UNIFI®, Makers of REPREVE®, Announces an Agreement to Sell Non-Strategic Real Estate in the U.S., with $60 Million of Expected Gross Proceeds to Deleverage and Transform the[...]

UNIFI®, Makers of REPREVE®, Announces an Agreement to Sell Non-Strategic Real Estate in the U.S., with $60 Million of Expected Gross Proceeds to Deleverage and Transform the Balance Sheet

Expected proceeds will be allocated to reduce debt, optimize operating footprint, and enhance future financial performance and flexibility, without impact to current operations and customer service

GREENSBORO, N.C., - Unifi, Inc. (NYSE: UFI) (together with its consolidated subsidiaries, "UNIFI"), the makers of REPREVE® and one of the world's leading innovators in recycled and synthetic yarns, today announced that it has entered into an agreement for the sale of two non-strategic real estate assets across its operating base in Yadkin County, North Carolina for approximately $60 million before fees and expenses. The non-strategic real estate assets include approximately 120 acres of land and 500,000 square feet of warehouse space across two separate operating locations in Yadkin County, North Carolina. The transaction is expected to close in the Company's second fiscal quarter, unless extended by the parties, subject to satisfaction of certain closing conditions as described in the associated Form 8-K filing.

"This transaction demonstrates our focus on optimizing the efficiency of our U.S. business and makes UNIFI a leaner and more profitable organization," said Eddie Ingle, Chief Executive Officer of UNIFI, Inc. "Working with the buyer, we were able to identify portions of our real estate portfolio that would be most beneficial to a new owner while being least impactful to our ongoing operations and production capacity. This carve out of assets is expected to have minimal operational impact to our business and create no downtime in our daily processes. Our U.S. based operations will maintain their current production capacities and there will be no changes to how we service our customers out of UNIFI's Yadkin County campus. Upon closing this transaction, UNIFI would retire a substantial amount of debt and significantly improve its financial flexibility."

About UNIFI

UNIFI, Inc. (NYSE: UFI) is a global leader in fiber science and sustainable synthetic textiles. Using proprietary recycling technology, UNIFI is a pioneer in scaling the transformation of post-industrial and post-consumer waste into sustainable products. Through REPREVE, the world's leading brand of traceable, recycled fiber and resin, UNIFI is changing the way industries think about the materials they use - and reuse. A vertically-integrated manufacturer, the company has direct operations in the United States, Colombia, El Salvador, and Brazil, and sales offices all over the world. UNIFI envisions a future where circular and sustainable solutions are the only choice. For more information about UNIFI, visit www.unifi.com.