GREENSBORO, N.C.—Unifi enters into an agreement to acquire the dyed yarn business and assets of National Spinning Company. With the acquisition, the company says it expects to bolster its position in the dyed staple and filament yarn industries and grow its acrylic and wool portfolio.
"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 brings opportunities to attract new customers as we become an even greater solutions provider," says Tom Caudle, president and chief operating officer of Unifi. "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.”
Unifi plans to transition National Spinning Company’s dyed yarn business from its existing facility in Burlington, North Carolina, to a dye house in nearby Reidsville, located roughly 25 miles away. The company also says it intends to bring on key sales, technical, and operations personnel from the acquired company to ensure a smooth transition. In addition to key personnel, Unifi says it will extend employment offers to other employees on National Spinning’s current workforce.
"We believe this transaction best serves the long-term interests of both our employees and our customers," states Jim Booterbaugh, president and chief operating officer 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."
The acquisition marks the latest step in the company’s continuing growth both home and abroad. In early 2017, Unifi expanded its manufacturing with a location in Vietnam, adding to its existing network in countries such as Sri Lanka, Taiwan, and Turkey.
Both parties expect the transaction to close in May 2018.
For more information, visit https://www.unifi.com.