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Guilford To Sell Home Fashions Assets To Homestead

Guilford To SellHome Fashions Assets To HomesteadGuilford Home Fashions, a division of Guilford Mills Inc., Greensboro, N.C., has agreed in principle to sell certain assets to Homestead Fabrics Ltd., a subsidiary of United Kingdom-based BroomeandWellington.Homestead will acquire Guilford Home Fashions name, trademarks, certain inventories and other assets. Terms of the sale were not disclosed.Under the agreement, Homestead will not continue any of Guilford Home Fashions manufacturing operations or distribution operations, which currently employ about 335 people at locations in Herkimer, N.Y., and New York City. However, Guilford Home Fashions will continue the operations for an unspecified time to ensure supplies to customers.Were pleased that we were able to reach an agreement with Homestead Fabrics, which will be an excellent steward of the brands and businesses weve developed over many years, said John A. Emrich, president and CEO, Guilford Mills Inc.In related news, Guilford Mills has agreed in principle to sell the business and certain assets of Twin Rivers Textile Printing and Finishing, Schenectady, N.Y., to H. GreenblattandCo. Inc., a print fabric converter with offices in Los Angeles and New York City. Greenblatt has been the exclusive converter for Twin Rivers library of patterns and screens since December. April 2002