Printer Friendly

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
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 15, 1992
Words:222
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
Topics:


Related Articles
DOMINION TEXTILE ANNOUNCES SALE OF WAYN-TEX
Dominion Textile sells Wayn-Tex subsidiary.
DOMINION TEXTILE TO RETAIN YARN OPERATIONS
DOMINION TEXTILE ANNOUNCES SALE OF INTERLINING BUSINESS
DOMINION TEXTILE AND CHARGEURS EXCHANGE BUSINESSES
DOMINION TEXTILE INC. CONCLUDES SALE OF INTERLINING BUSINESS
DOMINION TEXTILE INC. SIGNS LETTER OF INTENT FOR THE SALE OF ITS U.S. YARNS DIVISION
DOMINION TEXTILE INC. CONCLUDES SALE OF THREE OF ITS US YARN PLANTS
DT Acquisition Inc. Challenges Dominion Textile Inc. Poison Pill
Burlington Sells Hillsville Plant to Wayn-Tex.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters