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CMI Industries Exits Greige Fabrics Business

CMI Industries Inc., Greensboro, N.C., has announced plans to close its greige fabrics operations at the Vance complex in Clinton, S.C. The company will no longer produce woven greige goods from spun yarn. Approximately 600 employees will be affected by the closing.In a related move, CMI has entered into a non-binding letter of intent to sell all of the assets of its Clarkesville, Ga., plant to a management group, which includes current and former management members of CMIs Greige Fabrics division.The Clarkesville plant specializes in weaving filament warp fabrics. As a result of closing the Vance complex, the Clarkesville business segment is no longer a strategic fit with CMIs remaining elastic fabrics operation. According to Joseph L. Gorga, president and CEO, CMI wishes to focus on expanding its elastics business in the future. July 2001