Unifi has entered into three separate contracts that provide for the sale of substantially all of the plant, property and equipment associated with the Company’s European manufacturing operations, which ceased October 31, 2004.
The gross proceeds, before taxes, on the combined contracts is approximately $37.0 million USD. All transactions relating to these sales should be concluded by the end of September 2005.
“The favorable terms and timing of these contracts allow Unifi to aggressively pursue our growth plans in Asia without incurring additional debt,” said Brian Parke, Chairman and CEO for Unifi. “While it is with regret that we close this chapter in our history, we feel very confident that the new owners of the Letterkenny site are committed to creating and enhancing employment opportunities within the town of Letterkenny.”
