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JPS Industries Sells Cotton Commercial Fabric Business

JPS Industries Inc., Greenville, S.C., recently announced the sale of its Borden manufacturing plant in Kingsport, Tenn., to Chiquola Fabrics LLC, a privately owned manufacturing business.With this sale, JPS has completed its exit from the manufacture and sale of cotton commercial fabrics.The company also announced that it will soon complete the sale of its Angle manufacturing facility in Rocky Mount, Va. It was announced in February that the Angle plant would be closed on August 1, and the manufacturing operations consolidated into JPSs South Boston, Va., operations.In June we announced our intention to exit the cotton commercial fabrics business, said Michael L. Fulbright, chairman, chief executive officer and president. With this transaction that objective is successfully completed. We can now devote our full attention to the implementation of our strategic plan to focus solely on improving the performance and profitablitiy of our core businesses, JPS Elastomerics, JPS Glass and JPS Apparel.Additionally, we closed the Angle facility as planned and are pleased to have sold the real estate in a timely manner.Proceeds from the sale of the Borden operations and Angle facility will be used to reduce the companys outstanding borrowings under its credit facility. (For more on the sale of JPS operations, see News departments in ATI April and September 1999).

October 1999