Springs Global Makes It Official
By Staff -- Home Textiles Today, 1/30/2006
Fort Mill, S.C. — Springs and Coteminas completed their merger late last week creating Springs Global, a $2.4 billion company that stands as the world's largest manufacturer and supplier of home furnishings.
The North American home textiles operations of Springs Industries have been renamed Springs Global US, Inc. and operates from Fort Mill, S.C., where Springs was founded in 1887.
Springs Global US and Coteminas S.A. have become operating companies of Springs Global Participacões S.A., which is the combined global enterprise based in based in Montes Claros, Minas Gerais, Brazil, where Coteminas has been based since its founding in 1967.
Coteminas holds a 50% stake in Springs Global. The Close family, which has controlled Springs' interests throughout its history, owns approximately 26%. Heartland Industries Partners, which bought into Springs when it went private in 1002, owns about 24 percent.
Springs Global will be jointly led by Crandall Bowles and Josué Gomes da Silva. She was chairman of Springs Industries and the president of Coteminas.
Springs Global's product assortment will include sheets, towels, comforters, blankets, bed pillows, bath rugs, window treatments and other coordinated home furnishings, home sewing fabrics and baby products. Key markets are North America, South America and Europe, although the company — like Coteminas —will sell to other world markets.
The new company logo combines the Springs name with the Coteminas symbol.
