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Beaulieu to sell rug division to Springs Inds.

By Lissa Wyman -- Furniture Today, February 10, 2002

Fort Mill, S.C. — Beaulieu Group has agreed to sell its rug division to textiles giant Springs Inds. for an undisclosed price.

Beaulieu, whose rug sales are estimated at slightly under $100 million annually, and Springs said they have signed a letter of intent, and expect to close the deal this month.

The purchase would include Beaulieu's manufacturing and related assets in Dalton, Ga., and Stratford, Ontario.

Beaulieu makes woven area and accent rugs and tufted bath rugs. In the past two years, the company has concentrated marketing efforts in the mass market and home center channels. Beaulieu formerly sold woven rugs aimed at furniture and specialty stores, including products made under the Raymond Waites and Waverly licenses.

"Adding Beaulieu rugs will enable Springs to expand into a new product line and fits our strategy of offering fashionable products for every room in the home," said Crandall Bowles, Springs chairman and chief executive officer. "We look forward to adding these products to our growing array of home fashions."

The purchase has received federal antitrust clearance in the United States and also is subject to antitrust approval in Canada.

Springs had sales of about $2.3 billion in 2000, the last full year it operated as a public company. It went private last September.

Springs purchased Regal Rugs, a vendor of decorative accent rugs, three years ago. The company also sells bath rugs that are coordinated with its bed and bath textiles. Its products include sheets, towels, comforters, window treatments and other coordinated home fashions.

Beaulieu is a privately owned company with total estimated 2001 sales under $3 billion. In addition to rugs, the company makes tufted broadloom carpeting and distributes other floor covering products.

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