RIL to invest $215 mn in US polyester plant

The investment would also generate over 200 jobs at the plant in the next five years.     

Unifi Kinston LLC said in the filing it has entered into a Asset Purchase Agreement with Reliance Industries USA which provides for the sale of all remaining assets and structures, located at the Unifi Kinston's polyester manufacturing facility for $ 12.2 million.     

In a separate statement, North Carolina Governor Michael F Easley said that Reliance Industries USA would open its first North American manufacturing facility near Kinston.     

"The company will create 204 jobs during the next five years and invest $ 215 million in a plant to manufacture a resin used in the production of plastic containers and specialty polyester yarns," the statement added.     

From the sale proceeds, Unifi Kinston would pay $ 3.6 million to E.I. DuPont de Nemours as part of demolition and removal obligations created by the asset sale.     

US-listed Dupont had a manufacturing alliance with Unifi.     

Unifi Kinston expects to record a gain of about $ 6.9 million upon completion of the sale.