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CTC President Reviews 2021 Business Performance and Outlook for 2022

According to company President Matt Poovey, as the sewn products industries continue to
recover from the pandemic, Gastonia, NC-based Champion Thread Co. (CTC) has experienced
strong demand over the past 18 months.

“Our double-digit growth in 2021 has outpaced even the record growth we saw in the second
half of 2020,” he said. “In addition to a recovering market, we attribute a significant portion of
our growth to our ability to gain market share from competitors. Over the past several years,
our efforts to build a lean, flexible manufacturing operation have established us as the go-to,
on-time supplier of industrial thread and engineered yarns. These technology and human
resources investments have paid off in the current recovery. When supply chains around the
globe are mired in delays, CTC has positioned itself as the reliable and sustainable partner to
our diverse customer base.”

For many of these reasons, he added that the company expects its growth rate to continue well
into 2022.

“We see the first half of the coming year continuing strong,” Poovey said. “That said, significant
headwinds such as supply chain shortages and delays, inflation, fiscal policies and other
primarily external challenges exist that make it difficult to forecast beyond mid-2022.
Regardless, we remain confident of our ability to meet our customers’ needs and our industry’s
resourcefulness to work through the challenges.”

He added that in addition to a continuing recovery, the company expects pandemic-driven
increases in nearshoring of sewn products manufacturing back to the Americas will continue to
drive increased demand for CTC’s products in the Western Hemisphere.

Poovey noted that his most significant concerns related to 2022 are the rate of inflation and the
lack of available labor to meet the growing manufacturing demand.

“At CTC, we have worked hard to retain our core group of managers and associates who have
carried us through the pandemic and into the recovery,” he said. “With such rapid growth, we
also know that we will need to continue to innovate to develop the additional workforce
required in 2022 and beyond. We will also continue to invest in new technologies and
infrastructure to ensure our ability to deliver the solutions our clients need to succeed. We will
be announcing details of some strategic initiatives early in the new year.”

This content is based on an interview conducted with the SEAMS Association in December 2021

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