TEXFI CLOSES SALE OF GRAY GOODS UNIT

NEW YORK--Texfi Industries said Monday that it has completed the sale of its Marion gray goods facility in Marion, N.C., to Decotech LC, a privately held firm headed by Texfi's former chairman, chief executive officer and president, L. Terrell Sovey Jr., for about $10.7 million.
Decotech, based in Marion, was formed by Sovey, managers of the Marion facility and an investment group made up of their friends. As reported, Sovey resigned from Texfi's board Feb. 10.
The sale will be used by Texfi to reduce its long-term debt and advances by factors by about $15 million as well as reduce annual interest expense by $1.4 million, said William L. Remley, Texfi's ceo.

To access this article, click here to subscribe or to log in.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus