USA: Cotton Producer Parkdale America To Close Two Factories
Yarn manufacturer Parkdale America is to close two of its North Carolina plants because of high imports, an oversupply of yarn in the market and overall poor business conditions.
Its decision will affect 84 workers at its plant at Belmont which produces cotton and polyester/cotton open-end yarns, and 34 workers at its plant at Kings Mountain which produces all cotton open-end yarns.
Parkdale officials said the company had been operating at reduced capacities for six months and was unable to find enough volume to run all its plants at full schedule, with the closures resulting in a cut in production capacity of one million pounds per week.
They added that the move will allow Parkdale opportunities to more efficiently utilise space and stabilise operating schedules in its remaining facilities, and said the economic slump has exacerbated what the high value of the dollar and unlimited imports from countries such as Pakistan are doing to the US yarn manufacturing industry.
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