Milliken to acquire Thomas Inds.
August 6, 2008,
Dalton, Ga. – 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 company’s products and capabilities.”
Milliken intends to maintain Thomas’ two plant locations here and operate them without interruption during integration of the companies.
Related Content By Author
The Countdown to the ICON Honors Continues featuring Christophe Pourny