Deal Off to Sell Shuttered Unifi Plant
September 8, 2008-- Home Textiles Today,
In a filing with the SEC, polyester and nylon textured yarn producer Unifi reported that Reliance Industries USA was terminating its agreement to buy the Unifi Kinston manufacturing plant.
Unifi noted that it "retains certain rights to sell these assets located at the Kinston facility for a period of two years from March 20, 2008. If after the two-year period the assets have not been sold, the Registrant will convey them to E.I. DuPont de Nemours for no value."
Unifi had acquired the plant in Kinston, N.C. in September 2004 from Invista (previously a DuPont division), and shut down operations there last October, as part of a consolidation of excess capacity.
Related Content By Author
DayThree from the NY Textiles Market