Word: wamsutta
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...says Springs Industries CEO Crandall Bowles. The largest home-furnishings company in North America, Springs and its 14,000 employees crank out bedding and bath products, rugs and window coverings in 30 manufacturing facilities in 13 states, Canada and Mexico. Its brand names and licenses--including Wamsutta, Springmaid, Ultrasuede, Kate Spade and NASCAR--produce annual revenues of $3 billion. Springs is proof positive that U.S. textile manufacturing is very much alive. But it would be a stretch to say it's well. According to the Bureau of Labor Statistics, the U.S. lost more than 800,000 textile jobs from...
...steadily worse. As a result, a great wave of mergers is sweeping through the industry, bringing a realignment of some of the oldest textile mills. Burlington Mills spent $33 million to buy Pacific Mills and Goodall-Sanford (TIME, July 26). M. Lowenstein & Sons bought control of famed old Wamsutta Mills. Mergers are now pending between Botany Mills and Daroff & Sons, and between Textron Inc., American Woolen and Robbins Mills. The mergers are either to put money-losing companies on a better competitive footing or to make profitable companies stronger for further rough times ahead. But few textilemen believe that...
...Leon Lowenstein, 71, was elected board chairman of Wamsutta Mills of New Bedford, Mass. He remains chairman of M. Lowenstein & Sons, Inc., the big cotton clothmaker, which recently bought control of Wamsutta (TIME, Aug. 30). Joseph Axelrod will stay as president, but Lowenstein and six of his top executives will sit on the ten-man board...
...LOWENSTEIN & Sons, among the six biggest U.S. textile companies, took over stock control of Wamsutta Mills, thereby diversified from cotton dress goods, shirtings, etc. into sheets, foam-rubber pillows, electric blankets. Lowenstein paid $9.50 each for 208,500 of Wamsutta's 396,000 shares outstanding (v. $9.25 over the counter) and offered to buy more at the same price until Sept...
...drank too much and talked too boisterously at the ultra-respectable Wamsutta Club-to which he could never have been elected, but in which he automatically achieved membership as mayor. Worse, he fought with the district attorney, who finally embarrassed him by engineering a raid of New Bedford gambling joints by a small army of 121 state cops. Even then, Mayor Peirce might have got by if he had not turned, in rough and highhanded fashion, upon a police lieutenant named Alfred Figueira, who was the head of his vice squad and his chief partner in crime...