Unifi sells stake in joint venture
Unifi Inc has closed on the sale and received $9 million in proceeds related to its 50% ownership interest in Yihua Unifi Fibre Industry Co Ltd, the company’s joint venture with Sinopec Yizheng Chemical Fiber Co Ltd.
Unifi will continue to service customers in Asia through Unifi Textiles Suzhou Co Ltd (UTSC), a wholly-owned subsidiary based in Suzhou, China, that develops and sells premium value-added (PVA) yarns.
“Succeeding in today’s global economic climate requires an even greater focus on supply chain management and the development of innovative specialty yarns, and UTSC provides Unifi with the flexibility and speed-to-market required to respond to the needs of our customers in Asia,” said Roger Berrier, executive vice president of Unifi. “And now with the sale of our joint venture, UTSC will continue to expand the sales and promotion of the company’s specialty and PVA products, while aggressively focusing on global product commercialisation of new and existing products.”
