Victor buys Craftex fabric brand
Staff -- Furniture Today, March 30, 2009
Saint-Georges, Quebec — Textile source Victor said last week it has acquired the Craftex brand, a producer of midpriced to high-end jacquards, from the secured creditor of Pennsylvania-based Craftex Mills.
Victor said it now owns the Craftex name and the company's catalog, featuring an extensive collection of unique designs and innovative patterns. It will offer the brand as Craftex by Victor, with products to be made in Victor's Fall River, Mass., facilities.
"This acquisition creates a more diverse product offering for Victor and offers stability for the customers of the Craftex brand during a challenging economic time for the entire textile industry," said Paul Bennotti, director of marketing for Victor. "The Craftex brand is going to give Victor broader exposure in both the contract and residential markets and deepens our product offerings."
He said the acquisition included only intellectual property, not facilities or equipment. Terms of the deal were not disclosed.
Craftex executive Jack Eger will join Victor as vice president of sales for the Craftex division. Bennotti said other Craftex staff members may join Victor as well.
Victor said it intends to maintain the Craftex brand reputation for quality while continuing to add value through the introduction of new products and designs. Craftex products will be shown in the Victor showroom at the next Showtime fabric show in High Point, which opens June 7.
UPDATE: Victor acquires Craftex fabric brand
03/24/2009Victor acquires Craftex fabric brand
03/23/2009Showtime vendors play it safe
06/07/2008
