US: Polartec completes Malden Mills acquisition
The assets of fabric maker Malden Mills Industries Inc have finally been sold to Polartec LLC, the name of the new privately held company under which the business will now operate.
Michael Spillane, who served as CEO of Malden Mills for the past three years, has been named the CEO of Polartec LLC. Most of the previous Malden Mills' management team will also keep their respective positions, the new company said in a statement.
Philadelphia-based private-equity firm Chrysalis Capital Partners is behind the $44m purchase of bankrupt Malden Mills.
Chrysalis said last month it would operate the company under the Polartec brand name, reflecting its well-known performance fabrics used by customers ranging from outdoor apparel brands to the military.
The company will continue manufacturing operations at its Lawrence and Methuen, Massachusetts, Hudson, New Hampshire, and Shanghai, China plants.
Earlier this month, members of the Unite Here! union who manufacture Polartec products overwhelmingly voted to accept a new three-and-a-half- year contract with Polartec LLC that ensures their continued employment at the new company.
"This day represents a fresh start for our Polartec products, brand, and employees," said CEO Michael Spillane.
"For the first time in more than a decade, we are able to completely focus on the needs of our customers, which calls for developing, manufacturing and marketing technology solutions in performance fabrics. The distractions of the past are now behind us and we begin today to work on our future."
Malden Mills has twice filed for Chapter 11 bankruptcy protection after attempting to rebuild its operations and finances following a devastating fire in 1995 and competition from low cost foreign rivals.
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