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WestPoint Stevens Announces Eight-Point Program And Restructuring Charge

WestPoint Stevens Inc. (WPS), West Point, Ga., recently created a new Eight-Point Program, a guiding discipline in the companys global economy performance. Additionally, the Board of Directors approved a $195-million pre-tax restructuring charge to cover the cost of implementing the program.The program is designed to provide dynamic flexibility within a strong framework of clear, measurable goals. The eight points include rationalizing manufacturing, reducing overhead, increasing global sourcing, improving inventory utilization, enhancing supply chain and logistics, expanding brands, exploring new licensing opportunities and improving capital structure.Company management is strongly committed to fully implementing our Eight-Point Program, said Holcombe T. Green Jr., WPS chairman and CEO. We feel that the program will be an effective vehicle for moving us ahead and enabling us to operate efficiently in a truly global economy. Our total thrust will be toward enhancing shareholder value.Recently, the company announced a new expanded licensing agreement with Ralph Lauren Home, a division of Polo Ralph Lauren. The renewal portion of the new agreement for continued exclusive production of sheets, matching bedding accessories and towels under the Ralph Lauren Home brands is effective January 2001. The expanded agreement effective July 2001 awards WestPoint production of bed pillows, mattress pads, feather beds, down comforters and blankets, as well as coordinating bedding accessories.

September 2000