Reliance Backs Out Of Unifi Deal

Reliance Industries USA Inc. — the US arm of India-based Reliance Industries Ltd. — has backed out of its agreement with Unifi to purchase Unifi Kinston LLC, a polyester manufacturing facility located near Kinston, N.C. As a result, Unifi retains the right to sell the Kinston facility assets for up to two years.

Reliance had planned to invest $215 million in a manufacturing operation for production of polyethylene terephthalate resin used to make specialty polyester yarns and plastic containers, and employ 204 workers.

September 3, 2008