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Parkdale takes over Wellstone for $55 mn

24
Apr '10
The Cherokee County Council has approved Parkdale Mills, the world's largest independent spun yarn manufacturer's, takeover plans of Wellstone Mills, Greenville-based yarn manufacturer, at an investment of $55 million. As of now, the investment announcement is mainly administrative in nature, as the plant has just changed names.

According to this lease-purchase agreement for property, Parkdale mills will buy three production plants from Wellstone. Of these the Gaffney plant, was initially occupied by TNS Mills, on Wilcox Avenue.

It is likely that, during the takeover, most of the Wellstone workforce will be retained by Parkdale, including 160 employees of the Gaffney plant.

According to County Councilman, Quay Little, “This takeover does not open doors for new job opportunities in the near future, however, it's definitely good news for those who are currently employed with the plant as we are able to save jobs and continue with the manufacturing facilities. It's also a piece of good news for the taxpayers here.”

More so, in January, Department of Commerce announced that Parkdale will expand in to Edgefield County by making an investment of $3 million. Last year, Parkdale bought three Hanesbrands yarn plants in Georgia, Tennessee and Virginia. The company supplies a good volume of Hanesbrands yarn required in the western hemisphere.

Fibre2Fashion News Desk - India


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