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DOMINION TEXTILE TO RETAIN YARN OPERATIONS

 DOMINION TEXTILE TO RETAIN YARN OPERATIONS
 MONTREAL, Oct. 22 /PRNewswire/ -- Dominion Textile announced today


that it plans to retain the Dominion Yarn Group, the corporation's North American yarn operations, after having considered the potential for the sale, merger or an initial public offering of the business.
 The corporation had announced its intention to evaluate alternatives with regard to the Dominion Yarn Group in April of this year, as part of its debt reduction program. "Following an intensive review of current market opportunities for the Dominion Yarn Group, retention of this key business remains the best option for the corporation," said Charles H.
Hantho, chairman, president and chief executive officer. "The recent sale of Wayn-Tex and sustained cost cutting measures, along with a major recovery in North American yarn and denim markets, have allowed us to stay in line with our debt reduction objectives." ?The Dominion Yarn Group, with annual sales of US$ 275 million, is a major Canadian and U.S. supplier of commodity and specialty yarns whose end-use markets include knitted and woven apparel fabrics, activewear, outerwear, underwear, hosiery, home furnishings and industrial products. The group operates seven Canadian plants in Drummondville, Montmagny, Montreal, Saint-Georges-de-Beauce and Sherbrooke (2), Quebec, as well as one in Long Sault, Ontario. In the United States, its four plants are located in Landis (3) and Burlington (1), North Carolina. Total employment is approximately 2000 people.
 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- 10/22/92
 /CONTACT: Lise Charron, director-corporate communications, of Dominion Textile, 514-989-6468/
 (DTX.) CO: Dominion Textile Inc.; Dominion Yarn Group ST: Quebec, North Carolina IN: TEX SU:


LD -- NY140 -- 3904 10/22/92 17:57 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
Words:295
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