Historical Newspapers of South Carolina

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'N u.S^' Clinton Mills Clothmaker liUlf f By andfw Employees of Clinton Miffs UlUlpi K;- : i 7/ V US.^ February 1987 New President Is Named George Thaddeus (Thad) Williams has been named president and chief executive officer of Clinton Mills, Inc. Williams was elected to these positions on Dec. 30, 1986, He also was elected presi dent and a member of the board of directors ofCMI Holdings, Inc., now the parent com pany of Clinton Mills, Inc. CM I Holdings bought ownership of Clin ton Mills, Inc., on Dec. 30, 1986. The new ownership includes 26 management and mid-management stockholders in addition to affiliates of Merrill-Lynch Capital Part ners, In.c. Williams has been employed by Clinton Mills since 1972 when he joined the organi zation as controller. From 1973 through 1985, he rose from assistant treasurer to vice president and treasurer, to executive vice president and treasurer prior to the most recent promotion. A native of Columbia where he attended public schools, Williams is a graduate of the University of South Carolina from which he received both the B.S. and L.L.B. degrees. He received the L.L.M. graduate law degree from New York University. He practiced law in Sumter for one year and then was an attorney with the Tax Divi sion, Department of Justice, in Washington, D.C., for more than three years. He prac ticed law in Columbia for two years and was admitted to practice law before the U.S. Supreme Court and S.C. Supreme Court. He is a member of the S.C. Tax Study Commission, appointed in 1979. He also is a member of the Economic Affairs Commit tee of the American Textile Manufacturers Institute and former chairman of the Tax Committee. He is a member and former chairman of the Tax Committee of the South Carolina Manufacturers Association and a member of the Tax Committee of the S.C. Chamber of Commerce. He is a member and former president of the Clinton Kiwanis Club and is a member of the board of directors of the Laurens County Chamber of Commerce. He is a former mem ber of the Board of Visitors of Presbyterian College. He was a member of the Bailey Foundation Advisory Committee from 1975 to 1986. He and his family are members of the First Presbyterian Church in Clinton. He is married to the former Mildred (Mim) Russell; and they have three children — Russell, 18; Virginia, 17; and Cecilia, 12. Cornelson Retires George H. Cornelson retired Jan. 30, 1987, following 32 years service to Clinton Mills. Cornelson plans to actively pursue other business interests. Cornelson has held nu merous positions within the Clinton organization. Cornelson joined the company's industrial en gineering department in 1954 and has held num erous positions includ ing executive vice presi dent, president, director Mr. Cornelson (Continued on page 12) New Ownership In a transaction concluded De cember 30, 1986, a group of 26 management investors, together with affiliates of Merrill Lynch Capit al Partners, Inc., acquired the own ership of Clinton Mills, Inc. Clinton Mills will continue to oper ate as it has in the past. The long standing philosophy, practices and policies of the company will not change. Going forward, Robert M. Vance will serve as chairman; Thad Wil liams, president; Bailey Dixon, vice president of engineering; Dick Swetenburg, vice president of manu facturing; Steve Warren, vice presi dent of marketing; Claude Crocker, vice president of human resources; Wait Sigman, vice president and controller; Martha Simmons, secre tary; Jim Raleigh, president of Clin ton Mills Sales;and Les Negus, Resi dent of Elastic Fabrics of America. New W-4 Employees Complete Tax Forms ” ce How many words are there whose mere mention can cause immediate anxiety attacks? Historically, in the textile industry, they include taxes, tangled filling, exces sive warp outs, etc. Now, the federal government has given us a new one, W-4. Because of the Tax Reform Act of 1986, Clinton Mi Its employees are required to com plete a new W-4 form. Members of the personnel staff — James Buchanan, Truman Owens and Bob Dettmar — have worked around the clock to assist employees in completion of the complex form. According to tax advisors, filling out the forms is complex, but not impossible. Many just get frightened when they see the form. Questions have been asked about a provi sion on page two which states “You may be fined $500 if, with no reasonable basis, you file a form W-4 that results in less tax being withheld than is properly allowable.” A penalty may apply if 90% taxes owed aren't paid by the end of the year. However, this penalty is not new — it has just been revised. In previous years, a penalty has occurred if a certain percent of taxes due have not been withheld. While employees have until October 1, 1987, to complete a new W-4, Clinton Mills has opted to handle the requirement early in order to permit early employees withhold- voO^'P, 111 p c0^ eC o\M e ^ fT^ st 2^*1^ - ings in line with revised tax tables. -'..ti? The principal purpose of the new form is to | ^ make sure that withholdings are correct un- der the provision of the new law. ^ o0 '° e ^ c ''^ Amended W-4s may be filed with the com- , > pany at any time if an employee s earning status, exemptions or deductions change.