Milliken will Acquire Thomas Inds.
August 11, 2008,
With its late-July filing for Chapter 11 bankruptcy, carpet manufacturer Thomas Industries, based here, has also filed to be acquired by diversified textiles supplier Milliken & Co.
The bankruptcy court is expected to decide this motion in the coming six to eight weeks.
Russell Grizzle, president of Milliken Floor Covering, said the bankruptcy court has approved a working capital line of credit to allow Thomas to continue operating during the bankruptcy period.
"As a result, Thomas reports that it is currently paying suppliers and fulfilling current and new customer orders on a regular schedule in the ordinary course of business," he added.
Milliken said in a statement that it is pursuing the Thomas acquisition because it "sees strong synergies in a combination of the two companyies' products and capabilities."
Milliken intends to maintain Thomas' two plant locations here and operate them without interruption during integration of the firms.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily