Eden, N. C., September 30, 1968
NO. 6
Growth Marks Fieldcrest’s 15 Years
^ General offices at EDEN are headquarters for company’s widespread opera-
including 21 plants in five states and employing more than 11,000 persons.
Wages, Benefits Show Big Increases
^ieldcrest’s success during its first 15
^®ars brought accompanying benefits
siriployees and the plant communi-
As Fieldcrest grew and improved,
■hpioyegg enjoyed greater prosperity
tO' increased employment, higher
^3ges and improved fringe benefits,
communities benefitted from the
^hcr,
W;
cased local taxes paid by the com
ages were raised substantially dur-
S the 15-year period, during which 11
.heral wage increases were granted.
total number of employees in the
°hipany increased from 4,801 in 1953
^ 11,307 in 1967. Local taxes paid to
deti municipal units and Rockingham
CUnty totaled $588,000 in 1967, com-
with $207,000 in 1953.
j,.Similarly, in other communities where
'cldcrest acquired plants, the increased
Pcrations, higher wages and benefits
larger local taxes made increased
'^'Jtributions to the local economies.
,, A marked improvement was made in
® area of fringe benefits for em-
cyees. The total paid out under all of
® group insurance plans in 1967
*dounted to $1,993,629, compared with
$237,840 in 1953. This tremendous in
crease of course reflects the larger
number of employees but also the nu
merous improvements made in the plans
themselves.
Perhaps the most striking improve
ments have been made in the hospital-
surgical insurance plan in which the
level of benefits has been raised con
siderably. As an example, the plan for
(Continued on Page Six)
Company’s 15th Anniversary Is
October 1; Spectacular Progress
Shown Under New Ownership
Fifteen years of growth and prog
ress—that’s the story of Fieldcrest Mills,
Inc., which this week observes the 15th
anniversary of the purchase of the mills
by the new company.
It was on October 1, 1953, that the
newly-organized corporation, Fieldcrest
Mills, Inc. purchased the textile manu
facturing business and properties which
had been owned and operated by
Marshall Field & Company for more
than 40 years.
The record under the new ownership
has been marked by significant growth
and improvement, including acquistions,
modernization, expansion and new con
struction. Indicative of the spectacular
growth is the fact that sales have been
increased from $39-million in 1953 to
$175-million in 1967 as a result of strong
styling, marketing and manufacturing
improvements.
$88-MiUion Capital Spent
Since the formation of the company
in 1953, capital expenditures for prop
erty, plants and equipment, including
acquisitions and leaseholds, have
amounted to approximately $88 mil
lion. These large expenditures have been
made to improve the mills, reduce costs
and thereby improve the competitive
position of the company.
Fieldcrest Mills, Inc., today operates
21 plants in five states, provides jobs
for more than 11,000 persons and has
payrolls totaling $52 million a year.
Within a very few years the company
(Continued on Page Six)
FIELDCREST: THEN AND
NOW
1953
1967
Sales
$39,000,000
$175,270,000
Plants
10
21
Employees
4,801
11,307
Payrolls
$13,615,000
$52,000,000
Insurance benefits paid
$237,840
$1,993,629
Paid to pensioners
$130,000
$659,000
Persons receiving pensions
361
1,170
Current value of Pension Trust ....
$6,667,000
$19,334,000
Local taxes paid (Eden area only)
$207,000
$558,000