ROCKINGHAM — A Richmond County textile mill is coming under new ownership.
Mount Vernon Mills announced Thursday that it was acquiring the Wade Manufacturing yarn spinning and weaving plant in Rockingham.
Mount Vernon, headquartered in Maudlin, South Carolina, is a 175-year-old textile company that specializes in products for a variety of markets, including apparel, industrial and commercial.
According to a press release, the acquisition — which doesn’t include any other assets of the Anson County-based Wade Manufacturing — will make Mount Vernon “vertically integrated from yarn production to finished fabric in certain products and will be in greater control of the company’s supply chain.”
“The Rockingham facility is a modern, cost-efficient operation with an experienced and stable workforce, making it a great fit as we increase the amount of control that we have over our yarn supply, weaving operations and overall costs,” said Bill Duncan, chief executive officer of Mount Vernon Mills. “We are also proud to expand our footprint in the U.S. and build upon our made in America commitment and heritage.”
According to a press release, the Rockingham facility will “produce open-end spun yarn for Mount Vernon Mills and woven greige goods for the company’s flame-resistant products.
Mount Vernon plans to hire all of Wade Manufacturing’s current employees and, according to a press release, may look to add more jobs to bring the plant to full capacity.
According to a subsequent release from Economic Developer Martie Butler, Mount Vernon will be “recruiting for an additional 40 employees in the coming weeks.”
“The acquisition not only adds stability to Mount Vernon’s supply chain, but it also adds stability to the workforce located here in the Rockingham community,” said Bernie Hodges, CEO of Wade Manufacturing. “We know that our employees will be well taken care of, and that they will continue to carry on the rich traditions of the U.S. textile industry.”
The Rockingham plant would make the third Mount Vernon facility in North Carolina. The company has a chemical plant in Burlington and another facility in Gastonia, according to the corporate website. Mount Vernon also has two facilities in South Carolina, one in Georgia, one in Mississippi and the company is active in Latin America, the Caribbean and Asia.
“On behalf of the Richmond County Board of Commissioners, I’d like to welcome Mount Vernon Mills to Richmond County!” Jeff Smart, chairman of the Richmond County Board of Commissioners, said in a statement. “This is exciting news and the type of growth welcome to our community.”
According to a press release, the transaction — with undisclosed financial terms — is expected to close in February.