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MIRA INFORM REPORT
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Report No. : |
504201 |
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Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
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Name : |
AMERICAN & EFIRD GLOBAL, LLC |
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Registered Office : |
22 American Street Mount Holly, NC 28120-2150 |
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Country : |
United States |
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Financials (as on) : |
2016 (Summarized) |
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Date of Incorporation : |
1891 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject manufactures textile products. |
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No. of Employees : |
1800 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED STATES - ECONOMIC
OVERVIEW
The US has the most technologically powerful economy in the world, with a per capita GDP of $59,500. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.
In the US, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.
Long-term problems for the US include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.
The onrush of technology has been a driving factor in the gradual development of a "two-tier" labor market in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income.
Imported oil accounts for more than 50% of US consumption and oil has a major impact on the overall health of the economy. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.
The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009, Congress passed and former President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012, the Federal Government reduced the growth of spending and the deficit shrank to 7.6% of GDP. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.
Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through FY 2018, the direct costs of the wars will have totaled more than $1.9 trillion, according to US Government figures.
In March 2010, former President OBAMA signed into law the Patient Protection and Affordable Care Act (ACA), a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the former president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.
In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short-term rates near zero until unemployment dropped below 6.5% or inflation rose above 2.5%. The Fed ended its purchases during the summer of 2014, after the unemployment rate dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of GDP. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With continued low growth, the Fed opted to raise rates several times since then, and in December 2017, the target rate stood at 1.5%.
In December 2017, Congress passed and President Donald TRUMP signed the Tax Cuts and Jobs Act, which, among its various provisions, reduces the corporate tax rate from 35% to 21%; lowers the individual tax rate for those with the highest incomes from 39.6% to 37%, and by lesser percentages for those at lower income levels; changes many deductions and credits used to calculate taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do not obtain the minimum amount of health insurance required under the ACA. The new taxes took effect on 1 January 2018; the tax cut for corporations are permanent, but those for individuals are scheduled to expire after 2025. The Joint Committee on Taxation (JCT) under the Congressional Budget Office estimates that the new law will reduce tax revenues and increase the federal deficit by about $1.45 trillion over the 2018-2027 period. This amount would decline if economic growth were to exceed the JCT’s estimate.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
American & Efird Global, LLC |
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Trade
Names: |
A&E |
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ID: |
0004071 |
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Date Created: |
1891 |
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Date Incorporated: |
11/4/2011 |
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Legal Address: |
22 American Street Mount Holly, NC 28120-2150 USA |
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Operative Address: |
22 American Street Mount Holly, NC 28120-2150 USA |
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Telephone: |
704-827-4311 |
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Fax: |
704-827-0974 |
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Legal Form: |
Limited Liability Company |
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Email: |
salesusa@amefird.com |
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Registered in: |
NORTH CAROLINA |
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Website: |
www.amefird.com |
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Contact: |
Les Miller – Chief Executive Officer |
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Staff: |
1800 |
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Activity: |
SIC Code 2284, Thread Mills NAICS Code 313110, Fiber, Yarn, and
Thread Mills |
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Banks: |
BANK OF AMERICA |
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History
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The company was founded in 1891 as Nims
Manufacturing Company; in 1920 it was consolidated with other textile mills
into American Yarn and Processing Company. In 1952 the company merged with
Efird Manufacturing and became American and Efird Mills, Inc. It is based in
Mount Holly, North Carolina with manufacturing and sales locations in Asia,
Europe and the Americas. American & Efird LLC is a former
subsidiary of Ruddick Operating Company, LLC. |
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Platinum Equity to Acquire American
& Efird Press Release · February 26, 2018 LOS ANGELES (Feb. 26, 2018) – Platinum
Equity announced today that it has signed a definitive agreement to acquire
American & Efrid (A&E) from KPS Capital Partners. Financial terms
were not disclosed. The transaction is subject to regulatory approval and is
expected to close in the second quarter of 2018. Headquartered in Mt. Holly, North
Carolina, A&E is the largest U.S. manufacturer and the world’s
second-largest manufacturer and distributor of premium quality industrial and
consumer sewing thread, embroidery thread and technical textiles. A&E
thread is used by producers of apparel, automotive components, home
furnishings, medical supplies, footwear and certain industrial products. “A&E is a well respected global supplier
with exceptional technology, dedicated employees and the best products in the
industry,” said Platinum Equity Partner Jacob Kotzubei. “The company has
established a diverse footprint with global reach, strong brands, and a
proven track record of profitable growth.
