Unifi Board Gives Green Light To Venture

Unifi and Sinopec Yizheng Chemical Fiber Co., Ltd. have been granted permission by their respective boards of directors to sign agreements regarding a joint venture between the two companies.

Unifi indicated in its last earnings conference call that the signing would occur in mid-May but was informed by YCFC that, due to issues not related to the proposed venture, the signing will take place sometime in June. Based on this new timeline, Unifi stated it expects the establishment of the venture will take place sometime in the company's first quarter of fiscal 2006.

The venture is being formed to manufacture, process and market polyester filament yarn through YCFC's five plant facilities in Yizheng, Jiangsu Province, China. The joint venture will be owned 50 percent by each company. Unifi's investment in the proposed joint venture is estimated to be $30 million. The venture will focus on the production of higher margin specialty yarns for use within China and Asia.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • 1200 Suppliers are Ready for You at Intertextile Shanghai

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT August 2017

See the August 2017 issue of Home & Textiles Today. In this issue, we look at the Top 50 Retailing Giants Report, plus Manufacturing: Made in the USA gaining ground; International: Portugal ramping up exports; New products: NY Now home textiles introductions; Outlook: Commentary from H&TT's editors; and Planning: Trade show calendar.

See details!