WestPoint Stevens Will Close Hickory, N.C., Plant
01 Oktober 2004 - 11:05PM
PR Newswire (US)
WestPoint Stevens Will Close Hickory, N.C., Plant WEST POINT, Ga.,
Oct. 1 /PRNewswire-FirstCall/ -- WestPoint Stevens Inc. (OTC:WSPT)
(BULLETIN BOARD: WSPT) ( http://www.westpointstevens.com/ )
announced today that in a continued restructuring to gain stronger
position in the global marketplace, the Company would close its
Longview Plant, Hickory, N.C. at year-end. The Longview Plant
fabricates bedding accessory products and employs approximately 300
associates. "For WestPoint Stevens to successfully compete in
today's global economy, we must follow a strategic plan to balance
our domestic manufacturing and sourced products," said WestPoint
Stevens President and CEO M.L. (Chip) Fontenot. "A reduction of our
domestic manufacturing will give the Company greater flexibility
and better-aligned capacity for competing more effectively in the
world market," Fontenot noted. "We greatly appreciate the
associates at Longview - indeed all our associates - whose skills
and perseverance over the years have helped WestPoint Stevens
become a home fashions leader, and we regret that demands of the
global economy make such changes necessary." WestPoint Stevens Inc.
is the nation's premier home fashions consumer products company,
with a wide range of bed linens, towels, blankets, comforters and
accessories marketed under the well-known brand names GRAND
PATRICIAN, PATRICIAN, MARTEX, ATELIER MARTEX, BABY MARTEX, UTICA,
STEVENS, LADY PEPPERELL, SEDUCTION, VELLUX and CHATHAM - all
registered trademarks owned by WestPoint Stevens Inc. and its
subsidiaries - and under licensed brands including RALPH LAUREN
HOME, DISNEY HOME and GLYNDA TURLEY. WestPoint Stevens can be found
on the World Wide Web at http://www.westpointstevens.com/ . Safe
Harbor Statement: Except for historical information contained
herein, certain matters set forth in this press release are
"forward looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve certain risks and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements. Such risks and uncertainties may be
attributable to important factors that include but are not limited
to the following: Product margins may vary from those projected;
Raw material prices may vary from those assumed; Additional
reserves may be required for bad debts, returns, allowances,
governmental compliance costs, or litigation; There may be changes
in the performance of financial markets or fluctuations in foreign
currency exchange rates; Unanticipated natural disasters could have
a material impact upon results of operations; There may be changes
in the general economic conditions that affect customer practices
or consumer spending; Competition for retail and wholesale
customers, pricing and transportation of products may vary from
time to time due to seasonal variations or otherwise; Customer
preferences for our products can be affected by competition, or
general market demand for domestic or imported goods or the
quantity, quality, price or delivery time of such goods; There
could be an unanticipated loss of a material customer or a material
license; The availability and price of raw materials could be
affected by weather, disease, energy costs or other factors; The
future results of operations may be adversely affected by factors
relating to the Chapter 11 proceedings. The information contained
in this release is as of October 1, 2004. WestPoint Stevens assumes
no obligation to update publicly any forward-looking statements,
contained in this document as a result of new information or future
events or developments. Contact: Lorraine D. Miller, CFA Senior
Vice President Finance and External Communications 404.378.0491
DATASOURCE: WestPoint Stevens CONTACT: Lorraine D. Miller, CFA,
Senior Vice President, Finance and External Communications of
WestPoint Stevens, +1-404-378-0491 Web site:
http://www.westpointstevens.com/
Copyright