Karl Mayer Acquires Ira L. Griffin

Germany-based Karl Mayer Textilmaschinenfabrik GmbH has acquired technology and market rights of
Charlotte-based Ira L. Griffin Sons, a manufacturer of sizing units, in addition to ball warpers
and long chain beamers for the denim sector. Karl Mayer plans to integrate the business into its
warp preparation division — which includes a range of warpers, Rotal sizing products and the
recently acquired Sucker weaving preparation line — and expects the acquisition to enhance its
position as a supplier of complete systems solutions to denim manufacturers.

Karl Mayer’s US subsidiary, Greensboro, N.C.-based Karl Mayer North America, will serve as
the primary contact point and will provide customer support for Ira Griffin’s existing customers
worldwide. Karl Mayer’s global support network also includes subsidiaries in Europe, China, Hong
Kong and Japan; as well as agents around the globe.

According to Tony Hooimeijer, president, Karl Mayer North America, Ira Griffin will continue
to work as a contract manufacturer for approximately six months to allow for the transfer of
technology and manufacturing to Karl Mayer. In addition, certain Ira Griffin technical service
employees and spare parts operations will transfer to Karl Mayer North America over the next few
weeks. Hooimeijer added that customers needing technical service and spare parts should continue to
contact Ira Griffin in Charlotte until those transfers are complete.

January 29, 2008