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Crown Textile signs agreement of sale with investment group.

A letter of intent with an outside investment group for the sale of the company was signed recently by interlinings manufacturer Crown Textile, Blue Bell, PA. The proposed sale comes as a result of Crown's need to find sources of capital to strengthen the business.

According to company president Richard Sheerr, this has been the major premise of the company's strategic plan for the last 18 months. "The successful conclusion of the proposed sale will lead to the infusion of capital that Crown has been seeking to fund initiatives critical to Crown's future success," said Mr. Sheerr.

The proposed purchase is subject to the investment group's due diligence investigation; while no final purchase date has been set, the company is hoping to expedite the process in as short a time as possible. No management changes have occurred in the interim and there has not yet been word of what changes can be expected once the sale is finalized.
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Publication:Nonwovens Industry
Date:Apr 1, 1993
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