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Elastic Fabrics of America Sold

From: ASAP

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CMI Industries, Inc. (CMI) completed the sale of its wide elastic business to EFA Holdings LLC in accordance with CMI Industries' Chapter 11 reorganization plan, which was approved in United States Bankruptcy Court for the District of Delaware on April 11, 2002.

EFA Holdings LLC will operate the Greensboro based manufacturer of warp and circular knit fabrics under the name of Elastic Fabrics of America (EFA). All employees and management directly associated with the business will be retained by the new company.

"We are pleased with the outcome for this business," said James Robbins, who was named President/CEO of the new company. "The partnership we have developed with our new owners allows us to do all the things necessary to have a healthy, successful, and ongoing business. We are excited about the potential for our company, which bodes well for our customers, suppliers, employees, and other stakeholders."

"While we faced uncertainty during CMI's restructuring, we will now be able to fully focus on the business needs of our customers and realize our true potential."

"We are grateful to our customers, employees, and suppliers who demonstrated unwavering support of our business during this period."

In addition to the retention of current management, EFA announced that Gary Monroe will be rejoining the company as Chief Operating Officer. Gary will be responsible for all manufacturing operations.

Elastic Fabrics of America is a market leader in the production of warp and circular knit fabrics for the intimate apparel, swimwear, medical, athletic wear, and specialty markets. The operation in Greensboro, which was established in 1982, will serve as the company's headquarters. The company's main sales office is in New York.

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