Springs Global

Springs Global is a Brazil-based multinational corporation engaged in the manufacturing, marketing, and sale of packaged textile and non-textile home furnishings. It makes textile goods, such as sheets, pillows, bedspreads, towels and bath rugs, under the Springmaid and Wamsutta brands. Other well-known brands from Springs Global include Regal, Beaulieu, Bali, and Nanik. It operates in Argentina, Mexico, Brazil, Canada and the U.S. and has about 30 manufacturing units in 13 states of the U.S.

The previous owner, Springs Industries, combined its home textile operations with Brazil's Coteminas, and the main manufacturing operations were moved to South America from Lancaster County, South Carolina, where the original plant had provided jobs for nearly one-third of the county's population. After the relocation of manufacturing to Brazil, the resulting structure left the renamed Springs Global US to work alongside Coteminas as the operating units of parent Springs Global; most manufacturing decisions and control originate from the Montes Claros headquarters, while executive control is in the U.S.

History of Springs Industries

In 1887, Samuel Elliott White and others started Fort Mill Manufacturing Co. in Fort Mill, South Carolina. The plant opened in 1888. At one time, the plant employed 2000 and was the largest producer of fabric for bed sheets in the world, but in 1983 when it closed, only 200 still worked there. The White Plant in Fort Mill opened in 1892.[2]

Merger with Coteminas

Springs began its association with Brazil-based Coteminas in 2001, when the Close family took the company private. That year, Springs and Coteminas began a "[s]trategic long-term alliance."

In 2002, Springs bought the Beaulieu accent rug business including its Dalton, Georgia and Stratford, Ontario operations, and the Burlington Industries window treatment and bedding businesses.

In 2003, 500 workers lost their jobs when the White Plant and the Lancaster Plant closed, and 130 more Grace Plant workers also were let go.[2]

In 2004, Springs closed the 1920s Lyman, South Carolina and 1960s Anderson, South Carolina plants acquired in 1985. On January 1, 2005, global textile quotas ended, allowing countries where employers paid their workers less than U.S. companies to ship more products.

Early in the year, the Elliott Plant in Fort Lawn closed and 450 were laid off at the Grace Plant.

In October 2005, Springs announced its home furnishings operations would merge with Coteminas, in an effort to lower costs, stay competitive and keep as many jobs as possible. Springs still had around 1000 workers at two Chester County plants. With manufacturing at 13 plants in Brazil and Argentina, Springs could have sheets and towels in stores faster than if production was done in China. Springs and Coteminas would each own half of Springs Global, and Springs would continue to make Springmaid and Wamsutta products.[13]

After spending $10 million improving the Katherine Plant in 2005, Springs announced machinery from there would be moved to South America, and 700 would lose their jobs by February 2007, despite their claims of keeping job. Also, the Frances Plant in Fort Lawn was closing in December 2006, with 60 jobs lost.[14]

On June 27, 2007 Springs said that after 120 years, Springs would end manufacturing in South Carolina with the closing of its Grace and Close plants. The state would still have about 700 employees, most of them at distribution centers in Lancaster and Fort Lawn, and at the Fort Mill offices.[15]

type	Sociedade Anônima
foundation	2005
location	Montes Claros, Brazil
key people	Josué Christiano Gomes da Silva, (Chairman & CEO)
num employees	3,980
industry	Textile
revenue	▲ US$ 820.8 million (2012) ‡R1R‡
net income	- US$ 70.3 million (2012) ‡R1R‡
parent	Coteminas
homepage	www.springs.com

History of Springs Industries

Merger with Coteminas

External links

References