Universal Fiber to Expand

Bristol, VA, December 13, 2005--Virginia Governor Mark R. Warner announced that Universal Fiber Systems, a leading producer of fibers and yarns for carpet, upholstery, automotive, industrial and other textile applications, will invest $8 million to expand its Prisma Fibers facility in Washington County. The project will create 82 new jobs and save 12 current jobs, according to the Business Journal of Tri-Cities Tennessee/Virginia. “Universal Fiber Systems has found great success in Washington County, with innovative products and a growing demand from its customers,” Warner said. “This project will improve the efficiency of Universal’s current facility, bring additional diversity to the customer base, provide flexibility for further growth, and most importantly bring 82 new jobs to Washington County and Virginia.” Founded in 1969, Universal Fiber Systems is a producer of solution-dyed fibers for the flooring, transportation, industrial fiber and textile industries. The company was the first to introduce solution-dyed nylon to the world. “Prisma Fibers is a cornerstone operation within Universal Fiber Systems. Universal’s Board is pleased that the state and the county are co-investing in the growth prospects of Prisma,” said R. Marcus Ammen, CFO of Universal Fiber Systems. The Virginia Economic Development Partnership worked with Washington County and Virginia’s aCorridor to secure the project for Virginia. Governor Warner approved a $200,000 grant from the Governor’s Opportunity Fund to assist Washington County with the project. The Virginia Tobacco Indemnification and Community Revitalization Commission approved $200,000 in Tobacco Region Opportunity Funds for the project. The Virginia Department of Business Assistance will provide training assistance through its Workforce Services Jobs Investment Program. The company is eligible to receive benefits from the Virginia Department of Housing and Community Development because it is expanding in an enterprise zone.