Meridian Industries Acquires Astro Dye Works

Meridian Industries Inc., Milwaukee, has acquired Calhoun, Ga.-based Astro Dye Works. Astro, which
specializes in space-dyeing and twisting novelty yarns, will become part of Meridian Dyed Yarn
Group. The Yarn Dyed Group operates two package dye houses with twisting and winding capability
located in Valdese, N.C., and Belmont, N.C.We are very excited about the acquisition of Astro and
believe it will help strengthen and complement our position as the number-one supplier of dyed
yarns to the home furnishings market and increase our share in the apparel market, said Rob
Setliff, president, Meridian Yarn Dyed Group. It also allows us an opportunity to serve the
automotive market that we have not participated in before, he added.

May 2001