Richloom Fabrics adds consumer upholstery biz
Staff -- Home Textiles Today, 4/15/2002 12:00:00 AM
AT THE NEW YORK MARKET —
Richloom Fabrics Group has signed a definitive agreement to acquire the Burlington House residential upholstery business from Burlington Industries.
The purchase would include certain inventories and intellectual properties.
"We are very excited about this acquisition, and it is our intention to operate it as a separate business entity with its own separate design staff and separate sales force, operating out of the South," said Jim Richman, president. "We intend to continue excellent service to our customers and build a bigger residential upholstery business," Richman added. The projected closing date is July 2002.
The sale of the residential upholstery business, said George W. Henderson III, chairman and ceo of Burlington Industries, supports the strategy to provide Burlington House with "a more effective and sustainable manufacturing base." Going forward, Henderson said the division will focus its "strong jacquard and decorative weaving capabilities on innovative products where we have a leadership position and bring distinction and value to the market."
The division will continue to supply fabrics for mattress coverings, bedding and window products and commercial fabrics for hospitality and corporate customers.
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