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Knitting / Apparel

Tefron To Acquire Alba-Waldensian

Tefron Ltd., Israel, has announced that it has signed a definitive agreement to acquire Alba-Waldensian Inc., Valdese, N.C. Both companies produce seamless intimate apparel.

Tefron will pay $18.50 per share for approximately $62 million of Alba-Waldensian common stock. Including the assumption of debt, the total value of the transaction is $83 million.

"The acquisition of Alba-Waldensian is an exciting strategic step for Tefron," said Sigi Rabinowicz, CEO of Tefron. "The demand for intimate apparel continues to increase at a rapid rate and the combined company will be particularly well positioned to take advantage of this trend."

Clyde Engle, chairman, Alba-Waldensian said: "We are delighted to join Tefron. Its strong international reputation and position, combined with our presence in the United States, will make the combined company an even more powerful factor in the marketplace.

January 2000