GREENSBORO, N.C., June 14 /PRNewswire-FirstCall/ -- Unifi, Inc. (NYSE: UFI) announced that it is expanding its commitment to sustainable practices and initiatives with new investments toward the backwards integration into the supply chain for recycled products and in a new joint venture focused on renewable energy. As environmental stewardship and sustainability become more important to companies around the world, these new investments will solidify Unifi as a leader in green initiatives.
For more than a decade, Unifi has continued to raise its commitment to sustainable practices, recycling everything from paper tubes, pallets and corrugated boxes to donating biosolids to area farmers. In the mid 2000's, Unifi developed REPREVE® recycled polyester to provide customers and consumers with an eco-friendly, 100% recycled product that performs like virgin fibers and conserves natural resources. Over the years, REPREVE has evolved from one product into a family of recycled fibers.
To improve the availability of recycled raw materials and significantly increase the Company's product capabilities, Unifi will invest in the backward integration of the REPREVE supply chain. In addition to providing greater control over the production of the recycled chip that is used to make REPREVE polyester fibers, the new state-of-the-art recycling technology will provide opportunities for the Company to recycle post-consumer and post industrial fabric waste back into REPREVE. Scheduled startup for these new capabilities is February 2011.
"Bringing the extrusion process in-house is a natural next step for us," said Roger Berrier, executive vice president for Unifi. "Being more vertically integrated will significantly increase our product development capabilities and capacity."
Unifi also announced that the Company has purchased a 40% interest in a biomass feedstock company. The new joint venture, which will be called REPREVE™ Renewables, will focus on the direct sales of Freedom™ Giant Miscanthus to farmers, who in turn will supply the product to bioenergy and biofuel operations in the U.S. and E.U. Freedom Giant Miscanthus is non-invasive and is the highest-yielding crop available on a commercial scale. Giant Miscanthus is a perennial C4 grass that is extremely efficient in converting sunlight to biomass energy.
"We are continually looking for innovative, sustainable initiatives, and we are very excited about participating in this renewable energy opportunity," said Bill Jasper, Unifi's CEO and president. "Both of these initiatives will support our strategy to grow the REPREVE brand and product portfolio, and will add to our commitment in being a global leader in sustainability efforts."
FREEDOM is a trademark of Mississippi State University, used under license.
Unifi, Inc. (NYSE: UFI) is a diversified producer and processor of multi-filament polyester and nylon textured yarns and related raw materials. The Company adds value to the supply chain and enhances consumer demand for its products through the development and introduction of branded yarns that provide unique performance, comfort and aesthetic advantages. Key Unifi brands include, but are not limited to: AIO® - all-in-one performance yarns, SORBTEK®, A.M.Y.®, MYNX® UV, REPREVE®, REFLEXX®, MICROVISTA® and SATURA®. Unifi's yarns and brands are readily found in home furnishings, apparel, legwear, and sewing thread, as well as industrial, automotive, military, and medical applications. For more information about Unifi, visit www.unifi.com, or to learn more about REPREVE®, visit the new website www.repreve.com.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about Unifi, Inc.'s (the "Company") financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets in which the Company operates, as well as management's beliefs and assumptions. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.
Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to, availability, sourcing and pricing of raw materials, the success of our subsidiaries, pressures on sales prices and volumes due to competition and economic conditions, reliance on and financial viability of significant customers, operating performance of joint ventures, alliances and other equity investments, technological advancements, employee relations, changes in construction spending, capital expenditures and long-term investments (including those related to unforeseen acquisition opportunities), continued availability of financial resources through financing arrangements and operations, outcomes of pending or threatened legal proceedings, negotiation of new or modifications of existing contracts for asset management and for property and equipment construction and acquisition, regulations governing tax laws, other governmental and authoritative bodies' policies and legislation, and proceeds received from the sale of assets held for disposal. In addition to these representative factors, forward-looking statements could be impacted by general domestic and international economic and industry conditions in the markets where the Company competes, such as changes in currency exchange rates, interest and inflation rates, recession and other economic and political factors over which the Company has no control. Other risks and uncertainties may be described from time to time in the Company's other reports and filings with the Securities and Exchange Commission.
SOURCE Unifi, Inc.