American Silk Mills Purchased by Sutlej Textiles and Industries Ltd.

HIGH POINT, NC, October 18, 2017 — American Silk Mills announced today at High Point Market, that its design, sales and distribution business is being purchased by Sutlej Textiles and Industries Ltd (STIL) of Mumbai, India, thus adding this leading boutique designer and distributor of residential and contract textiles to Sutlej’s brand portfolio. Following the transaction, American Silk Mills will continue in all of its current business lines but will have now expanded operating and financial resources thus continuing its legacy as a domestic textile leader for over 120 years.

Founded in 1896, American Silk Mills remains among the oldest and most established American textile brands by designing, weaving and distributing innovative textiles for the residential, contract, transportation, and specialty markets. These products include innovative indoor/outdoor performance fabrics, fine jacquard textiles, the finest decorative silks, and luxurious velvets. American Silk Mills also has exclusive US distribution for Sensuede, a luxury brand of synthetic suedes.

Sutlej Textiles and Industries Ltd (STIL) is one of the largest integrated textile manufacturing companies in the world. This acquisition will accelerate the textile giant’s entrée into the American market. “Sutlej recognized American Silk’s outstanding industry reputation, the quality of our brand and our market presence. This transaction will allow American Silk to grow and modernize while maintaining its stature as a heritage brand and industry leader,” noted Chuck Cox, Chief Executive Officer of American Silk Mills.

“We are excited to partner with Sutlej Textiles.” said Cynthia Douthit, President of American Silk. “Increased investments in our infrastructure, inventory positions, technology and creative capital will position us to continue as a design leader, allow us to service our customers more efficiently and create and source enduringly beautiful textiles.”

ChinaPlus Capital Ltd., acted as investment bankers to American Silk and in concert with executive management negotiated the terms of the acquisition. The Waxman Law Firm of New York City served as counsel to the Company, and Fredrikson and Bryan of Minneapolis served as counsel to Sutlej.