Unifi Sells Technical Fabrics Subsidiary To Avgol Nonwovens
Unifi Inc., Greensboro, N.C., has reached an agreement in principle to sell the assets of its
wholly owned subsidiary, Unifi Technical Fabrics LLC (UTF), to Israel-based Avgol Nonwovens
Industries. Under the agreement, Avgol will take control of UTFs facility in Mocksville, N.C.While
we appreciate the long-term growth potential of the nonwovens business, the next phase of the UTF
growth plan called for significant additional capital investment, said Billy Moore, CFO, Unifi.We
felt that at present, our company and shareholders would best be served by focusing our capital
resources on our core businesses and using the proceeds from this sale to reduce debt.