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Marubeni Sells Columbus Plant

Marubeni Sells Columbus PlantMarubeni Denim, Columbus, Ga., was recently sold by the Tokyo-based Marubeni Group to private investors as part of a $2-billion company write-down. Global economic concerns were cited as a reason for the sale of the plant. The transaction was completed on April 30. Financial terms were not disclosed. Investors in the new company, renamed Denim North America (DNA), are Jack Pezold, CEO of the Pezold Companies and owner of DNA; George Jeter, a retired AFLAC CFO; Larry Galbraith, president and CEO of DNA; and Bob Koon, a member of DNAs Board of Directors. The now private organization will focus on the high-end, niche portion of the fashion market. Monte Galbraith, former Marubeni Denim vice president, sales and marketing, has assumed the same role within the new organization. Galbraith explained that the company was bought at a competitive price, and brought with it the four-year-old Marubeni facility in Columbus capable of producing 21 million linear yards annually as well as its 272 associates. The deal, according to Galbraith, also allows DNA to take advantage of Marubenis growing denim business and loyal customer following. June 2002