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Nonwovens / Technical Textiles

Unifi Sells Technical Fabrics Subsidiary To Avgol Nonwovens

Unifi Inc., Greensboro, N.C., has reached an agreement in principle to sell the assets of its wholly owned subsidiary, Unifi Technical Fabrics LLC (UTF), to Israel-based Avgol Nonwovens Industries. Under the agreement, Avgol will take control of UTFs facility in Mocksville, N.C.While we appreciate the long-term growth potential of the nonwovens business, the next phase of the UTF growth plan called for significant additional capital investment, said Billy Moore, CFO, Unifi.We felt that at present, our company and shareholders would best be served by focusing our capital resources on our core businesses and using the proceeds from this sale to reduce debt.

August 2001