Unifi sells ‘non-strategic’ real estate assets
Unifi, a polyester producer and maker of Repreve, has found a buyer for two non-strategic real estate assets for approximately $60 million before fees and expenses. The property includes some 120 acres of land and 500,000 square feet of warehouse space across two separate operating locations in Yadkin County, North Carolina. The transaction is expected to close in the company’s second fiscal quarter.
“This transaction demonstrates our focus on optimising the efficiency of our U.S. business,” stated Unifi CEO Eddie Ingle. “Working with the buyer, we were able to identify portions of our real estate portfolio that would be most beneficial to a new owner while being least impactful to our ongoing operations and production capacity. Upon closing this transaction, Unifi would retire a substantial amount of debt and significantly improve its financial flexibility.”
