West Bridgewater, MA based Shawmut LLC has announced the acquisition of long-time warp-knitting supplier, Fairystone Fabrics, by newly formed affiliate, Shawmut Infinite.

Shawmut Infinite will operate in Burlington, NC, as a stand-alone supplier of contract knitting and warping services to the industry. It will retain Fairytstone's management team and 100% of its skilled work force and continue to serve a wide range of customers. Shawmut Infinite will provide Shawmut LLC with increased control and cost efficiencies for this essential step in its supply chain.

The transaction, which was structured as a purchase of assets, provides one of the region's leading knitters with the engineering expertise and investment capital it needs to take its operations to an unprecedented new level of performance. Over the next 24 months, Shawmut Infinite will invest $8 million to retrofit the facility with an arsenal of the world's most advanced digitally controlled knitting, warping, and fabric prototyping systems. When the upgrade is complete, Shawmut Infinite will be unrivalled for rapid iteration, development, and mass production of automotive interior and industrial warp knits.

"The Fairystone acquisition is one more way Shawmut is enhancing its position as a preferred global partner to automotive and industrial OEMs," said James Wyner, Shamut CEO.

"The Fairystone acquisition marks the realization of Shawmut's long-standing vision for operating a fully integrated textile and textile composite supply chain in North America, and for deploying new digital tools that enable big leaps forward in productivity and innovation." said James Wyner, Shawmut CEO. "It's just one more way in which Shawmut is enhancing its position as a preferred global partner to automotive and industrial OEMs."

Privately-owned, Fairystone Fabrics began operations in 1968. Over its 56-year history, Fairystone has earned a reputation for technical knitting expertise. The company supplies quality technical fabrics for automotive, filtration and other industrial applications to customers across the world.

www.shawmutinfinite.com

www.shawmutcorp.com