Educational Aid Plans
A Message To All Employees
One of the most rewarding aspects of Fieldcrest’s operations is its Foun
dation which, in past years, has contributed hundreds of thousands of dol
lars to community improvement programs. The main purpose, of course,
is to iihprove the quality of life for our employees throughout the system.
I think the Foundation has done an excellent job. However, in viewing
some of the recent requests, it is apparent to me that there is’a danger of
getting away from the prime purpose of applying the funds to the benefit
of our own people. This is particularly true in the field of education. I
have therefore asked the Board of Directors to adopt a new program for
the Foundation which I believe will guarantee the maximum benefit to
the maximum number of Fieldcrest families.
You will find the details,of this new program spelled out in a related
news article in this issue of The Mill Whistle. I would comment only
briefly in that the general purpose is to channel many more dollars into
the educational process for our employees and their children. The tuition
refund and educational loan prpgrams for employees will be expanded and
made more generous. The scholarship program for children of employees
Will be increased both in numbers and in dollars. This program will con
tinue to reward those of scholastic excellence who wish to attend qualified
four-year institutions.
In addition, it is apparent to me that there is a dire need for financial
help for youngsters who wish to continue their education in technical
fields and who may not have the test scores or scholastic record that will
enable them to do the work of a difficult four-year college. We are there
fore installing a new program of educational grants which will be based
not on scholarship but on need and desire of the individual to pursue a
beneficial technical training course. These grants will be widely available
m all communities where we operate.
It is so important that young people continue their education to the
maximum of their ability that I urge all of you to encourage your young
sters to consider these programs. We want to be certain that all funds of
the Foundation are properly spent; therefore the programs will be super
vised so that we will know at all times that the recipients are in qualified
programs and are meeting the standards of those programs.
I hope very much that this new direction of the Foundation and the
many thousands of dollars that it will make available for educational pur
poses will be of real benefit to you and to your children. Dr. McGehee’s
office will have all the details on the new and expanded programs
President, Fieldcrest Mills, Inc.
Expanded
In the past, Fieldcrest Mills, Inc. and
the Fieldcrest Foundation have assist
ed employees and children of employ
ees in obtaining additional education
through a tuition refund and education
al loan program for employees and the
Fieldcrest Foundation scholarship pro
gram for children of employees.
Fieldcrest plans to expand its edu
cational aid program and make it avail
able to more employees and children of
employees. This is being done since the
Company believes that to meet effec-
tivly the challenges of today, each in
dividual needs as much knowledge
and as many skills as can be acquired
by him both from experience and for
mal education.
In view of this, Fieldcrest Mills has
been and is very much aware of the
need to assist its employees and their
children in acquiring as high a level
of education as possible for each so
that employees and their children can
live as full lives as possible.
The new aid program will consist of
two major parts: educational aid to
employees and educational aid to em
ployees’ children.
Tuition Refund Program Expanded
For employees, the tuition refund
program will be improved and expand
ed. In the past, a limited number of
employees have used the tuition re-
(Continaed on Page Four)
Capital Expenditures
To Total $14 Million
The board of directors of Fieldcrest
Mills, Inc., has approved a capital ex
penditure program of $14 million for
1972, as announced by William C.
Battle, president and chief executive
officer.
The 1972 capital program is approx
imately double the average annual cap
ital expenditure for the past several
years.
In addition to several modernization
projects, it provides buildings and
equipment for expansions of capacity
in several product lines. These expan-
(Continued on Page Five)