Unifi Adds Air Jet Texturing Operations From Glen Raven

GREENSBORO, N.C., May 22 /PRNewswire/ — Unifi, Inc. (NYSE: UFI) todayannounced that it has reached
an agreement to assume operating control of Glen Raven’s air jet texturing operations based in
Altamahaw, N.C. The agreement,effective immediately, will expand Unifi’s air jet texturing volume
from2 million to 15 million pounds per year, making Unifi the US market leader in the production of
air jet textured yarn. “Adding air jet texturing capacity is an important component of our
NorthAmerican growth plan,” said Alf Webster, President of Unifi’s North American operations. “It’s
consistent with our desire to leverage core manufacturing expertise, it enables us to diversify our
fiber range and end-use markets, and it provides immediate access to a broader mix of high-value
products — we’re very excited.” Under terms of the agreement, structured as an operating lease,
Unifi willassume the operations without significant capital investment, and Glen Raven employees at
the Altamahaw plant become Unifi employees. The added capacity will allow Unifi to produce a more
complete range ofregular and solution-dyed air jet textured yarns to capitalize on growth
opportunities in flat woven automotive, contract and industrial upholstery.Unifi will also target
the high-end branded knit and woven apparel markets,including active, outer, aerobic, and swim
wear. In addition, the deal provides Unifi with an entry into the growing polypropylene segment,
which will enhance the company’s flexibility in servicing the contract and industrial upholstery
markets. As a result of the transaction Glen Raven will exit the manufacturing ofair jet textured
polyester and nylon yarns, but it will continue to market and sell a broad range of spun and
package-dyed yarns, including filament.”Unifi’s premium position as the world’s leading yarn
texturer best enhances the opportunity for this business to reach its full potential,” said Bill
Bardin, President of Glen Raven Yarn Company, LLC. “We will focus our investments on the
development and production of differentiated yarns and fabrics and the building of successful
brands, such as our Sunbrella(R),Dickson(R), Sun Sharp(R) and Microsuede(TM) fabrics.” “Customers
will experience a seamless transition as we incorporate GlenRaven’s air jet texturing business into
Unifi’s operations,” said Webster.”Both Unifi and Glen Raven have strong customer relationships.
This transaction will create competitive advantages for them through a greaterfocus on innovation,
quality and service.” Unifi, Inc. is the largest producer and processor of textured yarns in
theworld. The company’s primary business is the texturing, dyeing, twisting,covering and beaming of
multi-filament polyester and nylon yarns. Unifi’stextured yarns are found in home furnishings,
apparel and industrial fabrics,automotive upholstery, hosiery, and sewing thread. Glen Raven, Inc.
is a highly diversified textile marketing, sales, and manufacturing company serving the awning,
marine, casual furniture, industrial fabrics and automotive fabric markets through various
subsidiaries with manufacturing facilities in North America and Europe. The company is
statements included herein are “forward-looking statements” within the meaning of the federal
securities laws. Management cautions that forward-looking statements are not guarantees and that
actual results could differmaterially from those expressed or implied in the forward-looking
statements.Important factors that could cause the actual results of operations or financial
condition of the Company to differ include, but are not necessarilylimited to, sourcing and pricing
of raw materials, pressures on sales prices due to competition and economic condition, reliance on
and financial viabilityof significant customers, technological advancements, employee
relations,changes in construction spending and capital expenditures (including those related to
unforeseen acquisition opportunities), continued availability of financial resources through
financing arrangements and operations, negotiatio of new or modifications of existing contracts for
asset management and for property and equipment construction and acquisition, regulations governing
taxlaws, other governmental and authoritative bodies’ policies and legislation,the continuation and
the magnitude of the Company’s common stock repurchase program and proceeds received from the sale
of assets held for disposal. In addition to these representative factors, forward-looking
statements could be impacted by general domestic and international economic and industryconditions
in the markets where the Company competes, such as changes in currency exchange rates, interest and
inflation rates, recession and other economic and political factors over which the Company has no
control.Investors are also directed to consider the risks and uncertainties discussed in documents
filed by the Company with the Securities and Exchange Commission.SOURCE Unifi, Inc.Web Site:
http://www.unifi-inc.com Copyright 2001 PR Newswire