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< CLINTON MILLS February 1981 85 Year 1896?Clinton Cotton Mills founded v 1902?Lydia Cotton Mills founded wi' 1926?C.M. Bailey elected president i president of Clinton Cotton Mills. 1931?Heart of Great Depression. 1935?W.J. Bailey elected president 1948?P.S. Bailey elected president c tons, Inc. Established. 1952?The Clothmaker began public< 1956?Old Timers Club organized. M 1958?Robert M. Vance elected Clint 1959?Sale of company owned home 1963?Plant I and Plant II gained sei 1964?Merger of Clinton and Lydia C 1966?Ground broken for Bailey Pla established. 1970?Made entry into warp and dou 1971?Seventy-fifth Anniversary of C 1 Q73 P.lintnn annnimrpH thp rnriQtri warehouse for the CJinton Plants. Compar Clinton announced the purchase of Midma. Plant No. 2 celebrated million safewi awards program expanded. 1976?Clinton Mills observes 80th Mills subsidiary Mid-America Yarn Mills 1977?Clinton clinic moves into n announces Matching Gifts to Education 1979?Clinton Mills, Inc. names Robe H. Cornelson, President; C. Bailey Dixor sidiary Operations; Arthur C. Young, Vic 1980?Mid-America Yarn Mills, Inc. I retires as Vice President of Manufacturi Barry Hooks named General Manager < Assistant to Vice President of Manufact donor" drive. 1981?r-Clinton observes 85th Annive ployees becomes effective. There were many events in the history c here. This brief outline touches only th< Raleigh Named To Fa: W. James Raleigh has been appointed by New York Board of Trade Chairman Richard W. Seeler to serve as the Board of Trade's representative on the Mayor's Fashion Advisory Council. The Council is a newly created liaison group to work with the city administration and the fashion-Textile industry to initiate programs for upgrading and Bailey Foundi Since inceDtion of the Bailev Foundation Matching gifts to education program December 1, 1977, thirty-two qualified educational institutions and programs in ten states have been recipients of $52,682 in gifts from forty-two eligible donors under the provision of the program, according to Foundation Administrator Claude A. Crocker. During the past "Matching Gifts" year, thirty educational institutions received $19,997 in matching gift contributions. The Matching Gifts to Education Program is designed to encourage Clinton Mills, Inc., its subsidiaries, and affiliated corporations' employees and directors to give personal financial support to educational institutions of their choice which meet the eligibility requirements. Such gifts, in amounts of $10 to $ 1,000 per calendar year which meet the conditions described herein, will be match ed dollar for dollar by The Bailey Founda h) \Wm "Hi highlights vith Mercer Silas Bailey as President, th Mercer Silas Bailey as President, of Lydia Cotton Mills. W.J. Bailey elected of Lydia Cotton Mills. )f Clinton-Lydia Cotton Mills. Clinton Cotition. .S. Bailey Scholarship fund established. :on and Lydia Cotton Mills President, s. parate identities, otton Mills. nt. Profit Sharing and Retirement Fund ible knit fabrics markets, linton Mills. iction of a new 35,200 square foot cotton ly beg[ins "hearing" test program in Plants. America Yarn Mills, Inc. of Pryor, Oklahoork hours in November. Continuous service Anniversary. Clinton's Mid-America Yarn ,, Inc. acquires Talladega Plant, ew medical facility. Bailey Foundation Program. Clinton acquires Geneva Plants, rt M. Vance Chairman of the Board; George l, Vice President of Engineering and Sub:e President of Marketing. PeginsYuma, Arizona Plant. D.H. Roberts ng and is succeeded by J.R. Swetenburg. Df Geneva Plants; Glenn Gaskins named uring. Clinton begins in the plant "blood rsary. New retirement plan for hourly emit Clinton Mills, Inc. that are not mentioned j highlights. shion Advisory Council improving the fashion image in the city. Raleigh is a member of the Executive Committee of the Board of Trade and past Chairman of its Textile Section. He also served as Chairman ot the Marketing Committee ot A.T.M.I., (American Textile Manufacturers' Institute). ation Matches tion. Employee Eligibility Under the Plan An employee, at the time of his or her contribution, must be in the active regular employment of the company, and shall have had at least one (1) year of continuous service in such employment. Directors of the Company are eligible from the date of their election to the Board. taucationai institution uuaiitying Under the Plan: A qualified educational institution must meet the following requirements: A. Be a non-profit and non-proprietary two or four year recognized degree-gianting college, university or technical school fully accredited by a recognized national or regional accrediting agency, or a non-tax supported secondary school. B Be located within the continental United States and recognized by the United States Treasury Department as an organiza LLOTHMj ^ By and Fo H & 1 V I_ jfl I ' IS l -.? \ ^ m H f .: "r^B 'fl I Mrs. Rose Montgomery, a din anniversary cake. (See anniversa Profit Sharing Statemc Individual Profit Sharing Retirement statements were distributed to eligible employee plan participants on February 2. 1981. The Company's contributions totaled $825,591.30 for calendar year 1980. The value of the fund as of December 31. 1980 totaled $5,524,310.35. In November (1980), the Company announced an Improved Retirement Plan for hourly paid employees. The new plan, which became effective January 1, 1981, will provide guaranteed and improved retirement benefits based on earnings and years of accredited service of Employee Gift! tion towhich contributions are deductible by the donors for federal income tax purposes. Employees' Contributions Under the Plan: An employee contribution is one which is the personal gift of an employee, actually paid by the employee, and not merely pledged to a qualifying educational institution. An eligible employee may make a con tribution to more than one qualifying educational institution. The total amount of the matching contributions to institutions shall not exceed $1,000 per individual during one (1) calendar year during which the Plan operates. The Foundation's Contribution: The Foundation's annual contribution under this program will match a personal contribution in amount of $10.00 or more of any individual employee, but shall not ecxeed $1,000 in any one (1) calendar year. Restrictions on Use of Contribution: Under this program there shall be no res \KE^ r Errnloyees of Clinton Mills fC 1 m 'JhijSL ? {, vlu ^T1^ II ?ctor, and Chairman Vance cut ry story inside.) jj mts Distributed participants. For eligible participants, this new plan replaces the Clinton Mills Profit Sharing Retirement Plan which was adopted for hourly paid and incentive employees in 1966. All funds accumulated under the Profit Sharing Retirement Plan will be preserved and remain in interest bearing accounts. Annual statements will continue to be issued showi-g the value of each account. Employees who were participants in the Profit Sharing Retirement Plan December 31, 1980 were automatically vested regardless of the length of service. Full details of the new pension plan will be available in the near future. ?To Education trictions on the use of the individual or Foundation contributions by the recipient institutions. Qualifications for Contributions: In order to qualify under this program, the employee's contribution may be in the form of cash, or securities having a quoted market value, and paid directly to the qualified institution. termination or Program: The Foundation reserves the right at any time to amend, suspend, revoke, or terminate this program with respect to employee contributions thereafter made. Administration and Interpretation of Program: Any question as to the interpretation, application, or administration of the provisions of this program shall be decided by the Advisory Committee of the Foundation, whose decision shall be final.