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Textile News

Cone Mills Initiates Reinvention Plan
GREENSBORO, N.C.-- Cone Mills Corporation (NYSE: COE) today announced the initiation of its"Reinvention Plan." According to Chief Executive Officer, John L. Bakane,"The Reinvention Plan is a new way of operating the company and is aimed at avery disciplined focus of human and capital resources on core businesses thatare defensible in this hemisphere long term. It is the continuation of theprocess we began in 1999, which improved operating margins and restoredprofitability during second and third quarters of last year. We are now ableto affect this major step because of the cultural changes adopted throughoutthe organization during the past two years. Our expectations are to restoreCone Mills to financial health, establish a foundation for long-term successand implement our plan to expand denim manufacturing in Mexico." The company's Reinvention Plan consists of four initiatives: (1) workforcereductions; (2) market based pay and bene
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