Business: THE TEXTILE INDUSTRY

Caught Between Stagnation & Progress

The textile industry, one of the oldest in the U.S., is also one of the sickest. For many a company the depression started three years ago—and it has got steadily worse. As a result, a great wave of mergers is sweeping through the industry, bringing a realignment of some of the oldest textile mills. Burlington Mills spent $33 million to buy Pacific Mills and Goodall-Sanford (TIME, July 26). M. Lowenstein & Sons bought control of famed old Wamsutta Mills. Mergers are now pending between Botany Mills and Daroff & Sons, and between Textron Inc., American Woolen and...

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