Fashion Technologies May Buy Cherokee
September 12, 2000
Brussels – Spartan International, Inc. and Fashion Technologies, Inc. have made an agreement that will allow the continued operation of Spartan's Cherokee Finishing Plant in Gaffney, S.C.
In Late August, Spartan International announced that the plant would close October 27, unless a suitable buyer could be found.
The letter of intent, which was signed on September 8, states that Fashion Technologies will purchase Spartan's decorative print operations, including the assets of the Cherokee Finishing Plant, upon completion of all required due diligence efforts. In addition, an accompanying management contract grants Fashion Technologies control of all plant operations and policies under the leadership of a consolidated management team.
According to Barry Leonard, president of Spartan International, "This acquisition is an ideal situation for our employees as well as our customers. Besides having the necessary industry expertise, Fashion Technologies also has the vision to identify and apply new technologies that will enhance the operation's quality and efficiency. They are known for their commitment to the printed textile industry, and I am confident they will apply their same high standards to this new endeavor."
Jesse Leskanic, president of Fashion Technologies added, "Although the two businesses will be run as separate operations, this strategic alliance between a quality printer and a leading-edge engraver will naturally create a synergy that will advance the operations of each. As a result of Fashion Technology's digital editing and engraving expertise, Cherokee will be able to improve the services it provides to its customers. Through our shared experiences in textile printing, Fashion Technologies will be positioned to better meet the needs of the printers we already serve. It's an exciting development for our entire industry."
Fashion technologies, Inc., is a full-service provider of digital editing and engraving services for the worldwide decorative print market. Fashion technologies operates an edit, manufacturing, and customer support center in Gaffney, a dedicated screen manufacturing facility in New Jersey, and a New York City sales office.
Spartan International, Inc. is a diversified textile manufacturer and marketer headquartered in Spartanburg, S.C. The company maintains domestic manufacturing operations in North and South Carolina, Georgia and maintains sales offices in North and South Carolina and New York City.
In Late August, Spartan International announced that the plant would close October 27, unless a suitable buyer could be found.
The letter of intent, which was signed on September 8, states that Fashion Technologies will purchase Spartan's decorative print operations, including the assets of the Cherokee Finishing Plant, upon completion of all required due diligence efforts. In addition, an accompanying management contract grants Fashion Technologies control of all plant operations and policies under the leadership of a consolidated management team.
According to Barry Leonard, president of Spartan International, "This acquisition is an ideal situation for our employees as well as our customers. Besides having the necessary industry expertise, Fashion Technologies also has the vision to identify and apply new technologies that will enhance the operation's quality and efficiency. They are known for their commitment to the printed textile industry, and I am confident they will apply their same high standards to this new endeavor."
Jesse Leskanic, president of Fashion Technologies added, "Although the two businesses will be run as separate operations, this strategic alliance between a quality printer and a leading-edge engraver will naturally create a synergy that will advance the operations of each. As a result of Fashion Technology's digital editing and engraving expertise, Cherokee will be able to improve the services it provides to its customers. Through our shared experiences in textile printing, Fashion Technologies will be positioned to better meet the needs of the printers we already serve. It's an exciting development for our entire industry."
Fashion technologies, Inc., is a full-service provider of digital editing and engraving services for the worldwide decorative print market. Fashion technologies operates an edit, manufacturing, and customer support center in Gaffney, a dedicated screen manufacturing facility in New Jersey, and a New York City sales office.
Spartan International, Inc. is a diversified textile manufacturer and marketer headquartered in Spartanburg, S.C. The company maintains domestic manufacturing operations in North and South Carolina, Georgia and maintains sales offices in North and South Carolina and New York City.
