OTHER NEWS - March 30, 1993

Denim Maker to Join Forces With Mexican Firm: Cone Mills Corp., the world’s biggest producer of denim, said it is buying a 20% stake in a leading Mexican fabric maker and will establish a joint manufacturing venture in Mexico. The deal with Compania Industrial de Parras marked the latest large-scale entry by an American manufacturer into the Mexico economy. Under terms of the agreement, North Carolina-based Cone Mills said it plans to pay about $21 million for the 20% stake in the fabric maker. Another $20 million to $30 million will be invested for a 50% interest in a denim manufacturing plant, scheduled to open in Mexico in 1995.