Interface Inc. (NASDAQ: IFSIA) has closed on its $70 million deal to sell its fabrics division to an affiliate of private investment firm, Sun Capital Partners.
The Atlanta-based floorcoverings and fabrics company said the division, InterfaceFABRIC, makes interior fabrics and upholstery products sold under the Guilford of Maine, Chatham and Terratex brands. It also makes specialized automotive textiles.
“This transaction will provide InterfaceFABRIC with the operating and financial resources to execute on its existing strategic plan to penetrate new market segments, make capital investments such as the recently announced acquisition of jacquard looms from Richloom Fabrics in Lancaster, S.C., and continue on our path of offering environmentally-sustainable fabrics,” said Chris Richard, president and CEO of InterfaceFABRIC.
InterfaceFABRIC is based in Grand Rapids, Mich., and it has facilities in Grand Rapids; Elkin, N.C.; Guilford, Maine; Lancaster, S.C.; and Ningbo, China. It generated $161.2 million in revenue and had an operating loss of $27.3 million in 2006.
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