Gujarat buys Dan River, will move it to India
By Furniture Today Staff -- Furniture Today, January 15, 2006
Danville, Va. — Gujarat Heavy Chemicals Ltd., an Indian producer of chemicals and textiles, has acquired Dan River Inc., a Danville-based producer of home textiles products, primarily top-of-the-bed and window coverings.
Dan River's production, currently in the southeastern United States, will be moved to India.
According to reports, GHCL paid about $17.5 million for 90% of the outstanding stock of Dan River, which emerged from Chapter 11 bankruptcy protection in February 2005 and became a privately held company. GHCL took over debt worth $36 million and loaned the acquired company $40 million in capital.
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