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Meridian Specialty Yarn Group Purchases Kennetex Assets

Valdese, N.C.-based novelty yarn manufacturer and yarn dyer Meridian Specialty Yarn Group Inc. has acquired the equipment and other assets of Kennett Square, Pa.-based Kennetex Inc. Kennetex is a space-dyed textured polyester and novelty yarn producer with a wide variety of product offerings for the home furnishings, carpet and rug, and other textile markets. In a structured transition plan, the majority of the equipment will be moved to the Meridian yarn-dyeing facility in Valdese, N.C., with the balance of the equipment being consolidated into Meridian's novelty yarn facility in Ranlo, N.C.

According to Meridian, the acquisition of this business further strengthens its position as a major yarn supplier to the U.S. textile markets. The product line complements the various package-dyed and space-dyed yarns that are currently offered from the Valdese facility while broadening the offerings from the Ranlo facility. The company notes that by introducing many new design and development opportunities at both facilities, the acquisition will enhance its value as a supplier to the home furnishings, contract upholstery, narrow fabrics, hosiery, apparel, and other markets that it currently serves.

May 15, 2012