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Knitting / Apparel

Burlington Industries And Tarrent Apparel Terminate Joint Venture Talks

Burlington Industries Inc., Greensboro, N.C., and Tarrent Apparel Group, Los Angeles, recently announced that they have terminated their discussions on forming a 50/50 joint venture company to provide garment-manufacturing services for the branded casualwear market (See K/A News, ATI June 1999.).Since both companies are completing fully integrated garment-making facilities in Mexico, the principal value of the proposed joint venture would have been to enable us to accelerate our efforts to meet the growing demand for high-quality garment services, said George W. Henderson III, chairman and CEO of Burlington.After considerable review, we have recognized that the proposed joint venture would not materially advance our present timetable.Gerard Guez, Tarrents chairman and CEO said: After much careful consideration, we have concluded that our proposed joint venture with Burlington would not result in the operational synergies we originally anticipated. While our original goal was to leverage our expertise as well as the extensive infrastructure we have built, the complexities of the proposed joint venture proved prohibitive to achieving this objective.We remain excited about our ever-expanding capabilities as a value-added supplier to our customers and are confident in our prospects for long-term growth. We are fully committed to the continued development of sourcing for wholesale branded businesses on our own.Tarrent also commented on anticipated operating results for the balance of the year. The company reiterated that this action has not altered its comfort with projected earnings for 1999, which are expected to reach $2.00 per share."While we are disappointed to have made the difficult decision not to pursue this joint venture, we remain confident in both current and long-term growth prospects for our business, and are well on our way to achieving our highest quarterly sales and earnings ever," Guez said.

August 1999