Springs Global spins off fabrics unit
March 6, 2007-- Home Textiles Today,
Fort Mill,S.C.– Springs Global US has sold its Springs Creative Products Group business to Derick Close, who has managed the fabric and specialty products business since 2000 as its president.
The Close family, once majority shareholders in Springs Industries, own a stake in Springs Global, which absorbed most of Springs’ Industries assets in its merger with Brazilian textiles powerhouse Coteminas last year.
The fabrics business, which employs about 160 people, will continue to operate a distribution center in the textiles corridor of downtown Rock Hill and maintain its design, marketing and sales offices at the Business Technology Center building here.
“Creative Products is a niche business that has operated somewhat independently of our main home textiles business,” said Crandall Bowles, co-chairman and co-ceo, Springs Global, and a member of the Close family. “We believe this sale will allow Creative Products to better control its destiny.”
The new company, which will operate as Springs Creative Products Group, LLC, sells sewing and craft fabrics, plus specialty and licensed products to national and regional customers. It will use the trade name Springs Creative in the marketplace.
“I am excited about this opportunity to control and grow this business,” said Close. “Our products and customer base are unique and our success is based on continually innovating and developing new products for customers and consumers.”
Close will continue to serve as a director at Springs Global.