Joan completes sale of division
By Furniture Today Staff -- Furniture Today, October 7, 2001
Tyngsboro, Mass. — Joan Fabrics has completed the sale of its automotive fabric business to Collins & Aikman for $165 million in cash and stock.
The automotive division includes the operating assets of Western Avenue Dyers, Joan's affiliated yarn-dying business. Joan said it had automotive fabric revenues of $265 million last year, and earnings before interest, taxes, depreciation and amortization of $27 million.
"The completion of this sale will significantly improve the company's balance sheet and will allow it to focus its capital and human resources into its remaining markets," said Elkin McCallum, chairman of Joan Fabrics. "Our contract, home textiles and decorative fabric units will now be our sole focus as a company, and we intend, both through continued acquisitions and internal expansion, to maintain and grow our leadership position.
"Privately owned Joan sells its fabrics through a number of marketing companies, including Mastercraft, Doblin, Circa 1801, Main Street Textiles and Joan Fabrics. It also has several supply companies, including Eagle Mountain Finishing, Dutton Yarn, Lakewood Yarn, Norwood Yarn, Southwest Laminates and Ack-Ti.
As first reported in eDaily.
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