Company to sell division, close S.C. plant
By The Associated Press Thursday, May 21, 2009SPARTANBURG, S.C. (AP) — A South Carolina-based company says it will sell its automotive cloth division to a management group and close one of its plants where 140 are employed.
Spartanburg-based Milliken & Co. announced the sale Wednesday, citing a desire to focus on other markets that already exist and show signs of growth.
The deal with Greenville-based Azalea Capital includes at least five plants, but the company's Sharon Plant near Abbeville will close. The new company will operate under the name Autotex and will continue to be headquartered in South Carolina.
Milliken also announced Wednesday that it will lay off 80 managers worldwide because of other recent consolidations. The company's automotive cloth division employs 1,200 people around the world.
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