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.