Westpoint Stevens (NASDAQ:WSPT)
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WestPoint Stevens to Open First China Office in Shanghai
WEST POINT, Ga., April 20 /PRNewswire-FirstCall/ -- WestPoint Stevens Inc.
(BULLETIN BOARD: WSPT) ( http://www.westpointstevens.com/ ) today announced
the planned opening on July 1, 2004, of its first office in Shanghai, China.
M.L. (Chip) Fontenot, the Company's President and Chief Executive Officer,
said, "We have spent the last several years building our direct offshore
sourcing operations. We have now reached a point of critical mass, currently
running at over $400 million of our revenues, such that a direct presence
overseas is warranted. We have chosen China initially because of its strategic
importance in the globalization of the home fashions industry."
William T. Walker, newly promoted Managing Director and President - Asian
Operations, will oversee the Shanghai office, which expects to grow its staff
from three to twelve, as well as open additional overseas offices. Mr. Walker,
former Senior Vice President - Sourcing since April 2001, will continue to
coordinate, develop and manage vendor/country relationships in Asia. Prior to
his role in sourcing, Mr. Walker has over 10 years of broad-based management
experience in the home fashions industry as well as 15 years in other consumer
products.
Mingzi Ye, a native of Shanghai, will join the Company as Sourcing Coordinator
to help facilitate the opening of the Shanghai office. Ms. Ye earned a BA in
English with a minor in Marketing and Business from Shanghai Teachers'
University and an MS in Science from Clemson (SC) University.
WestPoint Stevens Inc. is the nation's premier home fashions consumer products
marketing company, with a wide range of bed linens, towels, blankets,
comforters and accessories marketed under the well-known brand names GRAND
PATRICIAN, PATRICIAN, MARTEX, ATELIER MARTEX, BABY MARTEX, UTICA, STEVENS, LADY
PEPPERELL, SEDUCTION, VELLUX and CHATHAM - all registered trademarks owned by
WestPoint Stevens Inc. and its subsidiaries - and under licensed brands
including RALPH LAUREN HOME, DISNEY HOME, and GLYNDA TURLEY. WestPoint Stevens
can be found on the World Wide Web at http://www.westpointstevens.com/ .
Safe Harbor Statement: Except for historical information contained herein,
certain matters set forth in this press release are "forward looking
statements" within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ materially from those
in the forward-looking statements. Such risks and uncertainties may be
attributable to important factors that include but are not limited to the
following: Product margins may vary from those projected; Raw material prices
may vary from those assumed; Additional reserves may be required for bad debts,
returns, allowances, governmental compliance costs, or litigation; There may be
changes in the performance of financial markets or fluctuations in foreign
currency exchange rates; Unanticipated natural disasters could have a material
impact upon results of operations; There may be changes in the general economic
conditions that affect customer practices or consumer spending; Competition for
retail and wholesale customers, pricing and transportation of products may vary
from time to time due to seasonal variations or otherwise; Customer preferences
for our products can be affected by competition, or general market demand for
domestic or imported goods or the quantity, quality, price or delivery time of
such goods; There could be an unanticipated loss of a material customer or a
material license; The availability and price of raw materials could be affected
by weather, disease, energy costs or other factors; The future results of
operations may be adversely affected by factors relating to the Chapter 11
proceedings. The information contained in this release is as of April 20, 2004.
WestPoint Stevens assumes no obligation to update publicly any forward-looking
statements, contained in this document as a result of new information or future
events or developments.
Contact: Lorraine D. Miller, CFA
Senior Vice President - Finance and External Communications
Phone: 404.378.0491
DATASOURCE: WestPoint Stevens
CONTACT: Lorraine D. Miller, CFA, Senior Vice President - Finance and
External Communications of WestPoint Stevens, +1-404-378-0491
Web site: http://www.westpointstevens.com/