Unifi, headquartered in Greensboro, North Carolina, has sold its yarn manufacturing facility in Madison, North Carolina, to a third-party buyer for $45 million. It expects to realise over $20 million in annual operating cost savings once all transition and restructuring activities are completed.

“The sale of our Madison facility and related exit of yarn manufacturing at that site marks a significant step in transitioning our Americas business to improved profitability,” said Unifi CEO Eddie Ingle. “As a result of this transaction, we have paid down a meaningful portion of our existing debt and enhanced our overall financial position. Beyond the improvement to the balance sheet, the relocation of the production capacity from the Madison facility to other locations in North and Central America will dramatically optimise our business and make Unifi a leaner organisation.”

Using proprietary recycling technology, Unifi is a pioneer in scaling the transformation of post-industrial and post-consumer waste into sustainable products. Through Repreve, its leading brand of traceable, recycled fibres and resins, the company is changing the way industries think about the materials they use and reuse. A vertically-integrated manufacturer, Unifi has direct operations in the USA, Colombia, El Salvador and Brazil.

www.unifi.com