BIG PAYDAYS AT DELTA: The fiscal year ended July 3 was a momentous one for Delta Woodside Industries: The company completed its restructuring, spinning off its Duck Head Apparel Co. and Delta Apparel Co. operations.
The year was also a banner one for the company’s top executives, two of whom received payouts in excess of $1 million.
William Garrett, who became president and chief executive of the company June 30, received a total compensation package of $1,319,223. That includes a $520,000 bonus, a $306,000 payout from the company’s long-term incentive plan and $20,920 gained by redeeming stock options. The prior year, Garrett was paid a total of $998,125.
Erwin Maddrey, who stepped down as president and ceo at the time of the spin-offs, was paid a total of $1,056,340. That included a $500,000 payout from the long-term incentive plan, and $14,063 gained by redeeming options. The prior year, Maddrey had been paid $616,048.
Bettis Rainsford, who stepped down as executive vice president and chief financial officer in October 1999 during a dispute about the company’s restructuring plan, was paid $1,038,018. That includes $529,808 in severance, a $360,000 payout from the long-term incentive plan and $11,250 from the redemption of stock options.
WORLDTEX OTC LISTING: Worldtex Inc. on Thursday began trading its common stock on the OTC Bulletin Board. The move comes just days after the Hickory, N.C.-based narrow- and covered-elastics maker was dropped by the New York Stock Exchange.
NARROW ELASTIC ALLIANCE: The Moore Co. has signed an agreement with Mexico’s Grupo Industrial Zaga to form a new company called Flexico, Inc.
The new company, which will be based in Greensboro, N.C., will operate a narrow-elastic manufacturing facility in the state of Hidalgo in central Mexico. Construction of the new plant will begin by yearend and production is slated to begin in the second half of 2001. The plant is being built to supply Mexico’s intimate apparel manufacturers.
“The joint venture enhances our ability to support our present customers’ growing network of sewing operations in Mexico and the Caribbean basin,” said Peter Moore, president of the Moore Co. “We also believe that Flexico will provide us with an interesting opportunity to supply narrow elastic products to other markets outside of intimate apparel.”
Goran Elovsson, executive vice president of the Moore Co. will serve as the president of Flexico’s U.S. division, while Zaga owner Rafael Zaga will oversee the firm’s Mexican operations.
The Moore Co., headquartered in Westerly, R.I., sells narrow elastic products through its Greensboro, N.C.-based George C. Moore division. Zaga is a manufacturer of yarn, knitted fabrics and innerwear.
FAB NET SOARS: Knitter Fab Industries Inc. reported that its third-quarter income more than tripled despite a decline in sales.
Net income for the three months ended Aug. 26 was $1.1 million, or 20 cents a diluted share, up from $257,000, or 5 cents a share, for the prior-year period. Sales were $29.3 million, off 3 percent.
In recent years, the New York-based company has sought to focus its efforts on more profitable categories, sometimes at the expense of the top line.
For the nine months, net income was $2.2 million, or 41 cents a share, up from $424,000, or 8 cents a share. Sales were $87.2 million, down 9.8 percent from $96.6 million.
THE RAINBOW REUNION: The annual dinner dance of the Textile Distributors Association and the Knitted Textile Association will be held on Nov. 2 at the Rainbow Room at Rockefeller Center in midtown Manhattan.
Cocktails are set for 7 p.m. in the Pegasus Room, followed by dinner at 8 p.m. According to TDA executive director Bruce Roberts, more than 250 people are expected to attend the glitzy event.
COTTON INC. HONORS: Jodi Arnold, apparel designer of Mint, won the fifth Cotton Incorporated/Main Floor Search Contest. Her designs are scheduled to be profiled on Main Floor — a syndicated fashion and beauty television program — on Nov. 19th.
“We chose Jodi Arnold of Mint because she uses cotton in truly unexpected and sophisticated ways in her clothing,” said a Cotton Inc. spokeswoman. The contest is part of Cotton Inc.’s ongoing Innovators program that promotes up-and-coming women’s wear designers who work primarily in cotton.
FABRIA REACHES INDIA: Fabria.com, a New York-based e-commerce exchange for the textile industry, said it has signed Indian denim mill Arvind Mills as one of its first participants. Fabria also said that a number of other Indian firms have signed on, including The Nahar Group, Gokaldas Images, Dhar Industries and Madura Garments.
CELANESE’S EXTENSION: Celanese Acetate has extended its “Directives — Fall-Winter 2000-2001 Trend Presentation,” hosted by James Siewert, manager of trend direction, through the end of October. The by-appointment-only presentation, which originally ran in September, will run again Oct. 23 through Nov. 3 at the Celanese offices in Manhattan.
AMICALE ADDS STAFFER: Elizabeth Barrett has been named women’s wear sales manager at Amicale Industries, a New York luxury fiber fabrics producer. Barrett reports to president Boris Shlomm. Her responsibilities will include pursuing new opportunities, as well as servicing existing business. Barrett will also be responsible for marketing Amicale’s fabric and accessories products lines — in both men’s wear and women’s wear — to Canada.
Barrett said she would be focused on, “how to get orders funneled through the system quickly, how to have faster lead times in terms of information and product delivery and, obviously, relationship building.”
Prior to joining Amicale, Barrett spent three years at New York cashmere specialist Loro Piana as a fabric sales executive.