Monterey Mills Acquires Glenoit Fabrics

Janesville, Wis.-based sliver knitter Monterey Mills has acquired sliver knitter Glenoit Fabrics
(TT) Corp. Inc., Tarboro, N.C., from the management group that has owned the company since 2009.
Monterey plans to invest in Glenoit’s infrastructure, add employees and expand market share in the
sliver-knitting segment.

“The acquisition of Glenoit gives Monterey an important presence in the heart of America’s
textile industry,” said Dan Sinykin, president, Monterey Mills. “Although Glenoit is a mere shell
of its past going from 1,100 people in 1997 to less than 50 in the factory today, my vision is to
turn that trend around, add jobs in Tarboro and leverage the Made in America brand.”

Glenoit Fabrics was founded in Beloit, Wis., in the 1950s and as late as 1997 employed 1,100
workers in Tarboro. China-based Haixin Group Co. Ltd. acquired Glenoit following bankruptcy
reorganization in 2002 and operated the Tarboro facility until late 2005, when it closed the plant
with the intention of moving production to China and Canada. At that time, former Glenoit Fabrics
Plant Manager Jerry Howard and his staff, doing business as Tarboro Textiles LLC, resumed
production at the plant under contract to Glenoit. In 2009, Tarboro Textiles acquired the business.
Glenoit manufactures sliver knit pile fabrics including faux fur, fleece and a range of other pile
fabrics. Plant equipment includes computerized jacquard knitting machines that enable a wide
variety of patterned fabrics.

Monterey Mills was established in 1965 as a knitter of faux fur for women’s apparel and for
toys, and knit pile for home furnishing products. In 2005, the company was acquired by Roller
Fabrics, which took the name as its own. Today, Monterey manufactures paint roller fabric as well
as pile fabrics for buffing pads, washing mitts, apparel, toys, home furnishings and industrial
applications. The company claims to have an estimated 60-percent share of the market it serves and
ships its fabrics around the world.

October 29, 2013