Word: textilemen
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...gambling heavily on the wonder synthetics, Spencer Love boosted Burlington's sales from $651 million in fiscal 1958 to $805 million in 1959; in fiscal 1960's first half (ending March 31) profits will almost double, to about $17.5 million. More important, Love has shown his fellow textilemen that high productivity and low prices can whip the industry's age-old feast-or-famine cycle. U.S. textilemen this year expect to pile another 5% sales gain on last year's increase of 12%. Right now, unfilled orders outrun inventories by a healthy 5 to 1; even...
Among Southern textilemen President Charles A. Cannon of North Carolina's Cannon Mills Co., the nation's third largest textile company (towels and sheets), has long had the reputation for going it alone both as a businessman and as an employer. Last week Cannon added to his reputation. He raised the minimum wage at Cannon Mills (effective Feb. 13) to $1.25 an hour, up from the company's present starting pay of $1.12. Those of his 24,000 employees now earning above the old minimum get 10? an hour more. Scores of mills ranging from West Point...
Cannon also surprised fellow textilemen. For months Southern mill owners have been discussing the need to raise pay to attract and hold good employees in the rapidly urbanizing and industrializing South. There are 552,000 textile workers in the Carolinas, Virginia, Georgia, Alabama and Tennessee. Recently, President J. Spencer Love of the nation's largest textile firm, Burlington Industries Inc. (52,000 employees), suggested that Congress raise the national minimum wage, now $1, to $1.25 an hour, so all mill operators would have to go up and none could chisel on wages to undercut his competitors on prices...
From the test tube only recently have come better dyes and finishes, plus much-improved wash-and-wear cloth. The new idea is to bring out improved synthetics every year in a campaign of planned obsolescence. This season alone, chemical and textilemen are introducing more than a dozen new synthetics. Each one is tailored to a special job. For example, Eastman Kodak's Tennessee Eastman Co. has launched Kodel, which will blend with wool or synthetics to produce wash-and-wear flannels. Dow Chemical Co. has recently brought out Zefran, another wool-like synthetic to be woven into coats...
...sell the new fabrics, textilemen are planning their first major industrywide promotion campaign. Dan River has called for textilemakers to raise $10 million to $15 million a year for the promotion. Other major producers are ready to go along. For one thing, they would like to induce the American male to take as intense an interest in his own clothes as he does in his wife's apparel. If the average U.S. man spent as much of his income on clothing today as he did in 1929, sales of textile products would soar by some $3 billion a year...