American & Efird Acquires Ludlow Textiles Assets

American & Efird Inc. (A & E), a Mount Holly, N.C.-based manufacturer of industrial
and consumer sewing thread, has purchased certain assets of Ludlow, Mass.-based Ludlow Textiles Co.
Inc.’s thread and specialty yarn business for an undisclosed purchase price.

Founded in 1868, Ludlow had sales in 2004 totaling approximately $13 million and employs more
than 100 people. The sale of assets to A & E comes in conjunction with Ludlow’s
announcement that it will cease all operations over the next year. Operations acquired by
A & E will be transitioned into its own manufacturing operations over the same period.
“Our number-one priority is to support the many Ludlow customers that we will gain as a result of
this transaction,” said Fred A. Jackson, president, A & E. We will continue to offer the
products they are currently buying and provide the customer services they require.”

Ludlow’s product line includes threads, yarns, cords, twines and tapes used primarily by
non-apparel industries.

April 2005