Make it by themselves: bucking trends, manufacturers manage to hold their own in this year's ranking of closely held companies.

• Author: Murray, Arthur O.
• Position: North Carolina 100

No one would say 2003 was a great year for North Carolina manufacturers--particularly in textiles and furniture. In July 2003, Kannapolis-based textile giant Pillowtex folded, putting 3,300 out of work in the state's largest mass layoff ever.

But you couldn't tell that manufacturing was suffering by looking at the top of the North Carolina 100, the annual ranking of the state's largest closely held companies that Grant Thornton LLP compiles for BUSINESS NORTH CAROLINA. The list is based on 2003 revenue. Two textile companies--Gastonia-based Parkdale Mills Inc. and Winston-Salem-based National Textiles LLC--are among the top seven, as is Asheboro-based Klaussner Furniture Industries Inc. In fact, manufacturers hold 27 spots on this year's list, one fewer than last year. Those companies contribute 31% of the revenue, 2% less than last year, and have 31% of the employees, up 1%. "That speaks loudly that it's still a strong segment of the economy," says Alan Day, the Grant Thornton partner in charge of the ranking.

Helmut H. Hergeth, a professor at N.C. State University's College of Textiles who specializes in economics, says textile makers have found it easier to survive as private companies. "The majority shareholder of Springs Industries put together a package with an investment firm, and they privatized in 2001. They have an easier time finding one financier, rather than trying to persuade hundreds of thousands of investors to invest in them."

While Springs' headquarters is in Fort Mill, S.C., the trend has shown itself in North Carolina after the near-demise of two publicly held Greensboro-based textile companies, Burlington Industries and Cone Mills. New York financier Wilbur Ross bought both out of bankruptcy this year, consolidated them with three other mills he purchased, and took the new company private as International Textile Group Inc. "Textiles is not a nice word in the investment community," Hergeth says. "But I figure if somebody with that kind of experience starts to invest in textiles, they must know something."

Andy Warlick, president and CEO of yarn maker Parkdale Mills, believes it's simplistic to say private textile companies are thriving while publicly held ones are struggling. "You can only compare it on a company-by-company basis." Parkdale, he says, has adapted to market changes. "We've been diversifying some of our other yarns, looking in areas like the rug market or industrial markets like tires or conveyor belts. We're having to seek out new markets and replace some of the ones we're losing here." Warlick won't reveal financial information. Austin, Texas-based Hoover's, a business database and reference-book publisher, estimates Parkdale's 2002 sales at $900 million.

But being private didn't save Henderson-based Harriet & Henderson Yarns Inc. It was No. 31 on last year's list but closed in May. It was one of 16 companies that left the list for various reasons. Statesville-based CorrFlex Graphics LLC, No. 20 last year, was bought by an out-of-state company. Charlotte-based Bojangles' Holdings Inc., No. 32 last year, declined to participate.

Unlike other lists published by BUSINESS NORTH CAROLINA, participation in the North Carolina 100 is voluntary. Grant Thornton sends ballots to closely held companies, then follows up at least twice with phone calls to those that don't respond. Subsidiaries don't qualify.

BREAKDOWN OF NORTH CAROLINA 100 COMPANIES Industry Wholesale distribution 29% Manufacturing 27 Construction 17 Retail 6 Service 6 Transportation 4 Agriculture 2 Health care 2 Real estate 2 Other 5 Revenue Manufacturing 31% Wholesale distribution 27 Construction 12 Retail 8 Service 5 Agriculture 3 Transportation 3 Health care 2 Real estate 1 Other 8 Employees Manufacturing 31% Wholesale distribution 17 Retail 10 Service 9 Construction 8 Health care 7 Transportation 3 Agriculture 2 Real estate 1 Other 12 Note: Table made from pie chart. NORTH CAROLINA 100 INDEX Acme-McCrary Corp. 75 Adco Global Inc. 27 Allen Tate Co. 70...