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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): June 6, 1996
SPRINGS INDUSTRIES, INC.
(Exact name of registrant as specified in charter)
South Carolina 1-5315 57-0252730
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
205 North White Street, Fort Mill, SC 29715
(Address of principal executive offices) (Zip Code)
(803) 547-1500
(Registrant's telephone number, including area code)
Page 1 of 8
The Index to Exhibits is on Page 4
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Item 5. Other Events
Springs Industries, Inc., a South Carolina corporation ("Springs"),
hereby files three news releases dated June 6, 1996, June 18, 1996, and June
28, 1996, copies of which are attached as exhibits hereto and incorporated by
reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99 Additional Exhibits
99.1 News release issued by Springs on June 6, 1996.
99.2 News release issued by Springs on June 18, 1996.
99.3 News release issued by Springs on June 28, 1996.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
Springs has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SPRINGS INDUSTRIES, INC.
By: /s/James F. Zahrn
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James F. Zahrn
Senior Vice President and
Chief Financial Officer
Dated: July 8, 1996
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EXHIBIT INDEX
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Exhibit Page
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99 Additional Exhibits
99.1 News Release issued by Springs on June 6, 1996. 5
99.2 News Release issued by Springs on June 18, 1996. 6
99.3 News Release issued by Springs on June 28, 1996. 7
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Exhibit 99.1 NEWS RELEASE
Springs Industries, Inc. Contact: Robert E. Slough
P.O. Box 70 Director of Public Relations
Fort Mill, SC 29716 Office: 803/547-3738
Home: 803/366-6646
FOR IMMEDIATE RELEASE June 6, 1996
GRIFFIN, GA.--Springs Industries announced today plans to spend $14.5
million at its Dundee Mills facilities for new towel weaving, fabricating and
printing technology, and said towel printing and lace and embroidery operations
will be consolidated in Griffin.
The announcement was made by Crandall C. Bowles, president of
Springs' Bath Fashions Group.
"The investment we will make in 1996 is the largest single-year
capital project in the history of towel operations in Griffin and will
significantly improve our ability to serve our customers," Bowles said. "It
signals a strong Springs commitment to towels, to our towel division associates
and to the Griffin community."
Springs said the Dadeville, Alabama, plant will be sold because its
fabrics do not fit the company's traditional product lines. If it cannot be
sold during the next two months, the plant will close and its associates given
severance pay based on length of service. Dadeville Plant employs about 125
people and manufactures fabrics which are sold to converters.
Bowles said the project in Griffin will include new looms at two towel
weaving plants and new screen print machines, fabrication equipment and an
automated packing and materials handling system at Lowell Bleachery.
As printing and specialty fabrication are consolidated in Griffin, the
company will phase out operations at two small plants--a sewing plant in
Manchester, Georgia, and a towel printing plant in Newnan, Georgia. The two
plants employ 95 people who will be offered employment in Griffin as their jobs
are phased out. Griffin is within commuting distance of the two facilities.
At present, towels woven, finished and sewn in Griffin are being sent
to Manchester for embroidering or Newnan for printing and then shipped back to
the company's distribution center in Griffin. Moving these operations to
Griffin will bring about greater efficiencies and allow the Bath Group to be
more responsive to customers, Bowles said.
Springs said plans call for specialty sewing to move to Griffin over
the next 60 days and towel printing to move to Griffin in the fourth quarter.
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Exhibit 99.2 NEWS RELEASE
Springs Industries, Inc. Contact: Robert E. Slough
P.O. Box 70 Director of Public Relations
Fort Mill, SC 29716 Office: 803/547-3738
Home: 803/366-6646
FOR IMMEDIATE RELEASE June 18, 1996
LANCASTER, S.C.--Springs Industries said today the company will spend
$15 million to modernize and expand Grace Fabrication Plant at Lancaster and
convert its Riverlawn Fabrication Plant at Fort Lawn to a distribution center.
"The expansion at Grace will add about 350 new jobs," said M.L.
Deaton, vice president--fabrication for Springs' Bed Fashions Group. "There
are about 250 production jobs at Riverlawn Plant and our plan calls for
offering all of these associates a transfer to Grace, which is about two miles
away. When the project is completed there will be a net gain of some 100 jobs
in the Lancaster area."
Springs fabricates sheets and pillowcases at Grace and soft window
treatments and bedspreads at Riverlawn, which was built in 1974 inside part of
a fiber storage warehouse.
Some bedding accessories will continue to be manufactured at Riverlawn
until some time in 1998, Deaton said, but as associates transfer to Grace
production at Riverlawn will gradually shift to other facilities, primarily
Lyman Fabrication Plant in Lyman, S.C. Springs also operates a second bedding
fabrication plant at Fort Lawn as well as bedding fabrication plants in
Piedmont, Alabama.
"We expect the project to be completed in about two years," Deaton
said, "so that associates who transfer from Riverlawn to Grace will do so over
a long period of time. Our goal is to make the transition period as smooth as
we possibly can."
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Exhibit 99.3 NEWS RELEASE
Springs Industries, Inc. Contact: Robert E. Slough
P.O. Box 70 Director of Public Relations
Fort Mill, SC 29716 Office: 803/547-3738
Home: 803/366-6646
FOR IMMEDIATE RELEASE June 28, 1996
FORT MILL, S.C.--Springs Industries today announced a $71 million plan
to consolidate and realign its fabric manufacturing operations.
Thomas P. O'Connor, president of Springs' Bed Fashions Group, said
that this first phase of a two-phase major renovation program will result in
the closure of three fabric manufacturing plants in South Carolina over the
next several months while adding production processes in other plants.
O'Connor said, "The plants to be closed employ approximately 850
people; however, two of the three plants are close to other Springs facilities
and every effort will be made to secure employment for those affected by the
closings.
"The second phase of this project, yet to be finalized, will be
announced later this year. It will involve significant investment in the
latest manufacturing technology for existing facilities."
The company will take a one-time pretax charge of $30.4 million in the
second quarter of 1996 to cover write-offs of plant and equipment and certain
other expenses associated with the plan. Springs will also make capital
investments of $17.3 million and incur future expenses of approximately $23
million for equipment relocation and other realignment costs which cannot be
charged to the reserve.
Plants scheduled to be closed by year end are the Kershaw Plant,
Kershaw, S.C., Olympia-Granby Plant, Columbia, S.C., and Wamsutta I Plant,
Anderson, S.C., all producing bedding fabric.
Springs operates 11 other bedding fabric plants among its 48
manufacturing facilities nationwide and employs 22,000 people.
O'Connor said, "This plan, when fully implemented, will increase the
efficiency of our fabric operations while adding to our ability to serve our
customers and the consumer. We must continue to offer our customers the
highest possible level of service and value while we grow our business. This
plan helps us achieve that goal.
"Closing plants is never easy. We are pleased, however, that in this
instance two of these three facilities are contiguous to or nearby other
Springs plants. Over the next several days,
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managers will meet with each person affected to explain the individual's
options and opportunities, including potential transfer to other Springs
plants. We are also contacting state and community leaders and agencies to
enlist their assistance."
Springs Industries is a major manufacturer and marketer of bed and
bath fashions, window treatments, and specialty products, with plants in 10
U.S. states and wholly-owned marketing and distribution subsidiaries in Mexico
and Canada. Sales in 1995 were $2.2 billion.
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