Marubeni Denim Plant Purchased
Marubeni Denim, Columbus, Ga., was recently sold by the Tokyo-based Marubeni Group to a group of 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 Tuesday, May 30 and financial terms of the deal were not disclosed. Investors in the 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 firm 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. He explained that the company was bought at a competitive price, and brought with it the 3-year old Marubeni facility in Columbus, capable of producing 21 million linear yards on an annual basis, as well as its 272 associates. The deal was also advantageous, according to Galbraith, in that it allows DNA to take advantage of Marubenis growing denim business and loyal customer following.