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Unifi & Sinopec JV to focus on higher margin specialty yarns

14
Jun '05
US based leading polyester filament producer and processor Unifi Inc and Petroleum company Sinopec Yizheng Chemical Fibre Co Ltd announced that joint venture agreements have been signed, which finalizes the formation of a joint venture to manufacture, process, and market polyester filament yarn through Yizheng's plant 5 facilities in Yizheng, Jiangsu Province, P.R. China.

The joint venture between Unifi Asia Holdings, a Unifi subsidiary, and Yizheng will be called Yihua Unifi Fibre Industry Company Limited and will focus on the production of higher margin specialty yarns for the China market.

"Through the merging together of the manufacturing strength and reputation of two global leaders, this joint venture will achieve our mutual goal of being the leading local supplier of high-end specialty yarns in Asia," said Brian Parke, Chairman and CEO of Unifi.

"Unifi's portfolio of branded specialty yarns, together with our global manufacturing, marketing and sales expertise, will create new growth opportunities in the domestic Chinese market. The ability to produce these specialty yarns in Yizheng's plant 5, one of the most modernized facilities in China today, will provide us with significant competitive advantages. The excellent fit between our two companies will make this joint venture a model for success in the complex and ever-changing global marketplace."

Each company will own 50 percent equity interest in the joint venture. Unifi's investment in the joint venture is estimated to be $30 million, which will be funded by the proceeds from the sale of the plant, property, and equipment of the Company's European manufacturing operations.


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