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Assets Of Unifi Technical Fabrics To Be Acquired By Avgol Nonwovens

GREENSBORO, N.C. -- Unifi, Inc. (NYSE: UFI) announced that it has reached an agreement in principle to sell the assets ofits wholly owned subsidiary Unifi Technical Fabrics, LLC, to Avgol NonwovensIndustries of Holon, Israel.<BR><BR> The agreement, which includes Avgol taking possession of Unifi TechnicalFabrics' (UTF) 125-acre site in Mocksville, N.C., is part of Unifi's ongoingeffort to focus more closely on its core business as a global leader in theproduction of synthetic fiber and yarns.<BR><BR> "While we appreciate the long term growth potential of the nonwovensbusiness, the next phase of the UTF growth plan called for significantadditional capital investment," said Billy Moore, chief financial officer ofUnifi. "We felt that at present, our company and shareholders would best beserved by focusing our capital resources on our core businesses and using theproceeds from this sale to reduce debt."<BR><BR> "This is a &#

GREENSBORO, N.C. -- Unifi, Inc. (NYSE: UFI) announced that it has reached an agreement in principle to sell the assets ofits wholly owned subsidiary Unifi Technical Fabrics, LLC, to Avgol NonwovensIndustries of Holon, Israel. The agreement, which includes Avgol taking possession of Unifi TechnicalFabrics' (UTF) 125-acre site in Mocksville, N.C., is part of Unifi's ongoingeffort to focus more closely on its core business as a global leader in theproduction of synthetic fiber and yarns. "While we appreciate the long term growth potential of the nonwovensbusiness, the next phase of the UTF growth plan called for significantadditional capital investment," said Billy Moore, chief financial officer ofUnifi. "We felt that at present, our company and shareholders would best beserved by focusing our capital resources on our core businesses and using theproceeds from this sale to reduce debt." "This is a 'win-win' situation for both Unifi and Avgol," continued Moore."It allows Unifi to stay focused on strengthening the profitability of ourcore fiber and yarn business, while providing Avgol with state-of-the-artcapabilities for North American production of nonwovens. Unifi will continueto expand successful new-products programs that leverage our coremanufacturing and marketing expertise." The UTF facility is equipped with a five beam Reifenhauser Reicofil 3SSMMS 4.3 meter wide spun melt nonwoven production line, and is capable ofproducing approximately 30 to 35 million pounds per year, or one billionsquare meters of 1/2 ounce fabric annually. Moore stated interest in thefacility was extremely high within the industry given its highly desirableequipment and its ability to produce fabric with outstanding quality anduniformity. Prior to the contemplated transaction, Avgol announced plans to beginproducing spun melt fabrics by the end of 2002. "This acquisition will enableAvgol to fulfill commitments to key North American customers sooner than weoriginally announced, and works well for us in supporting our total Americasstrategy" said Mr. Goldwasser, a principal of Avgol. "We are particularlyexcited by the expansion opportunity that this site offers and this willenable us to add capacity easily as our business flourishes." Unifi, Inc. is the largest producer and processor of textured yarns in theworld. The company's primary business is the texturing, dyeing, twisting,covering and beaming of multi-filament polyester and nylon yarns. Unifi'stextured yarns are found in home furnishings, apparel and industrial fabrics,automotive upholstery, hosiery, and sewing thread. Avgol was founded in 1987 and has rapidly grown into a $65 million annualnonwovens business with five production lines in Israel. The company has alarge and growing sales base in the United States and is a recognized leaderin the production of synthetic nonwoven fabrics.CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS Certain statements included herein are "forward-looking statements" withinthe meaning of the federal securities laws. Management cautions that forward-looking statements are not guarantees and that actual results could differmaterially from those expressed or implied in the forward-looking statements.Important factors that could cause the actual results of operations orfinancial condition of the Company to differ include, but are not necessarilylimited to, sourcing and pricing of raw materials, pressures on sales pricesdue to competition and economic condition, reliance on and financial viabilityof significant customers, technological advancements, employee relations,changes in construction spending and capital expenditures (including thoserelated to unforeseen acquisition opportunities), continued availability offinancial resources through financing arrangements and operations, negotiationof new or modifications of existing contracts for asset management and forproperty and equipment construction and acquisition, regulations governing taxlaws, other governmental and authoritative bodies' policies and legislation,the continuation and the magnitude of the Company's common stock repurchaseprogram and proceeds received from the sale of assets held for disposal. Inaddition to these representative factors, forward-looking statements could beimpacted by general domestic and international economic and industryconditions in the markets where the Company competes, such as changes incurrency exchange rates, interest and inflation rates, recession and othereconomic and political factors over which the Company has no control.Investors are also directed to consider the risks and uncertainties discussedin documents filed by the Company with the Securities and Exchange Commission.SOURCE Unifi, Inc.Web Site: http://www.unifi-inc.com Copyright 2001PR Newswire




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