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Springs And Maybank Textile Finalize Deal

FORT MILL, S.C., Jan. 2 /PR Newswire/ -- Springs Industries, Inc.(NYSE: SMI) and Maybank Textile Corp. announced today that Springs has acquired Maybank's yarn mill in Cartersville, Georgia. "Maybank has been an excellent supplier of quality yarns supporting our bath rug business for many years," said Stephen P. Kelbley, Springs executive vice president and president of the operations group. "This acquisition is a strategic step in vertical integration to insure quality products to our customers and consumers. We are very pleased to welcome the highly trained and professional workforce of the Cartersville plant to the Springs family and look forward to continuing to develop an even stronger bath rug business." The 130 employees at the Cartersville facility have been retained by Springs. The plant, located at Erwin Street, will now be referred to as the Springs Cartersville Plant. "This is a win-win-win transaction for our good customer, Springs, our dedicated employees, and Maybank," said Thomas H. Maybank, president of Maybank Textile.SOURCE Springs Industries, Inc.Web Site: http://www.springs.com Copyright 2001 PR Newswire