Clyde Miller and Renee Musselwhite; Plant 10 — Tommy Bennett, Bobby Dills and Gail Hogan; Plant 11 — James Goad, Sally Utt, Harold Moorefield, Tim Beasley, Betty Jo Hooker, Steve Marsh, Hassle Berrier and Everett Hawks; Plant 70 — Ernie Kearns. Also, Drexel Knitting — Billie Robinson, Frank Bennett, Clell Mull, Margie Newton and Ron Cabaniss; Silver Knit Industries — Peter Frandsen, Duane Carrick, Rex Mason and Niven Davis; Influential-Mebane — Steven Weatherford. Also, Influential-High Point — John Roland, Harvey Cecil, Richard Owens, Charles Porter, Bobby Duncan, Martha Milliken, Edith Vickers and J.C. Varner; Thomasville Warehouse — Pam Rabon, Robert Stone, Greta Embry, Cedric Jones, Elizabeth- Bingham, Terry Boles, Sammy Rabon and Jerry Broadie; Wrangler — Charles Morgan, Charles Byrd and Bob Johnson. EMPLOYEE HANDBOOK A new Adams-Millis Em ployee Handbook has been completed and will be dis tributed to all employees soon. The book includes information about company policies and procedures. The amount of convertible preferred stock deposited in an employee’s account is based on eligible pay on December 31 of that year. Share deposited for the year will be worth at least 1.75 per cent of an employee’s eligible pay for that year. For example, if the eligible pay is $10,000, the employee would receive 2.9 shares with a value of $175. If eligible pay is $20,000,5.8 shares valued at $350 would g;o into the account. At $30,000 eligible pay 8.8 shares valued at $525 would be deposited. These examples are based on a share being valued at $60. Eligible pay includes salary and wages, eligible commis sions, lump-sum payments of wages, overtime, bonuses and shift differentials. The stock in the ESOP pro gram is covertible preferred stock that isn’t publicly traded like the company’s common stock. This stock has a guaran- , teed minimum value. Unlike the company’s comon stock, dividends on this stock will be fixed and will be higher than the current dividend paid on the company’s common stock. An employee becomes vested after completing five years ser vice with the company and is entitled to receive the full value of his ESOP account if he should leave the company. The full value of the account also will be paid if an employee retires, becomes totally disabled or dies, regardless of time of service. Following the end of each year, each participating employee will receive a statement of his ESOP account which will show its opening balance, number of shares deposited in the account in the previous year, shares dep osited based on dividends paid on stock in your account, forfei tures reallocated to your account and the ending balance in the account. In the Stock Purchase Plan, Adams-Millis employees can participate through a payroll deduction program with a min imum deduction of $5 per week and a maximum deduction of 20 percent of the employee’s basic compensation. To be eligible an employee must work more than 20 hours each week and at least five months each calendar year. “Once every three months — on the first Monday of each Feb ruary, May, August and Novern- ber — the amounts deducted from your paychecks are used to purchase the Sara Lee stock at (Continued On Page 4)
Amco News (High Point, N.C.)
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Aug. 1, 1989, edition 1
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