GUILFORD MILLS

KEY DATES IN GUILFORD MILLS HISTORY


  • 1946: Company was founded by James Hornaday in a garage on Sycamore Street, with six employees and two knitting machines that made synthetic fabric for ladies lingerie. Fabric production began in 1947.
  • 1950: First knitting plant was built on West Market Street.
  • 1957: Knitting operation employed 120. Sales office opened in New York.
  • 1961: Chuck Hayes was hired by Hornaday to oversee Guilford's new dyeing and finishing operation.
  • 1960s: With new dyeing techniques that included laminating, napping, embossing and coating, Guilford took warp knit from lingerie to dozens of other products - from automotive interiors to luggage.
  • 1968: Hayes succeeded Hornaday as president and as chairman and chief executive officer in 1972.
  • 1971: Went public on over-the counter market.
  • 1972: Moved to the American Stock Exchange.
  • 1974: Sales exceeded $100 million.
  • 1984: Switched to the New York Stock Exchange.
  • 1984: Return on sales was 5.3 percent. Guilford Mills was ranked the top performer among 46 publicly traded textile companies.
  • 1985-88: Began acquiring other companies, return on sales dropped to 4.2 percent. Companies acquired during this period: TRT Corp., Lumberton Dyeing and Finishing Co., Rouquinet Deroy Ltd, Gold Mills Inc., FFF Industries Inc., Krislex Knits.
  • 1988: Made Fortune 500 List, placing 461st, with $539.1 million in sales.
  • 1989: Had 60 percent market share in its primary business - warp knitting.
  • 1990: Relocated international marketing group from England to Greensboro.
  • July 1990: Citing slowing business, Guilford layed off 20 Greensboro employees, and closed a 300-worker plant in Augusta, Ga.
  • August 1990: Posted first lost in company history: $8.04 million.
  • August 1991: Posted annual profit of $15.9 million.
  • October 1991: Profits increased 64 percent in the first quarter. Sales were up 20 percent.
  • April 1992: Reported 142 percent increase in 3rd quarter earnings. Increase attributed to sales in automotive fabrics, apparel and home furnishings products.
  • 1993: Invested $100 million in machinery and technology.
  • August 1993: Announced record sales and earnings for 1993 fiscal year: net income, $28.85 million, Sales, $654.4 million.
  • November 1993: CEO, Chuck Hayes was appointed to a coalition of industries formed to support the North American Free Trade Agreement (NAFTA).
  • September 1994: Increased ownership in Mexican fabric maker, Grupo Ambar from 20 to 75 percent.
  • October 1994: Included in the new Standard & Poor's SmallCap 600 index.
  • November 1997: Posted a record profit, $43.24 million for the year, an increase of 27 percent.
  • January 1999: Citing imports and accounting problems, Guilford reported lowered earnings.
  • November 1999: Chuck Hayes stepped down as chief executive and was succeeded by John Emrich on Jan. 1, 2000.
  • January 2000: Moved dyeing and finishing operations to new plant in Mexico, 200 Greensboro employees lost their jobs.
  • July 2000: Citing poor profit, a Greensboro plant was closed, 400 more employees lost their jobs.
  • November 2000: Phased out apparel-fabric business. 550 Greensboro employees lost their jobs.
  • February 2001: Reported loss of $7.6 million during the last 3 months of 2000, or 40 cents per diluted share; $32.9 million for the year.
  • January 2002: Reported loss of $160 million for fiscal year ending Sep. 30. 2001.
  • March 2002: Files for bankruptcy protection.
  • September 2002: Federal judge gives final approval for reorganization plan.
  • Oct. 4, 2002: Emerges from bankruptcy. New common stock issued.
  • Feb. 27, 2004: Announces that Cerberus Capital Management, a New York-based private equity firm, has agreed to buy the company for $107 million.
  • Apr 2004: New York firm Cerberus purchases Guilford Mills for $107 million.
  • April 15, 2005: CEO John Emrich steps down “by mutual agreement” with the company owners; replaced by Shannon M. White.
  • Aug. 15, 2005: Wooed by $400,000 in incentives, the company says it will move its headquarters to Wilmington.
  • 2008: California-based Tower Investments has bought the vacant Guilford Mills property off Hornaday Road in western Greensboro (300,000 square feet of space on 30 acres) with plans to eventually raze the building and use the land for a retail development for about $4.6 million.
  • Apr. 2010: Guilford Performance Textiles will close its Greensboro plant and lay off about 150 employees by the end of the year.
  • Apr. 2012: Lear Corp. of Southfield, Mich. announced that it bought Guilford Mills from Cerberus Capital for an undisclosed amount. Lear is a supplier of automotive seating and electrical power management systems, employing approximately 98,000 in 35 countries.
    Source: News & Record Archive

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