Richloom selling Berkshire Weaving
Tracy Bulla -- Home Accents Today, July 5, 2007
New York -- 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 their existing location in Lancaster, S.C. while Richloom retains ownership of the plant. The new capacity will substantially increase Interface Fabrics’ scale alongside its other weaving operations in Guilford, Maine and Elkin, N.C., and will enable to company to expand into other market segments beyond its core customers in the office furniture market. Interface Fabrics president Chris Richard said, “This investment reflects our commitment to retaining our leadership position in providing environmentally sustainable fabrics” as well as improving service and delivery. Jim Richman, president and ceo of Richloom, said, “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 vastly expanding global organization, is expected to double in size in the next three years. Last month Interface Fabrics was acquired by an affiliate of Sun Capital Partners, a leading private investment firm, from Interface, Inc.