Glenoit pulls rug from under Saydah
August 20, 2004,
NEW YORK — Adding to a steadily growing product portfolio, Glenoit, LLC, has acquired the Design Network rug division of Cecil Saydah International for an undisclosed sum.
As part of the deal, intellectual property rights, including the Design Network brand, and existing inventory, have been sold to Glenoit. Additionally, Debbie Powell will remain with the company in a product development and merchandising role, and will report to Mark Shakley, president of the Consumer Products Division of Glenoit. Bruce Bachelor will continue as national sales manager, reporting to Mike McCullough, executive vice president of the Consumer Products Division.
Barry Leonard, president and CEO of Glenoit Universal, said, "Our acquisition of the Design Network Rug division was part of a strategic initiative to integrate an import rug business with our existing domestic manufacturing. This gives us a better balance between domestic manufacturing and international sourcing, and increases our ability to develop new products quickly and ship within the standard requirements of our key customers."
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