THE MILL WHISTLE
Vol. 34
Eden, N. C., December 15,1975
No. 12
I A Christmas Message
I Pension Improvements To
from W. C. Battle
It is at a happier time that I am writing this message than
® year ago when many of the mills were standing and our
people were experiencing financial hardship because of the
'recession. I am pleased to be able to report that Fieldcrest
has made a healthy recovery.
Our company came thrpugh the recession in good financial
shape, thanks to the remarkable efforts of Fieldcrest p^ple;
You helped us cut costs, control inventories and maintain
our quality in spite of the enormous pressures on many of
you personally. We are very grateful and proud of this.
It is hot necessary to review again the economic slump our
country has been, going through, nor to hazard predictions
lor the future: The economic signs are variable and these
subjects were adequately discussed in my comments in
the last issue of The Mill Whistle.
I do, however, wish to make known my deep appreciation
to Fieldcrest employees — manufacturing, sales and staff
" for your loyalty and dedication and the tremendous con
tribution you made to assure that the company would come
through the recession in a healthy condition. Without the
Magnificent spirit of cooperation manifested by you, it could
have been a different story.
As the Christmas season approaches and we prepare to
begin a new year, I extend my warmest personal thanks to
you. Our Directors and my associates in Management join
Me in every good wish for Christipas and the New Year for
you and your family.
Become Effective In 1976
an-
Fieldcrest Mills today
nounced upcoming improve
ments in its retirement pension
plans for all employees, to be
effective January 1, 1976.
Haven Newton, vice president-
industrial relations, said the
principal impact for employees
will be changes in vesting
provisions where plan members
will be guaranteed a right to
earn pension benefits after only
10 yeai s of continuous Fieldcrest
service.
actively employed and eligi
ble for early retirement.
—Automatic continuation of
50 percent of a retired mar
ried participant’s monthly
benefit to the eligible wife or
husband at the plan mem
ber’s death after retirement.
unless an employee elects
one of the other retirement
income payment options.
—New optional ar
rangements for paying
benefits to retiring em
ployees. Any employee plan-
(Continued to Page Two)
Fieldcrest Collection In
House Beautiful Magazine
Under the plans now in effect,
vesting requires 20 years of con
tinuous service.
“Other changes are being
made in the plan,’’ Mr. Newton
continued:
—Addition of a new monthly
•'income benefit payable to the
eligible wife or husband of a
plan member who dies while
One of the most extensive and
impressive editorial layouts
ever to appear on Fieldcrest
merchandise is now appearing
in the December issue of House
Beautiful magazine.
An exceptional presentation
by a national magazine of every
pattern from our Smithsonian-
inspired “Nation of Nations”
Collection is shown dramatically
yin four full pages of magnificent
color photography.
The authentic design
inspiration of each pattern has
been carefully displayed by
House Beautiful to adapt to
contemporary use for the home.
“Alsace Floral” sheeting and
bedspread fabric is used to cover
the furniture in .a contemporary
(Continued to Page I'wo)
> I Blanket Long-ServiceGroupHonored
M w. Giles Hunnings, division |H B ,
1
In President ^
Credit Union Reduces
interest On Loans
W. Giles Hunnings, division
vice president-bed fashions
manufacturing, discussed the
“objectives of our company” at
the annual meeting of the 25-
Year Club members in the
Blanket Operation November 22
at the Draper Elementary
School.
the
third time in its
the Fieldcrest Mills
— Union has reduced its
terest rate on loans. Effective
yatiu
{ "^ary i, 1976, it will be eight-
qJ'ms of one percent per month
. the unpaid balance. This
Hat Annual Percentage
of 9.6 percent.
The interest rate previously
was nine-tenths of one percent
per month on the unpaid
balance, an annual rate of 10.8.
This rate had been in effect for
several years, having been
earlier reduced from the
original one percent per month,
an annual rate of 12 percent.
“First and foremost, we are
dedicated to making a
reasonable profit which gives a
good return on investment.
Unless this objective is attained,
all the others are meaningless,”
Mr. Hunnings said.
Closing Dates
Are Announced
The Credit Union offices
^^Oerally will close at the end of
K"- business day Tuesday,
®cember 23, for holidays and
®Mputation of dividends.
locations where the mills
not be operating on
®cember 23, the Credit Union
The new eight-tenths rate will,
effective January 1, 1976, apply
to both new and unpaid balances
on existing loans so that all
borrowers will benefit. This
means that if a member already
has a loan on January 1, his
interest will be reduced to the
lower rate thereafter.
“Second, we are dedicated to
furnishing a product which is
knowp to buyers and consumers
to be of very high quality —
better than any of our competi
tion. Third, we strive for and are
known for our fashion — we want
to lead our industry in fashion.
offi
'^los
‘ces will follow the mills’
--iing schedules,
ifhe Credit Union office at
^den ',vill reopen for business
Monday, January 5. The
(Continued To Page Three)
In addition to its low-cost
loans, the Credit Union pays
seven percent per annum
dividends on savings, the highest
rate obtainable. The seven
percent rate has been in effect
for several years, having been
increased from six percent. The
Credit Union has paid a dividend
on savings each six months since
(Continued to Page Two)
'“Fourth, but by no means
least in importance, is service.
No matter how good your
product is, unless you give good
service to your customers, then
you eventually lose the business.
Fifth, to provide the best
working conditions and pay a
competitive or better wage to
our employees. Our overall
objective is to excel in all these
areas.
“Now let’s talk about profit!
“Profit is not a dirty word and
there is nothing wrong with
making a profit. In fact, the very
Glenn Simpson, retired 50-year empioyee, is served dessert by Fred
Robertson, plant manager of the Blanket Greige Mills.
foundation of our country and
our livelihood - are dependent
upon business making a profit.
Each of us should take pride in
the profit our company might
attain, for it is the final measure
of excellence.
“Profits go to local, state and
federal governments to be used
(Continued to Page Eight)