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UNIFI ANNOUNCES ACQUISITION DISCUSSIONS WITH PIONEER YARNS

 GREENSBORO, N.C., May 25 /PRNewswire/ -- In a joint statement today, Unifi, Inc. (NYSE: UFI) of Greensboro, N.C., and Pioneer Yarns, Inc., a privately-held company in Sanford, N.C., announced they are discussing entering into a plan of business combination by which Unifi, Inc., would acquire all of Pioneer Yarns, Inc.'s assets by issuing a combination of Unifi, Inc.'s common stock and cash, the ratio of exchange to be determined.
 The consummation of this plan of business combination is subject to: the execution of a definitive agreement and the approvals of the boards of directors of Unifi, Inc., and Pioneer Yarns, Inc., the shareholders of Pioneer Yarns, Inc., the Federal Trade Commission, the Securities and Exchange Commission, and any other required government agencies.
 The acquisition of Pioneer Yarns will add to Unifi's spun cotton and synthetic yarn products and complement its existing polyester and nylon yarn texturing operations. Pioneer Yarns employs approximately 350 people in four manufacturing locations in North Carolina. For its fiscal year ended Sept. 26, 1992, Pioneer Yarns, Inc., had sales of $61.6 million.
 -0- 5/25/93
 /CONTACT: Robert A. Ward, Executive Vice President, Unifi, Inc., 919-316-5461/
 (UFI)


CO: Unifi, Inc.; Pioneer Yarns, Inc. ST: North Carolina IN: TEX SU: TNM

MM -- CH003 -- 2045 05/25/93 09:42 EDT
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Publication:PR Newswire
Date:May 25, 1993
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