Word: burlington
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...Burlington...
...BURLINGTON INDUSTRIES will merge with rugmaker, James Lees & Sons Co. (1959 sales: $84 million...
...another $80,000 to buy control of a clangorous old cotton mill. When cottons sagged and real estate surged in 1923, Love sold the plant for $200,000 but kept the machinery. He moved it into a modern plant that industry-hungry boosters built for him in sleepy Burlington, N.C., and he swung into weaving rayon when other textilemen shied away from the crude, newfangled synthetic. The Depression struck, and Love grew rich as customers switched from costly silk to cheap rayon. At 40, he was doing a $25 million yearly business...
...whole works that when he takes a deep breath underlings exhale. He dislikes conferences, keeps in touch by firing off a hundred crisp yet polite memos a day. He knuckles down hard on men who do not produce. A few years ago, so many top executives were leaving Burlington that someone suggested that Old Soldier Love establish a separation center. But for all his toughness, even his fiercest competitors call Love "the leader of the industry." They do not always follow his lead. Unlike many anti-import textilemen, Love takes a moderate stand on tariffs, says...
...Burlington pays Love $120,000 a year. With his attractive third wife, Martha, and his eight children, he also owns about $6,000,000 worth of company stock. He has an ocean-front estate in Palm Beach (for weekends), a three-room suite in Manhattan's Berkshire Hotel (where he spends Monday and Tuesday) and a $200,000 red-brick home in Greensboro (where he spends Wednesday, Thursday and Friday). Commuting among them, Love travels some 2,300 miles a week by plane and train, dictating memos and reading reports all the way. He usually works seven days...