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DOMINION TEXTILE ANNOUNCES SALE OF WAYN-TEX

 DOMINION TEXTILE ANNOUNCES SALE OF WAYN-TEX
 MONTREAL, Aug. 25 /PRNewswire/ -- Dominion Textile Inc. today


announced the sale of the assets of its Wayn-Tex Inc. subsidiary to a corporation formed by Mancuso & Company, a New York merchant banker, and existing Wayn-Tex management for approximately Cdn. $72 million. Banexi International served as Dominion's financial advisor in connection with this transaction.
 "The sale of Wayn-Tex is part of the Corporation's strategic restructuring program to reduce debt and focus on fewer core businesses," said Charles H. Hantho, chairman, president and chief executive officer of Dominion Textile. "It marks our withdrawal from the carpetbacking business."
 With annual sales of approximately Cdn. $84 million, Wayn-Tex is a leading U.S. producer of carpetbacking and agricultural packaging products. It employs 500 people at manufacturing facilities in Waynesboro, Va. and distribution and sales offices in Dalton, Ga.
 The manufacturing operations of Poly-Bond Inc., Dominion Textile's U.S. nonwoven fabrics subsidiary, will continue to be located in the Wayn-Tex facilities until they are moved to a new location in the Waynesboro Industrial Park. This will occur over the next three years to avoid any disruption in production. The Poly-Bond administration office and warehouse will be relocated in the near-term.
 Dominion Textile, with corporate headquarters located in Montreal, Quebec, is a major international manufacturer of textile and textile related products which conducts business in some 50 countries.
 -0- 8/25/92
 /CONTACT: Lise Charron, director, corporate communications of Dominion Textile, 514-989-6468/
 (DTX.) CO: Dominion Textile Inc.; Wayn-Tex Inc. ST: Quebec, Virginia, Georgia IN: TEX SU:


PS -- NY030 -- 3041 08/25/92 12:34 EDT
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Publication:PR Newswire
Date:Aug 25, 1992
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