MAULDIN, S.C. — January 20, 2022 — Mount Vernon Mills announced that is has agreed to acquire Wade Manufacturing Co.’s yarn spinning and weaving facility located in Rockingham, N.C. With the acquisition, Mount Vernon Mills will be vertically integrated from yarn production to finished fabric in certain products and will be in greater control of the company’s supply chain. No other assets or part of Wade Manufacturing’s business, which is headquartered in Wadesboro, N.C., are in included in the acquisition. The transaction is expected to close in early February. Financial terms were not disclosed.
“The Rockingham facility is a modern, cost-efficient operation with an experienced and stable workforce, making it a great fit as we increase the amount of control that we have over our yarn supply, weaving operations and overall costs,” said Bill Duncan, CEO, Mount Vernon Mills. “We are also proud to expand our footprint in the U.S. and build upon our made in America commitment and heritage.”
Mount Vernon Mills plans to hire substantially all the current workforce in the Rockingham facility and may look to add additional positions in the future to bring the plant to full capacity. Initially, the Rockingham facility will produce open-end spun yarn for Mount Vernon Mills and woven greige goods for the company’s flame resistant (FR) products.
“The acquisition not only adds stability to Mount Vernon’s supply chain, but it also adds stability to the workforce located here in the Rockingham community,” said Bernie Hodges, Wade Manufacturing CEO. “We know that our employees will be well taken care of, and that they will continue to carry on the rich traditions of the U.S. textile industry.”
Privately owned, Mount Vernon Mills has recently been investing in its operations post pandemic, including upgrading finishing equipment and initiating a loom replacement program in the company’s Trion, Ga., facility.
Posted: January 20, 2022
Source: Mount Vernon Mills & Mount Vernon FR