National Spinning announces board changes and capital investment plans

NATIONAL SPINNING CO., INC. BOARD OF DIRECTORS ANNOUNCES APPOINTMENTS, CAPITAL INVESTMENT PLANS

The following actions were approved by the Board of Directors of National Spinning at its May, 2014 meeting, effective immediately.

Mr. Morgan Miller will remain on the board and assume the role of Emeritus Chairman of the Board.  James Chesnutt, Chairman and CEO, said of Mr. Miller, “In recognition of Mr. Miller’s outstanding contributions to National Spinning over his 56 years with the company, we honor him with this newly-created board title.  The company continues to value Mr. Miller’s insight, intelligence, perspective, and thoughtfulness as we consider our company’s past and chart its future.”

Mr. H. Robert Miller will remain on the board and has received the title of Vice Chairman of the Board.  Mr. Chesnutt stated, “Bob Miller’s record of service to the company over his 37-year career has taken him into every segment and division of our business.  We recognize his contribution to the company’s ongoing success with this board title. We look forward to Bob’s continuing roles both on the board and in company operations.”

Ms. Linda Fanton, CFO, has been named to a previously unfilled board position.  In speaking of this promotion, Mr. Chesnutt stated, “For over 14 years Linda has watched vigilantly over our financial health and reporting. Her operational contribution has been invaluable and we welcome her expanded input as board member.”

Other board members remain James “Boot” Booterbaugh, company president; Henry “Buster” Humphreys, former president of National Spinning; Julie Leff; and Mr. Chesnutt, Chairman and CEO.  In speaking of the board, Mr. Chesnutt stated, “With this board of directors in place, we are now extremely confident in National Spinning’s ability to maintain its long record of market leadership, dynamism, and operational success. I feel great optimism for all the company’s shareholders and trading partners.”

In addition to board announcements, the company is pleased to note a major investment in the Whiteville, NC spinning facility.  The investment will enhance and increase production capabilities in technical yarns through modernization and addition of production equipment.

National Spinning Co., Inc., an employee-owned company, operates four businesses.  National Spinning, LLC produces and distributes yarn for a wide variety of end-uses.  Hampton Art, Inc. designs, markets, and wholesales consumer products, mainly to craft retailers.  Carolina Nonwovens, LLC produces and distributes pads and rolls for automotive, industrial, and bedding markets.  National Spinning Co., Inc. leases real estate in Washington, NC. For further information, please contact Mr. Bob Miller at (212) 382 6403 or hrmiller@natspin.com .  Follow us on Twitter @natspinco or LinkedIn.