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Malden Mills Reborn As Polartec® LLC

The assets of Lawrence, Mass.-based Malden Mills Industries Inc. have been acquired by Philadelphia-based turnaround investment company Chrysalis Capital Partners LP for $44 million. A new company, Polartec® LLC, has emerged in Malden Mills’ place and adopted the name of its predecessor’s renowned brand of performance fabrics.

Chrysalis was the sole bidder in a process established after Malden Mills filed for Chapter 11 bankruptcy protection in January 2007 in order to facilitate its sale.

Malden Mills CEO Michael Spillane and the rest of the management team are continuing at Polartec in their respective roles. Chrysalis Managing Partner Greg Segall is now chairman of Polartec. The company’s US manufacturing plants will continue their operations, as will its plant in Shanghai.

“This day represents a fresh start for our Polartec products, brand and employees,” Spillane said. “For the first time in more than a decade, we are able to completely focus on the needs of our customers, which calls for developing, manufacturing and marketing technology solutions in performance fabrics.”

In other news, Polartec and members of Unite HERE!, the union representing 550 employees at company plants, signed a collective bargaining agreement, with an overwhelming majority of members approving the three-and-one-half-year contract.

March/April 2007