Marubeni Denim, the denim making division of Swift Spinning Mills Inc, has been sold to a private investment group led by the company's former managers and is now trading under the name Denim North America.

The firm's 278 employees have been retained and the plant, which can produce up to 24 million yards of denim fabric a year, is already running at full capacity. The CEO of the new company is Larry L Galbraith.

Swift Spinning Mills made its decision to exit the denim business at the end of last year, although Marubeni Denim continued to operate while a buyer was sought.