GUILFORD TO INCREASE MEXICAN STAKE: Guilford Mills said it has agreed to purchase a larger stake in American Textil SA de CV, a mill in Ecatepec de Morelos, Mexico, in which Guilford has a 20 percent stake.
Guilford will acquire up to 80 percent of the facility, according to Charles A. Hayes, chairman and chief executive officer. Terms of the deal were not disclosed. Hayes said he hopes to have the deal done “within the next 50 days.” “We are looking to take advantage of the North American Free Trade Agreement, and this will go a long way toward doing that,” said Hayes. The current management team at American Textil, headed by Jacobo Zaindenweber, will own the remaining 20 percent of the Mexican operation.
PENNINGTON BOWS: Rachel Pennington Ltd., a print converter has been formed to service the moderate to upper moderate sportswear and dress markets. The company does wet, pigment and heat transfer printing.
Pennington, with headquarters at 42 West 39th St., New York, is headed by Dick Stover, chairman. Stover is also owner of Cela Fabrics, another converter, at the same location.
The firm’s other principals are: Rachel Pennington, president; Ronnie Barron, vice president of production, and Margaret Bertucci, vice president of sales.
Pennington was a stylist at Omega Textiles, while Barron was vice president of production at JBJ Fabrics. Bertucci will also continue as a stylist with Cela.
Pennington is currently shipping its first collection of wet print fabrics.
SUMMER 1995 INPRINTS NY ON TAP: Artwork for summer 1995 prints will be on view at Inprints NY, April 5-7, at Arno Ristorante, New York. Participants in the exhibition, sponsored by Eileen Mislove, include London Portfolio, New York Textiles, Bette Goldstein Designs, Palm Studio, Design Works International, Hot Paper Zone, European Textile Collection, Tanuki Studio, Marilyn Kern Textile Designs, The Color Box, Roger Dickinson Design Studio and Groot Co. Designs.