| Cone Mills |
3101 N. Elm St.,
Greensboro,
NC
27408 |
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www.cone.com
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(336) 379-6220
Fax: (336) 379-6287
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Long live denim
Founded in 1891, Cone Mills's longevity and success has made it a legend in the textile industry. The company is currently the largest denim producer and furniture fabric printer in the nation; it supplies the denim used by Levi Strauss (Cone Mills's leading customer), Calvin Klein, The Gap, Stussy, Wrangler, Chic, Samson, Lands' End, OshKosh, Ralph Lauren, and Guess. Cone Mills is also the largest producer of yarn-dyed plaid flannel in the U.S.
Opportunity knocks
The Cone brothers, Caesar and Moses, began as general store suppliers in the Deep South in the aftermath of the Civil War. With currency scarce, the Cones' customers often paid in textiles, so they decided to enter that market by purchasing failed mills. A century later, Cone Mills took advantage of NAFTA to open a joint project in Mexico with Guilford Mills. With representative offices around the world, Cone Mills is looking to expand globally to protect itself against the fluctuations of the domestic textile market. In July 1999 the company announced a strategic alliance with Koramsa of Guatemala, a major apparel manufacturer for Latin America.
Willing or not?
Cone Mills has been in the red since 1995, prompting CEO John Bakane to implement a restructuring plan in 1998. The effort called for the laying off of 650 workers, which combined with the closing of one plant, would reduce the company's workforce by 20 percent. The mill's flailing signs have caught the eye of investor Marc Kozberg, who owns 12 percent of the company and was rebuffed in his bid for a majority share in 1999. Although Bakane is "not interested," Kozberg told the AP that he "definitely wants to own Cone Mills." In late 1999 the company adopted a shareholders' rights plan (commonly known as a poison pill) that would make it more costly for dissidents to take over the company. Both Kozberg and the company's management think Cone Mills has the potential to make a lot of money in the future - the company "expects to emerge as a leader in the textile business in the year 2000."
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Cone Mills recruits new hires straight from college and places them either into a training program (for mill management) or directly into the field in more specific corporate positions. The company accepts resumes at its headquarters and keeps them on file for 30 days. Cone Mills says that it favors candidates who demonstrate "a high work ethic, ambition, flexibility, and responsibility." While most new hires work in the Greensboro, NC corporate headquarters, Cone Mills' numerous regional locations take on new corporate employees as well.
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Cone Mills offers its employees "on-the-job autonomy" without "strict micro-management." The company encourages "a sense of community" among its employees, who call the corporate atmosphere "friendly" and "interactive." Even though the "volatile" textile market often produces "short-term setbacks," many employees comment that Cone Mills' "size and diversity" enables it to "confront market downturns" better than its competitors. In addition, the company provides employees the chance to "advance rapidly," and Cone Mills has a "long and exceptional history" of hiring and promoting minority employees.
Human Resources
Indigo and colored denims;Blended sportswear fabrics;Chamois and yarn-dyed shirtings;Commission dyeing, printing & finishing;Piece-dyed fashion fabrics;Decorative fabrics;Custom prints;Real estate development
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