BOWLING GREEN, K.Y. — October 29, 2014 — Fruit of the Loom, Inc. and Parkdale America, LLC, announced today they have signed an agreement to form a strategic partnership that will provide state-of-the-art technology in ring and open-end spinning of cotton and cotton blended yarns to be utilized in Fruit of the Loom’s vast assortment of underwear and casualwear products. As part of the agreement, Fruit of the Loom will sell its U.S. yarn spinning operations to Parkdale, which will then convert those plants to the very latest technology in ring and open-end spinning capabilities.
“We are happy to join Parkdale in this strategic partnership,” said Rick Medlin, President & CEO, Fruit of the Loom. “Parkdale is one of the largest spinners in the world and Fruit of the Loom has been purchasing yarns from them for many years. This new model will position us to provide our customers with even more innovative products with the great quality and value that consumers expect from the Fruit of the Loom brand.”
“We are excited to have this opportunity,” added Anderson D. Warlick, Vice-Chairman and CEO, Parkdale. “By working together with Fruit of the Loom, we can take advantage of our combined demand and invest in technology that will yield the highest quality at the lowest cost.”
Fruit of the Loom employees currently working at the facilities will have the opportunity to remain as employees of Parkdale.
The strategic partnership agreement is expected to close in the first quarter of 2015.
Posted October 29, 2014
Source: Fruit of the Loom