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Wellstone Acquires TNS Assets

Wellstone Investors LLC, Greenville, recently acquired all real estate and operating assets of TNS Mills Inc., also based in Greenville. The acquisition included 17 TNS plants. Wellstone has sold off 11 plants that had been shut down and continues under its own name to operate six plants located in Gaffney, S.C., Lavonia, Ga., and Eufaula, Ala., with the expectation of restoring them to a full operating schedule as quickly as possible, according to Joshua Hamilton, COO. These six plants manufacture 100-percent cotton and blended yarns for apparel, home furnishings and industrial uses, and employ approximately 1,000 people.

"Although it is well known that the textile industry has suffered difficult economic reversals during the last decade, the new owners and management of these six manufacturing operations are optimistic that each of them will return to profitability," Hamilton said. "It is anticipated that substantially all of the employees of these six plants will be offered the opportunity to retain similar jobs.

"TNS customers may be assured that all plants will continue operations without interruption, and pending orders will be delivered on schedule and new orders will be welcome," he said. "Wellstone expects to continue to purchase goods and services from its suppliers and make prompt payment on all Wellstone orders. In spite of the war and an uncertain economy, Wellstone is confident about its future."

April 2003