National Acquires Glen Raven39 S Open-End-Package Dyeing Business

National Spinning Co., Inc., a leading US-based supplier of yarns, and Glen Raven Yarn Co., LLC confirmed today the acquisition, effective November 12, 2001, by National Spinning of Glen Ravens open-end spinning and package-dyeing business, including two plants located in Alamance County, North Carolina. The former Glen Raven plants, which will immediately be integrated into Nationals operations, will become known as the Alamance Spinning Plant and Alamance Dyeing Plant of National Spinning. Over 200 associates will be added to Nationals base of 1,600 owner-associates.The added capacity will enhance National Spinnings ability to service its customers. Commenting on the acquisition, Jim Chesnutt, president and CEO of National, stated, “Despite being in an environment that has not favored domestic textile producers, National is fortunate to be in a position to expand its core business. Chesnutt added, “This move will emphasize our commitment to US-based manufacturing and North American/Caribbean markets. We will continue to support our customers with the highest quality products and service, to assure their success in difficult markets.”Brookwood Associates Inc., investment bankers, of Charlotte, NC assistedNational Spinning with this transaction.National Spinning Co., Inc., an employee-owned company, was founded in 1921. In addition to the Alamance plants, National operates plants in Beulaville, Warsaw, Washington, and Whiteville, North Carolina, and LaFayette, Georgia. National and its Caron International subsidiary provide high-quality natural and dyed yarns for apparel, home furnishings, industrial goods, hosiery, automotive fabrics, and home-crafting. Glen Raven, Inc. is a highly diversified textile marketing, sales, and manufacturing company producing yarn and fabric for the awning, marine, casual furniture, industrial fabrics, apparel fabrics, and automotive fabric markets, through various subsidiaries, with manufacturing facilities in North America and Europe. The company is headquartered in Glen Raven, NC.