Posted on 01/07/2004 8:17:45 AM PST by TaxRelief
ASHEBORO - In an industry riddled with setbacks, a local textile company is growing. Acme-McCrary Corp. announced Monday an agreement to purchase certain assets from Canada-based Phantom USA, Inc.
The purchase includes an approximate 55,000-square-foot warehouse and distribution facility in Liberty and the assumption of a lease for a 200,000-square-foot manufacturing facility in Siler City. The acquisition is expected to close on Jan. 31.
Assets to be purchased include all inventory, machinery and equipment used for Phantom's hosiery production.
Bill Redding, Acme-McCrary president and CEO, said the newly acquired facilities will continue to operate and no one will be displaced in the transaction. "We want all the folks there to feel good about being a part of our company," he said.
After the acquisition, Acme-McCrary will employ over 1,000 people and operate approximately 900 knitting machines, said Redding.
Phantom USA, formerly Glendale Hosiery, manufactures private label women's hosiery. Acme-McCrary, which began in 1909 and has operated continuously thereafter, is the largest producer of women's private label hosiery in the U.S. Products include ladies hosiery, tights and trouser socks.
The company also produces and distributes men's, women's and children's socks. In 2000, Acme-McCrary entered into a joint venture with Wells Hosiery, Inc., to produce and distribute seamless apparel products that include active wear and intimate apparel.
Utilizing Santoni knitting machinery, the joint venture is currently the largest domestic producer of private label seamless apparel.
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