Belding Heminway announces its acquisition of Culver Textile

Business Wire, Sept 6, 1995

NEW YORK--(BUSINESS WIRE)--Sept. 6, 1995--Belding Heminway Company, Inc. (NYSE:BHY) today announced that it has completed its acquisition of Culver Textile Corporation, a specialty thread manufacturer located in West New York, N.J. Culver had approximately $10 million in annual sales in 1994. Terms of the transaction were not disclosed.

The company noted that Culver's primary products are specialty threads including fine denier spooled nylon threads, rayon threads, and chainette threads. Culver primarily serves the national wholesale bedding and embroidery market, predominately concentrated in the eastern United States and has approximately 60 employees. Mr. Bruce Goldwyn will continue as President of Culver.

Gregory Cheskin, President and CEO said: "The acquisition of Culver significantly enhances our market position in the bedding and embroidery markets. Our Thread division's operations will be strengthened by combining the distribution efforts of the two organizations. We are pleased to complement Belding's management team with the services of Bruce Goldwyn. Culver is a well-respected, profitable company and we expect that this acquisition will be additive to Belding Heminway's earnings in 1995."

Belding Heminway manufactures and markets industrial threads, decorative home furnishing fabrics and consumer sewing and crafts products, principally buttons and cotton knit yarns. In addition to its headquarters in New York City, it has manufacturing or distribution facilities in Lansing, Iowa, Hendersonville, North Carolina, Watertown and Winsted, Connecticut, Emporia, Virginia, and Bronx, New York.

CONTACT: Belding Heminway

Gary Silverman

Vice President, Human Resources

212/556-4700

or

Morgen-Walke Associates

June Filingeri, Robert Weiner

Media Contact: Lisa Bradlow

212/850-5600