Unifi Sees Gains in Joint Ventures, Adds to Board
June 18, 2007,
Yarn producer Unifi projected profitability in the near term for its China joint venture, and also said it would reap up to $15 million from divesting a South Africa joint venture.
The China venture is aimed at selling yarn domestically within that country, and Lowe said Unifi is "beginning to penetrate very large customers" there. He said the company projects break-even before the end of 2007, noting that "losses have been coming down each month."
Unifi has exercised a put option in its South Africa joint venture, Unifi-SANS S.A., from which action it projects a cash flow of $13 million to $15 million in first quarter of 2008.
Unifi reported $692 million in 2006 (calendar year) sales; 17% of its sales volume comes from the home furnishings sector.
In other news, Unifi has appointed Stephen Wener of Franklin Lakes, N.J. to the board of directors.
Wener served as president and ceo of Dillon Yarn Corporation since 1980. The Dillon polyester and nylon texturing operations were purchased by Unifi on Jan. 1, 2007.