GS Industries Of Bassett Acquires Textube

Bassett, Va.-based GS Industries of Bassett Inc. has acquired all aspects of Greer, S.C.-based
Creform Corp.’s Textube/Textile Division. Creform sold the division because of growth in its core
material-handling systems and components design and manufacturing business, GS Industries of
Bassett reported.

The company has added Textube’s 29 injection-molding presses, which range in size from 150
tons to 300 tons, to its stock of the same type of presses, which range from 150 tons to 1,500 tons
in size. It also acquired Textube’s secondary equipment, all molds, the Textube name and a complete
list of customers.

“All business aspects will be transferred to GS ownership in coordinated stages so as to
avoid disruption to both production and delivery schedules,” said Frank J. Glinski, CEO of GS
Industries of Bassett and president of GS Industries Management Inc.

May/June 2006