DOMINION TEXTILE TO SELL WAYN-TEX
DOMINION TEXTILE TO SELL WAYN-TEX MONTREAL, Jan. 15 /PRNewswire/ -- Dominion Textile today announced
that it has retained Banexi International Corporation of New York to sell the corporation's United States based carpetbacking subsidiary Wayn-Tex Inc., as an ongoing business.
"Our intention to sell Wayn-Tex, a strong current performer, is consistent with our plan to reduce debt and restructure our portfolio by focusing on fewer core businesses," said Charles H. Hantho, chairman, president and chief executive officer. "This will mark the corporation's withdrawal from the carpetbacking business." Wayn-Tex, with approximately US $60 million in annual sales, is a leading U.S. producer of carpetbacking and agricultural packaging products. It was purchased by Dominion Textile as part of a larger acquisition in January 1988 and employs 500 people at its manufacturing facilities located in Waynesboro, Va. and at marketing and sales offices in Dalton, Ga. Poly-Bond Inc., Dominion Textile's nonwoven fabrics subsidiary which operates manufacturing facilities adjacent to Wayn-Tex, will not be affected by this transaction. Dominion Textile, with corporate headquarters located in Montreal, is a major international manufacturer of textile and textile-related products which conducts business in some 50 countries. -0- 1/15/92 /CONTACT: Lise Charron of Dominion Textile, 514-989-6468/ (DTX.) CO: Dominion Textile Inc.; Wayn-Tex Inc. ST: Quebec, Virginia, Georgia IN: TEX SU: SM -- NY079 -- 0117 01/15/92 15:37 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 15, 1992|
|Previous Article:||FARRAGUT MORTGAGE CO., INC. FILES PUBLIC OFFERING|
|Next Article:||STANFORD TELECOM ANNOUNCES THE AWARD OF A $12.5 MILLION CONTRACT FOR THE DESIGN AND DEVELOPMENT OF A MILSTAR LOW COST TERMINAL|