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GOLDTEX ANNOUNCES THE COMPLETION OF ITS ACQUISITION BY TOMEN AMERICA

 GREENSBORO, N.C., July 8 /PRNewswire/ -- Goldtex, Inc., announced completion of its acquisition by Tomen America Inc. At a special meeting held today, the Goldtex stockholders approved the merger of Goldtex and GLTX Acquisition Corp., a subsidiary of Tomen America Inc., which was the final step in the transaction. The merger, which became effective following the stockholders' meeting, provides for the payment of $6.75 per share for each outstanding share of Goldtex.
 Tomen America Inc., headquartered in New York City, is a wholly owned U.S. subsidiary of Tomen Corporation, a multi-national Japanese general trading company. Tomen America Inc. is a member of an international trading network that deals in commodities ranging from chemicals and energy-related products, machinery, electronics, plastics, metals and minerals to textiles, food, produce, lumber, construction materials and real estate.
 Goldtex, headquartered in Goldsboro, N.C., is engaged in the business of printing, dyeing and finishing woven and knitted fabrics for others on a commission basis and providing finished print and plain dyed fabric for use primarily in women's apparel.
 Goldtex will remain headquartered in Goldsboro, N.C., with Wilbur O. Hopper continuing as president and chief executive officer and Robert L. Zucker remaining executive vice president. In addition to Tomen America Inc., Tomen Corporation, Daido-Maruta Finishing Co., Ltd., one of the largest Japanese printing, dyeing and finishing companies, and Hiroharu Okamoto will be stockholders of Goldtex.
 Wilbur O. Hopper, president of Goldtex, said: "I and other members of Goldtex management look forward to being members of the Tomen team. This step will open opportunities for expansion and improvement of Goldtex's business that otherwise would not have been immediately available. We feel strongly that this transaction is in everyone's best interest -- Tomen's, Goldtex's, and especially the Goldtex stockholders and employees."
 Kazuo Miyaoka, president of Tomen America Inc., added: "We believe that the combination of Goldtex's current product capability with the specialized printing technology and know-how that Daido and the Tomen organization bring to Goldtex will enhance Goldtex's ability to provide high quality fashion fabrics on a timely basis to its customers and contribute to its growth."
 -0- 7/8/93
 /CONTACT: Wilbur O. Hopper, President, Goldtex, Inc., 919-736-7411/


CO: Goldtex, Inc.; Tomen America Inc.; GLTX Acquisition Corp. ST: North Carolina, New York IN: TEX SU: TNM

SB -- CH008 -- 9570 07/08/93 14:19 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
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