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UNIFI Announces Restructuring Plans

Unifi Inc., Greensboro, N.C., will restructure its operations in order to cut costs and improve earnings. Actions include plant closings and downsizing, reorganization, and reduction of salaried employees. Approximately 400 jobs 10 percent of Unifis work force will be eliminated.

Brian Parke, president and CEO, said excess capacity, raw material price hikes and ongoing import pressure challenge the US textile industry. "We expect that it will continue to be a difficult market, but we are focused on defending our base business at a profitable level, while growing our value-added product portfolio to enhance our earnings," he said.

Unifi will close its Altamahaw, N.C., air-textured polyester production plant and move that production and equipment to its Yadkinville, N.C., plant. Partially oriented yarn production in Ireland will cease, and other operations in Ireland will be consolidated at one facility. The company also will close its package dyeing plant in England.

Unifi will eliminate 50 salaried positions at its headquarters and certain US manufacturing plants in order to reduce administration, selling and general expenses and allocated manufacturing expenses.

April 2004




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