ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Wednesday, May 1, 1996 TAG: 9605010048
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE: MEGAN SCHNABEL
Tultex Corp. stockholders on Tuesday approved an incentive plan that will reward the apparel company's employees when the company meets or exceeds its annual financial goals.
The program, which combines and replaces existing bonus plans, will apply to the 642 employees and executives who are at salary grade 10 or higher, said Tultex spokeswoman Kathy Rogers. The company's union workers approved a separate bonus plan in their annual labor contract, Rogers said. Tultex employs 6,800 people companywide; about 2,400 of them work in Martinsville.
The incentive program takes effect immediately, and the first bonuses will be paid the first of next year, she said. The company estimates cash payouts under the plan will range from $632,000, if minimum goals are reached, to $4.9 million, if all goals are exceeded.
Tultex reported a net loss of $5.5 million on sales of $95.3 million in its first quarter, compared with a loss of $11.7 million on sales of $84.1 million a year earlier. Tultex stockholders also re-elected the company's eight directors to the board.
LENGTH: Short : 29 linesby CNB