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Radici Spandex Completes Acquistion

Radici Spandex Corp., a U.S. subsidiary of the Italy-based Radici Group, has officially taken control of spandex-producing facilities formerly owned by Globe Manufacturing Corp., Fall River, Mass. The purchase was funded by new Italian shareholders with 100-percent equity. Corporate offices will remain at 456 Bedford Street, Fall River, Mass.Mr. Fabrizio Calenti, president and CEO said, We are very excited and optimistic for the future. We have been in preparation for this asset purchase for some time and have great plans to become a premier value-added spandex producer in this hemisphere and beyond. I trust our customers and other trading partners recognize that our strong equity position is a gesture of our long-term commitment to the market.He added, Our customers can expect a very high-level of interaction going forward and a continually improving product line.

May 2001