SWATCHES

MOUNT VERNON ACQUISITIONS: Mount Vernon Mills Inc. recently agreed to acquire two properties.
The company agreed to buy Wester Textile Cos.’ pocketing, interlinings and custom manufacturing operations, which are located in Columbus, Miss., and employ about 60 people. Mount Vernon, based in Greenville, S.C., plans to integrate the new operation into its Brentex division.
Mount Vernon also agreed to acquire Nisshinbo California’s cotton gray goods mill, a Fresno, Calif., operation that employs about 150 people.
Roger W. Chastain, president of Mount Vernon, said in a statement that the facility “will enable our apparel fabrics division to significantly broaden its ring-spun offerings.”
Terms of the two deals were not disclosed.

CONCORD EXTENSION: The management of Concord Fabrics Inc., trying to take the company private, has extended until Friday its offer to buy outstanding shares.
The offer was originally set to expire at midnight last Tuesday.
The amount offered for outstanding shares remains unchanged at $7.88 in cash.
Concord Merger Corp., an entity controlled by Concord Fabrics’ chief executive officer, Alvin Weinstein, and his family, and Earl Kramer, president of Concord Fabrics, is making the offer.
Weinstein and his fellow investors held about 63 percent of Concord when they made the offer at the beginning of August. They said in a statement Tuesday that 831,913 class A and 289,219 shares had been tendered to them since the offering. That would raise their total stake to more than 90 percent of the mill.
When the company announced its desire to go private, Kramer said one reasons was the current mood of the stock market, which he contended pours money into unproven Internet concerns but undervalues long-established textile companies.

load comments
blog comments powered by Disqus