-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UzUM7sUTqbku6/JNPfOqXqp7TBCijZ7ySryEU7zakAfejxLn0HiDBEFsIhiAfgFM 4Pw9znw+aHkzaRxpxJxQhA== 0000950144-96-004043.txt : 19960709 0000950144-96-004043.hdr.sgml : 19960709 ACCESSION NUMBER: 0000950144-96-004043 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960606 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960708 SROS: CSX SROS: NYSE SROS: PHLX FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPRINGS INDUSTRIES INC CENTRAL INDEX KEY: 0000093102 STANDARD INDUSTRIAL CLASSIFICATION: BROADWOVEN FABRIC MILLS, COTTON [2211] IRS NUMBER: 570252730 STATE OF INCORPORATION: SC FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05315 FILM NUMBER: 96591990 BUSINESS ADDRESS: STREET 1: 205 N WHITE ST CITY: FORT MILL STATE: SC ZIP: 29715 BUSINESS PHONE: 8035471500 MAIL ADDRESS: STREET 1: 205 NORTH WHITE STREET CITY: FORT MILL STATE: SC ZIP: 29715 FORMER COMPANY: FORMER CONFORMED NAME: SPRINGS MILLS INC DATE OF NAME CHANGE: 19820517 8-K 1 SPRINGS: FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ---------------------- Date of Report (Date of earliest event reported): June 6, 1996 SPRINGS INDUSTRIES, INC. (Exact name of registrant as specified in charter) South Carolina 1-5315 57-0252730 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 205 North White Street, Fort Mill, SC 29715 (Address of principal executive offices) (Zip Code) (803) 547-1500 (Registrant's telephone number, including area code) Page 1 of 8 The Index to Exhibits is on Page 4 2 Item 5. Other Events Springs Industries, Inc., a South Carolina corporation ("Springs"), hereby files three news releases dated June 6, 1996, June 18, 1996, and June 28, 1996, copies of which are attached as exhibits hereto and incorporated by reference herein. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits 99 Additional Exhibits 99.1 News release issued by Springs on June 6, 1996. 99.2 News release issued by Springs on June 18, 1996. 99.3 News release issued by Springs on June 28, 1996. 2 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, Springs has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SPRINGS INDUSTRIES, INC. By: /s/James F. Zahrn ---------------------------------- James F. Zahrn Senior Vice President and Chief Financial Officer Dated: July 8, 1996 3 4 EXHIBIT INDEX
Exhibit Page - ------- ---- 99 Additional Exhibits 99.1 News Release issued by Springs on June 6, 1996. 5 99.2 News Release issued by Springs on June 18, 1996. 6 99.3 News Release issued by Springs on June 28, 1996. 7
4 EX-99.1 2 NEWS RELEASE DATED 6/6/96 1 Exhibit 99.1 NEWS RELEASE Springs Industries, Inc. Contact: Robert E. Slough P.O. Box 70 Director of Public Relations Fort Mill, SC 29716 Office: 803/547-3738 Home: 803/366-6646 FOR IMMEDIATE RELEASE June 6, 1996 GRIFFIN, GA.--Springs Industries announced today plans to spend $14.5 million at its Dundee Mills facilities for new towel weaving, fabricating and printing technology, and said towel printing and lace and embroidery operations will be consolidated in Griffin. The announcement was made by Crandall C. Bowles, president of Springs' Bath Fashions Group. "The investment we will make in 1996 is the largest single-year capital project in the history of towel operations in Griffin and will significantly improve our ability to serve our customers," Bowles said. "It signals a strong Springs commitment to towels, to our towel division associates and to the Griffin community." Springs said the Dadeville, Alabama, plant will be sold because its fabrics do not fit the company's traditional product lines. If it cannot be sold during the next two months, the plant will close and its associates given severance pay based on length of service. Dadeville Plant employs about 125 people and manufactures fabrics which are sold to converters. Bowles said the project in Griffin will include new looms at two towel weaving plants and new screen print machines, fabrication equipment and an automated packing and materials handling system at Lowell Bleachery. As printing and specialty fabrication are consolidated in Griffin, the company will phase out operations at two small plants--a sewing plant in Manchester, Georgia, and a towel printing plant in Newnan, Georgia. The two plants employ 95 people who will be offered employment in Griffin as their jobs are phased out. Griffin is within commuting distance of the two facilities. At present, towels woven, finished and sewn in Griffin are being sent to Manchester for embroidering or Newnan for printing and then shipped back to the company's distribution center in Griffin. Moving these operations to Griffin will bring about greater efficiencies and allow the Bath Group to be more responsive to customers, Bowles said. Springs said plans call for specialty sewing to move to Griffin over the next 60 days and towel printing to move to Griffin in the fourth quarter. 