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United Textiles In Talks With American Fund

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A formal proposal for the acquisition of United Textiles by a large American fund received the company’s administration in mid-May, in order to implement the business plan drafted a year ago. This development was announced at the general meeting of shareholders by CEO Yannis Mousoulidis, seeking approval for the next steps in negotiations. 

The fund held a meeting on June 22 with the National Bank and presented its proposal, asking to sign a Memorandum of Understanding. 

If the deal is carried out, U.S. investors would “buy” the company’s debt and bring it again into operation. 

The business plan provide the resuming of operation of two textile mills in Rodopi and Maronia and the conversion of two more units into waste recovery and energy production plants.

The business plan also provides the production and export of a new brand of clothing, for which there is already demand in the U.S. 
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