The acquisition will also add acrylic and wool products to Unifi’s dyed yarn portfolio.
Unifi intends to transition the dyed yarn business from National Spinning’s facility in Burlington, North Carolina, to Unifi’s state-of-the-art dye house in Reidsville, North Carolina. Once completed, Unifi expects its Reidsville dye house to operate on a seven-day schedule, allowing the company to deliver on quick lead times and enhance responsiveness to customer needs.
To help make the acquisition as seamless as possible, key National Spinning sales, technical and operations personnel will join Unifi as employees. Unifi will also extend employment offers to other members of National Spinning’s skilled workforce. The transaction is expected to close in May 2018, subject to typical closing conditions.
“This acquisition will better position Unifi for growth in key market segments such as sweaters, hosiery and apparel, as our expanded dyed yarn portfolio will help strengthen our relationship with existing customers and bring opportunities to attract new customers as we become an even greater solutions provider,” Tom Caudle, president and COO of Unifi, said in a media release.
“Additionally, our customers continue to focus on shortening product development and production lead times, and thus we expect that these new capabilities will allow us to provide flexible and responsive dyed yarn solutions to meet this demand. Expanding our product portfolio will also bring additional innovation to the dyed yarn supply chain, and will provide more sourcing flexibility for customers while assuring continued capability and expertise,” he added.
“We believe this transaction best serves the long-term interests of both our employees and our customers,” said Jim Booterbaugh, president and COO of National Spinning. “Customers will receive world-class innovation and technical support from Unifi, and employees that join Unifi will benefit from the career opportunities provided by a larger portfolio of products, services and solutions.” (RKS)
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