We look forward to partnering with mangement to help the business
continue growing organically and through the pursuit of M&A opportunities
in markets around the world.” A&E CEO Les Miller said he believes
Platinum Equity and A&E are a great fit. “This is exciting news for our company
and our customers,” said Mr. Miller. “Platinum Equity’s financial support,
M&A capabilities, textile experience and global operational expertise
will help accelerate our next phase of growth and expansion.” Kirkland & Ellis is serving as legal
counsel to Platinum Equity on the A&E transaction. |
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PRINCIPAL
ACTIVITY
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American & Efird Global, LLC
manufactures textile products. |
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Products/Services description: |
It offers industrial sewing and embroidery
thread, yarn, crafts, embroidery, and quilting products. |
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Brands: |
Anecord,
Anecot, Anefil Nylon, Flame-out, Perma Spun, Perma Kool, Wildcat Plus,
Ludlow, Robinson-Anton, YKK. |
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Sales are: |
Wholesale |
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Clients: |
Todomar C.H.L. Marina S.A.S. |
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Suppliers: |
CEZOMA - UNIMACH BV VARDHMAN YARNS AND THREADS LIMITED Gutermann Polygal Mexicana SA De Cv |
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Operations area: |
National and International |
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The company
imports from |
GERMANY INDIA MEXICO |
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The company exports to |
COLOMBIA |
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The subject employs |
1800 employees |
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Payments: |
Regular |
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LOCATION
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Headquarters : |
22 American Street Mount Holly, NC 28120-2150 USA |
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Comments on Address: |
- |
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Branches: |
American & Efird 56 3200 South York Road, Gastonia, NC 28056
USA |
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Related Companies: |
Vardhman Yarns and Threads Ltd. 1st Floor, Palm Court, Sector-16, MG
Road, Gurgaon Haryana- 1222001-INDIA A&E Bangladesh Ltd. Factory American & Efird Bangladesh Ltd. Plot # 659-660, 93 Islampur, Gazipur Bangladesh A&E China (Southern) Dongguan Dongmei Thread Mfg. Co. Ltd. South China Dyeing & Finishing Plant Nange Industrial Village, Daojiao Town, Dongguan, Guangdong Province People Republic of China Huamei Thread Co. Ltd. No. 195 Zhaolong Road, Zhuangshi Zhenhai District Ningbo City, Zhejiang Province 315201 People Republic of China |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
The company was acquired in 2018 by: Platinum Equity, LLC NY, USA Founded in 1995 by Tom Gores, Platinum
Equity is a global investment firm with $13 billion of assets under management
and a portfolio of more than 30 operating companies that serve customers
around the world. The firm is currently investing from Platinum Equity
Capital Partners IV, a $6.5 billion global buyout fund. Platinum Equity
specializes in mergers, acquisitions and operations – a trademarked strategy
it calls M&A&O® – acquiring and operating companies in a broad range
of business markets, including manufacturing, distribution, transportation
and logistics, equipment rental, metals services, media and entertainment,
technology, telecommunications and other industries. Over the past 22 years
Platinum Equity has completed more than 200 acquisitions. |
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Management: |
Patricia Howard - President Les Miller - Chief Executive Officer John Woodlief - Chief Financial Officer Greg Stover - Senior Vice President
Finance and Secretary |
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Company Officials All LLCs are managed by their managers
pursuant to N.C.G.S. 57D-3-20: Manager: American & Efird Management, Ltd. 22 American Street Mt Holly NC 28120 Manager: Gerrit-Jan van der Marel Langeweg 2c 1261 EL Blaricum The Netherlands XX 9999 |
FINANCIAL
INFORMATION
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The company
does not make its financial statements public. The following information has
been provided by private sources: |
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USD 2016 |
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Sales |
138.180.000 |
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Cash flow |
Normal |
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LEGAL
FILINGS
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PATENTS |
Processing textile strands Patent number: 6014854 Abstract: Wound bobbins of yarn are exposed
to constant tensioning treatment to eliminate variances in hot air shrinkage
caused by the manufacturing processes used to make the strands. Type: Grant Filed: April 23, 1998 Date of Patent: January 18, 2000 Assignee: American & Efird, Inc. Inventor: N. Geoffrey Greenberg Sewing thread Publication number: 20090308047 Abstract: An improved sewing thread and
method of making it where at least one strand of spun yarn is composed of
100% staple fibers and has a high level of single twist that is equal to or
greater than 4 more turns per inch than that of the ply twisted final
