BASF TO HIKE NYLON PRICES: BASF said it is raising the price on selected nylon yarns for wide elastic applications by 4 to 6 percent, effective with shipments of Feb. 27.
BASF is the second producer of nylon to increase prices this month. On Jan. 13, DuPont said it was raising prices of nylon yarns used in circular knit and warp operations an average of 6 percent, effective with shipments of Feb. 25. BASF last announced an increase on these types of nylon yarns in September 1993.
DUPONT “SHARES” WEALTH: On the heels of the best corporatewide performance in its 193-year history, DuPont said it is offering a stock option program for its 110,000 employees worldwide.
DuPont’s “Shares” program will provide each participating employee an option to purchase 100 shares of DuPont common stock at a fixed price of $57 per share. The option price is based on the average of the Jan. 25 high and low price of the DuPont stock on the New York Stock Exchange. DuPont’s stock closed Monday at 53 1/8, down 1 3/8.
This is the second time DuPont has made such an offering companywide. The first, in February 1991, was offered to 136,000 employees at $38.25 per share.
As of Monday, DuPont had about 680 million shares of common stock outstanding.
COTTON AWARDS: Cotton Incorporated is accepting fabric submissions for its 15th annual Cotton Textile Designer Awards, to be held April 25. The site of the presentation has not yet been decided.
Awards, which will recognize both esthetic creativity and functional effectiveness, will be presented in five apparel fabric and five home fabric groups.
For apparel fabrics, awards will be given to the best in top or bottomweight fabrics for knits, wovens, novelties, prints and technical achievement.
All fabrics submitted must be of 100 percent cotton and commercially available.
Award submissions must include a fabric sample, designer’s name, company, address and phone number and must be received by Cotton Inc.’s New York office no later than March 1.
LENZING, UTWA IN ACCORD: Lenzing Fibers Corp. and the United Textile Workers Local 815 have reached an agreement for a new three-year contract.
The pact, which covers 370 employees at the firm’s Lowland, Tenn., rayon plant, includes increases in wages of 60 cents an hour over the three-year period. There are no wage increases in the first year, a 25-cent increase in the second year and a 35-cent increase in the final year.
“There’s also a cost of living clause for the second and third year,” said Cal Bonawitz, Lenzing’s vice president, human resources. “Based on any cost of living increases, the workers could get as much as a 30-cents-an-hour increase in the second year. There’s an unlimited cap in the third year.”
The new pact also calls for increases in accident and sickness, pension and insurance benefits, said Mikel T. Dodd, Lenzing’s president and chief executive officer. The contract expires Jan. 14, 1998.
VALDESE PICKS PECK: Valdese Textiles, Valdese, N.C., a leading jacquard fabric mill, has named Robert Peck West Coast sales manager. Peck will be responsible for Valdese’s West Coast sales and will operate out of the firm’s new office in the California Mart in Los Angeles.