AMICALE’S FEIN BUY: Amicale Industries, New York, the leading processor of cashmere in the U.S., has acquired a 50 percent interest in W. Fein & Sons Ltd., Bradford, England, the U.K.’s second largest dehairer and comber of cashmere and camel hair. Terms of the deal were not disclosed.
The deal calls for Boris Shlomm, president of Amicale, and his son, Alexander, to become directors of Fein. Stephen Wood remains as chairman of Fein.
GUILFORD’S FIRST-QUARTER WOES: Depressed by poor market conditions for swimwear, prints and cotton circular knits, profits at Guilford Mills sank 26 percent in the first quarter ended Dec. 26. Earnings were $3.9 million, or 28 cents a share, against $5.2 million, or 38 cents, a year earlier. Sales inched up 0.6 percent, to $157.6 million from $157.5 million.
Swimwear fabric sales declined significantly, reflecting sluggish worldwide demand. Sales of cotton circular knits were down about 5 percent, hurt by overcapacity in the T-shirt and fleece markets.
Sales of printed fabrics, a smaller part of Guilford, were off sharply, also reflecting a weakness in that market, according to Terrence Geremski, vice president and chief financial officer, who said the apparel results turned out “better than expected” considering the weakness in most of the apparel markets Guilford serves.
On the brighter side of Guilford’s apparel business, warp knit sales increased 6 percent as a result of strong demand for intimate apparel and some Lycra spandex products, particularly shapewear.