HUNTERSVILLE, N.C. — July 13, 2017 — DuraFiber Technologies — a global supplier of high-tenacity polyester fibers, engineered fabrics, sewing threads and advanced materials — today announced that it has taken the next steps to prepare its production facilities in Salisbury, N.C., Shelby, N.C., and Winnsboro, S.C., to be idled if a buyer is not identified by September 11, 2017. Today’s actions follow a series of initiatives to lower production costs in response to increased competition in the textile industry, as well as a thorough review of strategic alternatives, including potential asset sales.
DuraFiber’s international operations in France, Germany, and Mexico are unaffected by this announcement and will continue to operate as usual.
Chief Executive Officer Frank Papa stated: “While today’s announcement is a difficult one to make, increased labor, energy, transportation and raw material costs — in addition to continued market pressures — have strained DuraFiber’s finances to a point that is no longer sustainable. Our team will work diligently to ensure a smooth transition for our employees, customers, and suppliers during the next 60 days, even as we continue to pursue strategic alternatives to keep these plants open.”
DuraFiber employs approximately 800 workers at its Salisbury, Shelby, and Winnsboro plants and 1,800 employees globally.
Posted July 13, 2017
Source: DuraFiber Technologies