product. Type: Application Filed: August 17, 2009 Publication date: December 17, 2009 Applicant: American & Efird, Inc. Inventor: N. Geoffrey Greenberg Heat treatment of textile strands prior
to plying Patent number: 5791135 Abstract: Wound bobbins of yarn are
exposed to a high temperature heat treatment step to eliminate variances in
hot air shrinkage caused by the manufacturing processes used to make the
strands. Type: Grant Filed: June 20, 1996 Date of Patent: August 11, 1998 Assignee: American & Efird, Inc. Inventor: N. Geoffrey Greenberg Sewing thread Patent number: 7594381 Abstract: An improved sewing thread and
method of making it where at least one strand of spun yarn is composed of
100% staple fibers and has a high level of single twist that is equal to or
greater than 4 more turns per inch than that of the ply twisted final
product. Type: Grant Filed: January 15, 2004 Date of Patent: September 29, 2009 Assignee: American & Efird, Inc. Inventor: N. Geoffrey Greenberg |
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GOVERNMENT CONTRACTS |
No found. |
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CASES |
Perez v. American and Efird Plaintiff: Brenda Perez Defendant: American and Efird Case Number: 3:2018cv00107 Filed: March 8, 2018 Court: North Carolina Western District
Court Office: Charlotte Office County: Rutherford Presiding Judge: Graham Mullen Nature of Suit: Employment Cause of Action: 42:2000 Jury Demanded By: Plaintiff In re: Pillowtex Corporation et al Debtor: Pillowtex Corporation Appellant: Wellman Inc. and American
& Efird Inc. Appellee: Pillowtex Corporation Case Number: 1:2007cv00411 Filed: June 25, 2007 Court: Delaware District Court Office: Wilmington Office County: XX US, Outside State Presiding Judge: Unassigned Judge Nature of Suit: Bankruptcy Appeal (801) Cause of Action: 28:0158 Bankruptcy
Appeal from Judgment/Order Jury Demanded By: None American & Efird LLC v. Pittsfield
Plastics Engineering, Inc. Plaintiff: American & Efird LLC Defendant: Pittsfield Plastics
Engineering, Inc. Case Number: 3:2012cv00194 Filed: March 27, 2012 Court: North Carolina Western District
Court Office: Charlotte Office County: Gaston Referring Judge: David S. Cayer Presiding Judge: Max O. Cogburn Nature of Suit: Other Contract Cause of Action: 28:1332 Jury Demanded By: None |
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TRADEMARKS |
TUFF TWINE TWINE MADE OF SYNTHETIC FIBERS Owned by: AMERICAN & EFIRD
ENTERPRISES, INC. Serial Number: 73495249 SIGNATURE sewing thread Owned by: AMERICAN & EFIRD
ENTERPRISES, INC. Serial Number: 74261357 PERMA CORE threads, more specifically classified as
polyester thread Owned by: AMERICAN & EFIRD
ENTERPRISES, INC. Serial Number: 74411283 ANEFIL POLY threads, more specifically classified as
polyester thread Owned by: AMERICAN & EFIRD
ENTERPRISES, INC. Serial Number: 74411285 ANECORD threads, more specifically classified as
nylon thread Owned by: AMERICAN & EFIRD
ENTERPRISES, INC. Serial Number: 74411286 |
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RENEWAL HISTORY |
C201130700329 11/4/2011 Creation
Filing Articles of Organization Limited
Liability CA201210401564 4/13/2012 Annual
Report Annual Report LLC 12/31/2011 CA201305700424 2/26/2013 Annual
Report Annual Report LLC 12/31/2013 CA201408600919 3/27/2014 Annual
Report Annual Report LLC 12/31/2014 CA201506800671 3/9/2015 Annual
Report Annual Report LLC 12/31/2015 CA201609700370 4/6/2016 Annual
Report Annual Report LLC 12/31/2016 CA201702301151 1/23/2017 Annual
Report Annual Report LLC 12/31/2017 CA201806100886 3/2/2018 Annual
Report Annual Report LLC 12/31/2018 |
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UCC |
20130062663M Filing Date: 6/28/2013 Filing Type: Initial Lapse Date: 6/28/2018 Page Count: 1 Alt Type: UCC Debtors: American & Efird Global, LLC 22 American Street Mount Holly, NC 28120 USA Secured Parties: Bank of America, N.A., as Administrative
Agent 901 Main Street, Mail code:
TX1-492-14-12 Dallas,
TX 75202 USA 20150068467M Filing Date: 7/16/2015 Filing Type: Initial Lapse Date: 7/16/2020 Page Count: 1 Alt Type: UCC Debtors: American & Efird Global, LLC 22 American Street Mount Holly, NC
28120 USA Secured Parties: Bank of America, N.A., as Administrative
Agent 135 S. LaSalle Street Chicago,
IL 60603 USA |
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OFAC Sanctions List Search |
The company is not listed in the OFAC
list. |
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SUMMARY
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Founded in 1891 American and Efird LLC
is an organization in the Textile Industry headquartered in Mount Holly, NC. The company has 1800 regular employees and
generates an estimated $138.1 million USD in annual revenue. The company operates nationally and
internationally, mainly importing from India and Mexico. It is ACTIVE in
business with no negative records. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
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NAME |
Karen |
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POSITION |
Operator |
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COMMENTS |
She confirmed the name of the company, the
address of the headquarters and location, the date of creation of the
company, the number of employees and the name of the Chief Executive Officer. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.78 |
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1 |
INR 93.42 |
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Euro |
1 |
INR 81.39 |
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US Dollar |
1 |
INR 66.08 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.