Nano-Tex expected to stay with Burlington

Feb. 13, 2003 — Burlington Industries Inc. expects to retain a majority interest in a nanotechnology startup it helped develop if the bankrupt company is purchased by Warren Buffett or any other entity, according to Burlington spokeswoman Delores Sides.

On Tuesday, tycoon Buffett offered Burlington $579 million in cash to acquire its textile business. Burlington would become a subsidiary of Berkshire Hathaway if the deal is finalized.

Nano-Tex LLC produces nanoscale attachments that are integrated with fibers to enhance fabrics and other textiles. Burlington, which assumed a 50.1 percent interest in Nano-Tex in 1999, launched product lines that make fabrics wrinkle-free, stain-resistant and water-repellent.

Burlington filed for bankruptcy protection in 2001. Early this year Burlington Chief Executive George Henderson III was replaced by apparel veteran Donn Tice as Nano-Tex’s top executive with the mandate to grow the company and strengthen its brand among industrial customers and consumers.

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