New owners of Riverpoint Lace Works Inc., based at the Lippitt Mill in West Warwick, Rhode Island, have announced they will continue operations at the textile dyeing and finishing plant. The Palmisciano-Ponte Investment Group LLC is to buy the company for approximately $300,000 and 50 jobs, which had been under threat, are to be saved. The buyer is expecting to maintain existing lines as well as adding new product lines, and will invest funds to upgrade equipment.

The textile firm had been struggling for some time as a result of overseas competition and increasing raw material prices.

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