Dan River nixes WesTek purchase

DANVILLE, Va. (June 23)—Dan River Inc. has terminated an agreement to purchase the assets of WesTek Inc. because some contingencies in the contract have not been met. The pact was canceled June 16, almost a month after Dan River announced it would buy the producer of industrial yarns and fabrics. Dan River, designer, manufacturer and marketer of home fashion and apparel fabric goods, was going to use the acquisition to double the business of its fledgling engineered products division. Dan River obtained the division, which produces industrial yarns and fabrics, when it purchased the Bibb Co. in 1998.