Briefs
Week of February 3, 2003
National’s Caron buys firm
WASHINGTON, NC — Caron International, a subsidiary of National Spinning Company, said it has acquired substantially all the assets of CC Product Co./Bond America, makers of the Ultimate Sweater Machine®, Wyr Knittr™, Tassel Master™ and Magicord® knitting and cord-making machines.
“We are delighted to bring the family of Bond America products under the Caron umbrella,” said Matt Rauschenbach, president of Caron. “We expect that the alignment of our significant yarn offering with the leader in knitting machine technology along with product innovation will be extremely productive.”
Cari Clement, president of CC Product Co./Bond America added: “We couldn’t envision a more complementary and growth-oriented company with whom to join forces than Caron. Caron’s respect in the marketplace, coupled with its expertise in operations, is ideal for our product line and direction.”
Clement has accepted a position with Caron as director of marketing for Bond America branded products. She will also continue as editor-in-chief of Ultimate Knitting magazine, a co-publishing partnership with Primedia, Inc. Introduced in 2002, Ultimate Knitting is a consumer magazine that focuses on both hand and machine knitting.
Caron’s production and distribution facilities are being consolidated in the Washington, NC, facility, according to James W. Chesnutt, president and CEO of National Spinning Co., based here.
“This is another step in the strategy to grow the Caron Division that produces craft products for sale direct to retailers throughout the U.S. and Canada,” Chesnutt said.
Pak company reopening plant in North Carolina
RANLO, NC — A Pakistani-owned textile company is reopening a closed Carolina Mills plant here to assemble and distribute bedding goods using imported fabric.
Neworld, Inc., owned by Bismillah Textiles Ltd. in Faisalabad, Pakistan, will employ about 75 people at startup, which is expected to occur within three months, according to company officials. The company also plans to establish a New York showroom to market its sheets and comforters.
Carolina Mills closed Plant 24 last summer.
Former Guilford Mills Vice President Mason Carroll has been hired as vice president of operations.
Neworld will import fabric and comforter shells initially from Pakistan for assembly, with plans to later bring in goods from China, India and Turkey, according to reports.
The initial investment, which includes equipment transferred from a closed Guilford Mills plant in Herkimer, NY, will be about $1.7 million.
NCC presents awards
NASHVILLE, TN — Dr. Roy G. Cantrell, an accomplished researcher and leader in cotton breeding and genetics, is the recipient of the 2002 Cotton Genetics Research Award.
The announcement was made here during the Cotton Improvement Conference of the National Cotton Council of America’s (NCC)-coordinated 2003 Beltwide Cotton Conferences.
Cantrell, who currently serves as vice president, agricultural research for Cotton Incorporated, Cary, NC, received $500 in recognition of his efforts.
U.S. commercial cotton breeders have presented the Cotton Genetics Research Award for 40 years to a scientist for outstanding basic research in cotton genetics. The Joint Cotton Breeding Policy Committee is comprised of representatives from state experiment stations, USDA, private breeders and the NCC establishes criteria for the award.
Meanwhile, Fresh Produce Sportswear, a Boulder, CO-based clothing designer, manufacturer and retailer, was awarded the U.S. Cotton Champion Award.
The award was presented on behalf of its National Cotton Women’s Committee (NCWC). NCWC members modeled Fresh Produce Sportswear’s ’03 spring line as part of their annual cotton fashion show.
The 2003 U.S. Cotton Champion Award recognizes Fresh Produce Sportswear’s commitment to the use of U.S.-grown cotton in its clothing.
Feuerstein may stay in control at Malden
BOSTON — Aaron Feuerstein plans to remain in control of Malden Mills when it emerges from bankruptcy protection, according to a plan with creditors and banks, Malden said last week.
Feuerstein, whose family has controlled the company for nearly a century, has raised most of the money needed to cede control of the company, according to a Malden spokesperson.
The company, its senior lending group and its unsecured creditors have agreed in principle to terms for a consensual plan of reorganization. U.S. Bankruptcy Judge Joel B. Rosenthal, at a hearing on January 28, in Worcester, MA, gave the company until February 18 to file a proposed plan of reorganization consistent with this agreement in principle.
The plan of reorganization will include an exclusive option for Feuerstein to buy the interest of the secured lenders and unsecured creditors to retain ownership of the company.
Malden Mills, best known for its Polartec® brand technical fabrics, filed Chapter 11 in November 2001.
Frisby Technologies seeks court protection
WINSTON-SALEM, NC — Frisby Technologies, Inc. said that it has filed a voluntary petition for Chapter 11 reorganization with the U.S. Bankruptcy Court.
The company also said that it has reached agreement with its secured creditor group to provide debtor-in-possession (DIP) financing. Upon court approval, the new funding will be available immediately on an interim basis to supplement the company’s existing capital and help the company fulfill obligations associated with operating its business, and payments to suppliers and service providers for goods and services provided after the filing.
Earlier last month, the company announced that Greg Frisby, the company’s founder, had been removed as CEO but would remain as chairman.
Frisby Technologies hired turnaround specialist Mark Gillis, senior vice president of Greensboro, NC-based Anderson Bauman Tourtellot Vos & Co., to run the company.
Flynt Fabrics files Ch. 11 reorganization
BURLINGTON, NC — Flynt Fabrics, a 30-year-old producer of knitted fabrics for children’s wear products, recently filed for Chapter 11 bankruptcy protection.
The company has been hurt by Asian garment imports, along with the slowdown in apparel sales, owner Chuck Flynt told The Times-News of Burlington.
Flynt Fabrics operates a plant here and one in nearby Graham, NC, employing about 300 people. The company has closed three plants in Anson County, NC, in the last three years.
