Guilford Mills, Inc. announced that it has agreed in principle to sell the business and certain assets of Twin Rivers Textile Printing and Finishing (located in Schenectady, New York) to H. Greenblatt and Co., Inc., which will assume operations at that printing facility. Nightingale & Associates, LLC, a corporate restructuring firm, acted as advisor in the transaction. Terms of the agreement were not disclosed. The transaction is subject to, among other conditions, execution of definitive documentation.
"I am happy that we were able to successfully reach this agreement that will result in continuing the operations at the Twin Rivers facility," said John Emrich, President and CEO of Guilford Mills, Inc.
H. Greenblatt and Co., Inc. is a leading print fabric converter primarily servicing the swimwear and intimate apparel markets with offices in Los Angeles and New York.
Since December 2001, H. Greenblatt and Co., Inc. has been the exclusive converter of Twin Rivers' library of patterns and screens. As part of that agreement, H. Greenblatt has been servicing orders and developing business using Twin Rivers' screens, artwork and original designs.
Howard Greenblatt said, "We feel privileged to build on the great work that Guilford and the staff at Twin Rivers have accomplished. This acquisition provides us with the opportunity to better serve our customers during these challenging times for the American textile industry."
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