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JPS Industries Completes Sale Of Yarn Business

JPS Industries Inc., Greenville, S.C., recently announced the sale of its Stanley, N.C., manufacturing plant to Belding Hausman Inc., a home furnishings manufacturer with manufacturing headquarters located in Lincolnton, N.C. With this sale, JPS has completed its exit from the manufacture and sale of spun yarn.In June, JPS announced its intention to exit the spun-yarn business, and this transaction completes that objective, allowing us to continue to implement our long-range strategy of improving profitability and performance of our core businesses, JPS Elastomerics, JPS Glass and JPS Apparel, said Michael L. Fulbright, chairman, CEO and president of JPS. Belding Hausman has focused its full attention on the home furnishings and yarn industry, and the Stanley plant is an excellent addition to their existing businesses.According to JPS, proceeds from the sale of the plant will be used to reduce the companys outstanding borrowing under its credit facility.The Stanley plant employs approximately 300 people, and is engaged in the manufacture and sale of spun yarn for the textile and home furnishings industries. In March 1999, JPS sold its Boger City plant, a home furnishings operation in Lincolnton, to Belding Hausman. (See News, ATI April 1999).With the purchase of the Boger City plant, we entered the yarn sales business," said Nancy Zarin, president and CEO of Belding Hausman."The purchase of the Stanley facility enhances our capabilities and capacity and furthers our commitment to the yarn sales business. The Stanley plant is a yarn spinning operation which will be focused on the yarn sales business."

September 1999