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Knitting / Apparel

JPS Industries Sells Apparel Division To Private Company

JPS Industries Inc., Greenville, S.C., completed a transaction selling the assets of its apparel division to JPS Acquisition Corp., a new, privately held company formed by two veteran textile executives H. Doug Kingsmore and Jerry E. Turner. The sale includes its apparel manufacturing and administrative facilities located in South Boston, Va.; Greenville, S.C.; and Laurens, S.C.; as well as sales offices in New York City and Los Angeles.The purchase price of the assets is approximately $27 million, with future consideration in the form of an earn-out based on earnings before interest, depreciation and amortization, as defined, for the 24-month period immediately following the sale.

January 2001