Unifi records loss, removes executive, shuts plant
By Staff -- Home Textiles Today, 8/2/2007 2:31:00 PM
Greensboro, N.C. – Polyester fiber and yarn producer Unifi yesterday removed Brian Parke as chairman, president and ceo, effective immediately, and today said it will close its Kinston yarn plant, where about 260 Unifi employees work.
The company reported a fourth quarter net loss of $72.3 million or $1.19 per share, compared a net loss of $5.4 million or $0.10 per share for the prior year June quarter.
For the 2007 fiscal year, Unifi recorded a net loss of $113.1 million or $2.01 per share, compared to a net loss of $14.4 million or $0.28 per share for the 2006 fiscal year.
Stepping in as the new chairman is Stephen Wener, who will also serve as acting ceo. Wener, president and ceo of Dillon Yarn since 1980, came to Unifi in the January acquisition of Dillon. He was appointed a director of the board in May.
Unifi noted that Parke “has agreed to continue to serve as the vice chairman of the company's Chinese joint venture, Yihua Unifi Fibre Industry Company Limited.
Product formerly made in the Kinston facility will be produced at the Yadkinville, N.C. plant for a variety of lines, the company said.
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