Glenoit Fabrics has been acquired by long-time competitor Monterey Mills, in a move the new owner hopes will create a textile industry powerhouse in North Carolina.

Monterey Mills plans to invest in Glenoit's workers and infrastructure to gain a greater share of the growing sliver knitting industry - where Monterey Mills already has an estimated 60% market share.

Sliver knit fabrics have a wide range of uses, including apparel applications such as faux fur coats or fleece for outerwear jackets.

"The acquisition of Glenoit gives Monterey an important presence in the heart of America's textile industry," says Dan Sinykin, president of Monterey Mills.

"Although Glenoit is a mere shell of its past, going from 1,100 people in 1997 to less than 50 in the factory today, my vision is to turn that trend around, add jobs and leverage the Made in America brand."

Sinykin believes one way to compete with the growing overseas manufacturers is to share knowledge and trade secrets. Years ago, dozens of sliver knitting mills existed in the US, whereas today, only four remain.

"We ship our fabric all over the world so we are confident we can compete and win against any sliver knitting mill anywhere," said Sinykin. "We must invest in innovation and R&D to prove to our customers that our workers make the best products and are committed to helping them build their businesses."