China-based Shandong Ruyi Technology Group (Ruyi) reports it will invest $410 million in a former Sanyo manufacturing plant in Forrest City, Ark., to convert it into a spinning facility. Ruyi plans to spin more than 200,000 tons of Arkansas cotton into textile yarns at the plant, which will employ up to 800 people. Construction will begin on the plant in late 2017, and production is expected to begin mid-2018. The plant will become Ruyi’s first location in North America.

“Ruyi Group, as the largest textile manufacturer in China, has been expanding globally,” said Qui. “Our manufacturing facility in Arkansas will become the first milestone of Ruyi’s steps into the United States. We are dedicated to provide the product with cutting edge technology and superior quality.”

“Ruyi’s decision to locate in Forrest City brings with it up to 800 new jobs along with a significant economic impact on Arkansas’ cotton farmers,” said Governor Asa Hutchinson.

“This project is tremendously important to Forrest City and St. Francis County not just for the great jobs it brings to our region, but also for the value to the cash crop on which the Arkansas Delta economy has been based for more than 100 years,” said Kay Brockwell, economic development consultant for Forrest City. “Our cotton already goes around the world to clothe people, and now our growers will have the security of a market for their crop right here at home. There is great significance in the fact that the continuing globalization of the Delta will go hand in hand with our rich and proud agricultural history.”

May/June 2017

Berkley Capital LLC, Miami, has purchased a majority stake in Bloomfield Hills, Mich.-based The Crypton Companies, comprised of Crypton LLC and Nanotex LLC. Crypton reports the move enhances its growth strategy and allows for expansion into additional business lines and applications for its technology. A new entity will be formed with Berkley Capital the majority owner, while Crypton cofounders Craig and Randy Rubin, and President Lance Keziah will own a minority share.

Keziah will take on the role of CEO of the new company managing all aspects of the business. Craig and Randy Rubin will both assume the titles founder and vice chairman. Craig will advise the company in research and development as well as plant processing; Randy will be the company’s primary brand ambassador. Berkley Capital’s President Frank Medici will be the chairman of the board, and Managing Director Thomas Ghegan will become a director of the new entity.

The company will maintain its headquarters location in Bloomfield Hills, Mich., its research and manufacturing facility in Kings Mountain, N.C., as well as its operations in Hong Kong.

“Berkley brings with them a deep knowledge and vision of where our company could go in its next stage of growth, so it was an ideal scenario to partner with them to move our company forward along the existing business lines now and for future ones under development,” says Craig Rubin.

“We chose to partner with Crypton and Nanotex because of their global reputation for performance and strong brand recognition,” said Berkley Capital President Frank Medici.

“By working with their established and proven management team, Berkley will be able to build upon the strong foundation that the Crypton team have built and help bring the organization to its next evolution in producing performance products for the home, contract, apparel and other businesses.”

May/June 2017

Sri Lanka-based MAS Holdings is set to acquire  108-year-old textile manufacturer Acme-McCrary Corp., Asheboro, N.C., and plans to invest approximately $20 million to open its first manufacturing and development center in the United States in Asheboro. The new facility will create 133 jobs according to the office of North Carolina Governor Roy Cooper.

“North Carolina enjoys a worldwide reputation as a center for textile research and workers,” Governor Cooper said. “Our excellent business climate and location offer international firms an ideal place to reach and serve customers in the United States.”

MAS owns 48 production facilities in 15 countries and employs more than 85,000 globally, but the facility in Asheboro will become its first manufacturing location in the United States.
“We are delighted to be associated with Acme-McCrary, whose values and philosophy are very much in alignment with MAS,”  said Mahesh Amalean, chairman of MAS Holdings. “Our presence in the Western Hemisphere enables us to strengthen our value propositions of speed and flexibility offered through on-shore and near-shore operations to our customers. It also enables us to engage and strengthen our continued association with academia and research institutions in the U.S.”

“We are pleased to be a part of MAS Holdings’ location of a manufacturing facility in our hemisphere,” said W.H. Redding Jr., chairman of Acme-McCrary. “MAS Holdings brings to North Carolina an exemplary corporate culture and a growing business. Their concern for environmental impact is world class and keeping and growing textile jobs in North Carolina is exciting.”

The One NC Fund provided a performance-based grant of $575,000 to facilitate the deal. In order to receive the grant, MAS Holdings must keep the 374 existing job at Acme-McCrary, as well as meet additional job creation and capital investment targets that have been set.

May/June 2017

Spartanburg-based Milliken & Company reports it has acquired the assets of Keystone Aniline Corp., Inman, S.C.

Milliken hopes its synergies with the family-owned, privately-held producer of dyes, pigments, pigment dispersions and polymers will allow it to bring an expanded portfolio to its customers, and position the company for global growth

“Milliken and Keystone Aniline Corporation share a long history of innovation, environmentally responsible manufacturing and relationship building — core values which connect us in practice, perspective and approach to values-based business,” said J. Harold Chandler, president, CEO and chairman, Milliken.

“By combining our product portfolios and specialized colorant knowledge with Milliken’s solutions and expertise, we create business and market synergies that will drive new global opportunities and better meet the evolving needs of our customers,” said John Andrews, CEO, Keystone.

May/June 2017