Richloom Selling Berkshire Weaving
Cinde Ingram -- Casual Living, July 9, 2007
Richloom Fabrics Group has entered into a definitive agreement to sell its Berkshire Weaving assets to Interface Fabrics, of Grand Rapids, Mich.
Interface will operate the 42 air-jet looms in its existing location in Lancaster, S.C. while Richloom retains ownership of the plant. The new capacity will increase Interface Fabrics' scale alongside its weaving operations in Guilford, Me. and Elkin, N.C., and will enable to expansion into other market segments beyond its core customers in the office furniture market.
Chris Richard, Interface Fabrics president, said, "This investment reflects our commitment to retaining our leadership position in providing environmentally sustainable fabrics" and improving service and delivery.
Jim Richman, president and ceo of Richloom, said, "We are extremely proud to announce the sale of our Berkshire Weaving assets. We were able to divest these assets while retaining intact both the labor force and equipment in a manner that allows the Lancaster operation to continue producing quality domestic fabrics."
He added that the Richloom Shanghai Trading Co., which is the cornerstone of the company's expanding global organization, is expected to double in size in the next three years.
Interface Fabrics was just acquired from Interface, Inc. by an affiliate of private investment firm Sun Capital Partners.