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CONE MILLS CORPORATION ANNOUNCES COMPLETION OF EQUITY INVESTMENT

 GREENSBORO, N.C., June 28 /PRNewswire/ -- Cone Mills Corporation (NYSE: COE) announced today the completion of its equity investment in Compania Industrial de Parras S.A. (CIPSA) of Mexico.
 The company reported on March 29 that a letter of intent had been signed with CIPSA. Cone has made a 20 percent equity investment in CIPSA of approximately $21 million.
 Cone and CIPSA have also signed definitive agreements providing for the formation of a joint venture company as earlier announced. The principal purpose of the 50-50 joint venture is to build and operate a world-class denim manufacturing plant in Parras, Mexico. Each partner's investment in the joint venture is estimated to range from $20 million- $30 million, and additional debt financing is being arranged.
 Founded in 1891 and headquartered in Greensboro, N.C., Cone Mills is the world's largest producer of denim and the largest printer of home furnishings fabrics in the United States. The company's manufacturing plants are located in North Carolina, South Carolina and Mississippi.
 -0- 6/28/93
 /CONTACT: E. Frank Fary Jr., manager-Public Relations of Cone Mills Corporation, 919-379-6251/
 (COE)


CO: Cone Mills Corporation; Compania Industrial de Parras S.A. ST: North Carolina IN: TEX SU: JVN

BR-BN -- AT002 -- 5484 06/28/93 09:48 EDT
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Publication:PR Newswire
Date:Jun 28, 1993
Words:209
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