Richmond County recently issued the following announcement.
Mount Vernon Mills announced that they have agreed to acquire Wade Manufacturing Company’s yarn spinning and weaving facility located in Rockingham, N.C. With the acquisition, Mount Vernon Mills will be vertically integrated from yarn production to finished fabric in certain products and will be in greater control of the company’s supply chain. No other assets or part of the Wade Manufacturing business, which is headquartered in Wadesboro, N.C., are included in the acquisition. The transaction is expected to close in early February.
Mount Vernon Mills, based out of Mauldin, SC will be acquiring Wade Manufacturing facility in Rockingham, NC. The facility in Wadesboro will remain under current ownership. Board of Commissioners Chair Jeff Smart said, “On behalf of the Richmond County Board of Commissioners I’d like to welcome Mount Vernon Mills to Richmond County! This is exciting news and the type of growth welcome to our community.” Mount Vernon will retain the existing Wade Manufacturing employees and begin recruiting for an additional 40 employees in the coming weeks.
Company expands footprint in the U.S. and gains greater control over its supply chain
“The Rockingham facility is a modern, cost-efficient operation with an experienced and stable workforce, making it a great fit as we increase the amount of control that we have over our yarn supply, weaving operations, and overall costs,” said Bill Duncan, chief executive officer of Mount Vernon Mills. “We are also proud to expand our footprint in the U.S. and build upon our made in America commitment and heritage.”
Mount Vernon Mills plans to hire substantially all the current workforce in the Rockingham facility and may look to add additional positions in the future to bring the plant to full capacity. Initially, the Rockingham facility will produce open-end spun yarn for Mount Vernon Mills and woven greige goods for the company’s flame resistant (FR) products.
“The acquisition not only adds stability to Mount Vernon’s supply chain, but it also adds stability to the workforce located here in the Rockingham community,” said Bernie Hodges, CEO of Wade Manufacturing. “We know that our employees will be well taken care of, and that they will continue to carry on the rich traditions of the U.S. textile industry. “Privately owned, Mount Vernon Mills has recently been investing in its operations post pandemic, including upgrading finishing equipment and initiating a loom replacement program in the company’s Trion, Ga., facility.
About Mount Vernon Mills & Mount Vernon FR:
Mount Vernon Mills is a 175-year-old manufacturer of textile, chemical and related products for the apparel, industrial, institutional, and commercial markets. Mount Vernon FR is part of Mount Vernon Mills’ Apparel Fabrics Group, which manufactures denim, flame resistant and piece-dyed fabric. It is the largest of all the Mount Vernon Mills groups, accounting for more than half of all company sales. More information can be found at www.mvmfr.com.
ABOUT RICHMOND COUNTY:
Located in North Carolina’s southern Piedmont, Richmond County offers businesses and residents easy access to the very best the state has to offer. Interstates 73 and 74 provide convenient access to major metro area, the Blue Ridge Mountains and the Atlantic Ocean. Only minutes away is the fabled Village of Pinehurst, site of the US Open Golf Championships for both men and women in 2014. Richmond County is home of the Rockingham Motor Speedway -- better known as “The Rock” to generations of NASCAR fans.
Original source can be found here.
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