5 EX-99.2 3 NEWS RELEASE DATED 6/18/96 1 Exhibit 99.2 NEWS RELEASE Springs Industries, Inc. Contact: Robert E. Slough P.O. Box 70 Director of Public Relations Fort Mill, SC 29716 Office: 803/547-3738 Home: 803/366-6646 FOR IMMEDIATE RELEASE June 18, 1996 LANCASTER, S.C.--Springs Industries said today the company will spend $15 million to modernize and expand Grace Fabrication Plant at Lancaster and convert its Riverlawn Fabrication Plant at Fort Lawn to a distribution center. "The expansion at Grace will add about 350 new jobs," said M.L. Deaton, vice president--fabrication for Springs' Bed Fashions Group. "There are about 250 production jobs at Riverlawn Plant and our plan calls for offering all of these associates a transfer to Grace, which is about two miles away. When the project is completed there will be a net gain of some 100 jobs in the Lancaster area." Springs fabricates sheets and pillowcases at Grace and soft window treatments and bedspreads at Riverlawn, which was built in 1974 inside part of a fiber storage warehouse. Some bedding accessories will continue to be manufactured at Riverlawn until some time in 1998, Deaton said, but as associates transfer to Grace production at Riverlawn will gradually shift to other facilities, primarily Lyman Fabrication Plant in Lyman, S.C. Springs also operates a second bedding fabrication plant at Fort Lawn as well as bedding fabrication plants in Piedmont, Alabama. "We expect the project to be completed in about two years," Deaton said, "so that associates who transfer from Riverlawn to Grace will do so over a long period of time. Our goal is to make the transition period as smooth as we possibly can." 6 EX-99.3 4 NEWS RELEASE DATED 6/28/96 1 Exhibit 99.3 NEWS RELEASE Springs Industries, Inc. Contact: Robert E. Slough P.O. Box 70 Director of Public Relations Fort Mill, SC 29716 Office: 803/547-3738 Home: 803/366-6646 FOR IMMEDIATE RELEASE June 28, 1996 FORT MILL, S.C.--Springs Industries today announced a $71 million plan to consolidate and realign its fabric manufacturing operations. Thomas P. O'Connor, president of Springs' Bed Fashions Group, said that this first phase of a two-phase major renovation program will result in the closure of three fabric manufacturing plants in South Carolina over the next several months while adding production processes in other plants. O'Connor said, "The plants to be closed employ approximately 850 people; however, two of the three plants are close to other Springs facilities and every effort will be made to secure employment for those affected by the closings. "The second phase of this project, yet to be finalized, will be announced later this year. It will involve significant investment in the latest manufacturing technology for existing facilities." The company will take a one-time pretax charge of $30.4 million in the second quarter of 1996 to cover write-offs of plant and equipment and certain other expenses associated with the plan. Springs will also make capital investments of $17.3 million and incur future expenses of approximately $23 million for equipment relocation and other realignment costs which cannot be charged to the reserve. Plants scheduled to be closed by year end are the Kershaw Plant, Kershaw, S.C., Olympia-Granby Plant, Columbia, S.C., and Wamsutta I Plant, Anderson, S.C., all producing bedding fabric. Springs operates 11 other bedding fabric plants among its 48 manufacturing facilities nationwide and employs 22,000 people. O'Connor said, "This plan, when fully implemented, will increase the efficiency of our fabric operations while adding to our ability to serve our customers and the consumer. We must continue to offer our customers the highest possible level of service and value while we grow our business. This plan helps us achieve that goal. "Closing plants is never easy. We are pleased, however, that in this instance two of these three facilities are contiguous to or nearby other Springs plants. Over the next several days, 7 2 managers will meet with each person affected to explain the individual's options and opportunities, including potential transfer to other Springs plants. We are also contacting state and community leaders and agencies to enlist their assistance." Springs Industries is a major manufacturer and marketer of bed and bath fashions, window treatments, and specialty products, with plants in 10 U.S. states and wholly-owned marketing and distribution subsidiaries in Mexico and Canada. Sales in 1995 were $2.2 billion. 8 -----END PRIVACY-ENHANCED MESSAGE-----