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Worldtex Acquires Facility From Fruit Of The Loom

Worldtex Inc., Hickory, N.C., has announced it has acquired Fruit of the Looms narrow elastic fabric manufacturing facility in Lexington, S.C., for an undisclosed cash payment.In connection with the acquisition, Worldtex will enter into a long-term agreement to supply narrow elastic fabrics to Fruit of the Loom.This is an important further step in our strategy to diversify our business by pursuing strategic acquisitions in niche segments of the textile industry, said Barry D. Setzer, president and CEO of Worldtex.

February 1999