CMI Industries Inc has reached a restructuring agreement that will enable its profitable Elastic Fabrics of America LLC subsidiary to continue as a going concern. The company is already in the process of closing the last plant involved in its greige woven fabrics operations.

Under the terms of the restructuring agreement, the Elastics' operations will continue interrupted and Elastics' creditors will be paid in full. CMI's restructuring will be implemented in accordance with a voluntary chapter 11 plan.

Elastic Fabrics of America LLC manufactures textile products that serve a variety of markets, including the woven apparel, elasticised knit apparel and industrial/medical markets. The subsidiary operates manufacturing facilities in Greensboro, North Carolina and Stuart, Virginia.

The company had consolidated net sales from continuing operations of $85.2 million in 2000.