Springs Sells Rug Business
By Staff -- Home Textiles Today, 11/13/2006
Fort Mill, S.C. — Springs Industries has signed an agreement to sell its area and accent rug business — Springs Decorative Floor Inc. — to C.S. Brooks World Carpets. As part of the transaction, CSB World receives a license to use the Springmaid, Wamsutta and Regal brand names for marketing purposes.
The purchase includes manufacturing and related assets in Dalton, Ga., and Stratford, Ontario, Canada. Terms of the agreement were not disclosed.
The most recent HTT research pegged the business at $85 million in 2005 sales, a drop of 17%.
Springs entered the rug business in 2000 with the acquisition of Regal, followed later by the acquisition of Beaulieu of America's rug division. Springs Industries — the parent company of Springs Decorative Floor and Springs Window Fashions — represents businesses not included the Springs merger with Coteminas.
Tina Gunter, newly named president of CSB World, will continue her current responsibilities for design, sales and marketing. David Wingate, newly named executive vp of CSB World, will be responsible for operational and financial matters.
