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Kenneth Langone, a director and significant shareholder of Unifi Inc (NYSE:UFI), recently increased his stake in the textile manufacturing company, which currently has a market capitalization of $94 million. The timing is notable as the stock has declined over 17% in the past week and trades near its 52-week low. According to a recent SEC filing, Langone purchased a total of 34,097 shares over two days, with the transactions taking place on February 10 and February 11.
The shares were acquired at an average price range between $5.43 and $5.55, amounting to a total investment of $187,078. Following these transactions, Langone now directly owns 2,370,000 shares of Unifi Inc. Additionally, he holds indirect ownership of 30,000 shares through his wife and 130,000 shares through Invemed Associates LLC, where he serves as Chairman and CEO.
These transactions highlight Langone’s continued confidence in Unifi Inc, a company known for its textile mill products.
In other recent news, Unifi, Inc. has announced its intent to sell its Madison, North Carolina plant in 2025 as part of a strategic move to enhance operational efficiency and fortify its balance sheet. The plan involves transitioning yarn production from the Madison facility to other locations, a move aimed at maintaining customer service and sales volume while increasing the utilization rates of remaining facilities. This consolidation is expected to absorb fixed costs more effectively, thereby supporting long-term profitability.
Unifi’s CEO, Eddie Ingle, emphasized the company’s commitment to a smooth transition, including offering opportunities at other North Carolina facilities to existing employees. The transition includes moving certain equipment to other manufacturing sites, a change that will not affect market demand fulfillment or Unifi’s focus on innovation and financial improvement.
The financial specifics of this strategic transition will be discussed further during Unifi’s second quarter fiscal 2025 earnings conference call. As part of its broader vision for sustainability, Unifi continues to advocate for environmental responsibility in its operations, with the sale of the Madison property and subsequent debt reduction playing a crucial part in this strategy. These are the recent developments from Unifi, Inc.
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