Unifi board gives green light to venture
May 12, 2005,
GREENSBORO, N.C. — 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.
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.