One company known for its manufacturing of recycled fiber decided to divest its interest in a different kind of renewable product.
Unifi Inc., maker of the Repreve-brand recycled polyester and nylon yarns, said it has divested the company's 60-percent interest in Repreve Renewables LLC., a biomass crop company. The move resulted in a $1.7 million loss and a debt reduction of $4 million.
Repreve Renewables is working to develop markets for a perennial grass called giant miscanthus. The crop can be used for poultry bedding and bioenergy, for example.
Unifi, based in Greensboro, N.C., revealed the decision when announcing second quarter fiscal year 2017 results.
The company had a profit of $4.59 million, or 25 cents per diluted share, on sales of $155.2 million for the second quarter ended Dec. 25. That compares with a profit of $6.46 million or 36 cents per diluted share, on sales of $156.3 million for the previous second quarter. The most recent quarter's results includes the loss incurred due to the divestiture.