North Carolina-based Parkdale Mills, is all set to buy three Avondale Mills plants, investing just about US $28 million.
Avondale recently, announced that it had decided to shutdown all its plants by July 25, 2006, that would leave over 4000 employees jobless.
This agreement to sell out Alexander City plant, the Rockford plant and Graniteville, SC plants will help save about 400 jobs as Parkdale has agreed to employ every hourly worker who is currently employed here.
This deal to buy two Alabama plants and one South Carolina plant is expected to be complete by the end this month.
Avondale had emerged as the leading producer of greige fabrics, denim, sportswear, workwear, coated specialty products, and quality sales yarns for knitted and woven fabrics, since 1845.
Parkdale is the largest yarn provider in the Western hemisphere that seeks manufacturing plants in all their markets.
marketing@alchempro.com
