Uniform provider UniFi Corporation announced that its Board of Directors is exploring strategic alternatives to improve shareholder value based upon its view of existing and future market conditions.
In support of this initiative, the Board has instructed management to study a broad array of alternatives that would include growing the business by expanding within the textile industry, including into low-cost locations around the world, expanding in non-textile related businesses, the potential merger or sale of the Company, and the restructuring of the Company's outstanding indebtedness, all in an effort to take advantage of the further consolidation and integration of the textile industry.
There can be no assurance that the Company will enter into or consummate any transaction or as to the terms or timing thereof.
The Company stated it does not expect to update its progress or disclose developments with respect to the exploration of strategic alternatives unless the Board of Directors has approved a definitive transaction.
The Company had cash-on-hand at the end of the current September quarter ended September 25, 2005 of $90.7 million.
Unifirst Corporation is a diversified producer and processor of multi- filament polyester and nylon textured yarns and related raw materials. The Company adds value to the supply chain and enhances consumer demand for its products through the development and introduction of branded yarns that provide unique performance, comfort and aesthetic advantages.
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