WEST WARWICK, R.I. (AP) — The new owners of a West Warwick textile company say they will keep the business running, saving about 50 jobs.
The former owners of Riverpoint Lace Works in the century-old Lippitt Mill filed for receivership in November and the company was put up for auction. An investment group that bought the company for $300,000 says the plant will keep dyeing and finishing fabrics.
One of the new owners, Peter Palmisciano says he will sink about another $300,000 into the company right away to repair the boiler and upgrade machinery.
Palmisciano and his group own other manufacturing operations in Rhode Island.
He says to win new clients, the company will add new product lines and concentrate on a service that China-based manufacturers cannot provide — speed.