Company Profile:
Malden Mills is the company that invented fleece. It now offers its product that it produces in Lawrence, Massachusetts and Gorlitz, Germany under the trademark of Polartec. Today it keeps people warm and dry throughout the world including the United States Special Forces in Afghanistan and Iraq.

Nomination:
Malden Mills is a textile company, most famous for its Polartec fleece. I believe it to be a company that deserves to be business of the year. Under the guidance of Aaron Feuerstein, President and Chairman of the Board and grandson of its founder, Malden Mills is a company that comes from a different mold, or cloth in this case, than most corporations. It is a company that has made bold decisions in times of disaster, developed unique goals, and overcame catastrophe.

It is not uncommon for the news to report corporate scandals, corrupt CEOs, and indicted executives because of a desire to increase the "bottom line." Aaron Feuerstein, with his dedicated employees, has led a company that has had different goals. Malden Mills has values that profits have not corrupted. They include honoring people as an important resource, solid products, hard work, and a dedication to America.

In 1995, the Malden Mills factory burned to the ground. An unfortunate accident that would cause most companies to layoff workers and cause most other textile companies to consider rebuilding overseas. Mr. Feuerstein chose neither option. He rebuilt the factory in Lawrence, Massachusetts and in the process continued to pay his employees and not to lay them off. Actions that would certainly have a negative ripple effect throughout the corporate community.

However, it has not been easy. In November of 2001 Malden Mills was forced to apply for Chapter 11 bankruptcy. The world had caught up with Malden Mills. Low cost imports, the effects of September 11, 2001, and, most importantly, the heavy debt required as a result of the fire of December 11, 1995 led to the decision.

Fortunately, after some reorganization, the company managed to emerge from bankruptcy protection in the fall of 2003. At the same time the company managed to hold on to all its employees, reduce its debt, diversify, increase profits, and to keep American Special Forces warm in Iraq and Afghanistan with an outstanding product. Quite an accomplishment and why Malden Mills should be honored as business of the year.

Contact:  polartec@maldenmills.com