McAdenville, NC, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Pharr, a diversified provider of differentiated textile products and assorted real estate businesses, today closed the sale of Pharr High Performance to Coats Group plc (Coats) under an agreement announced in November 2019.
Last week, Pharr announced completion of the sale of its Pharr Fibers & Yarns and Phenix Flooring business units to Mannington Mills of Salem, NJ, which was also announced last November.
Coats is the world’s leading industrial thread company with operations in 50 countries. With the addition of Pharr High Performance, the company will have six North Carolina manufacturing sites located in McAdenville, Kings Mountain, Marion and Hendersonville along with a corporate office in Charlotte. The company currently employs more than 18,000 and will retain Pharr’s workforce.
“We are very pleased to have reached this juncture with Coats as a partner,” said Bill Carstarphen, Pharr president and chief executive officer. “Coats is a respected industry leader and we know the High Performance business will flourish as a part of its global operation.”
Pharr, founded in 1939, is a closely held, privately-owned company based in McAdenville. With the completion of these two transactions, Pharr will be comprised of two companies: Belmont Land & Investment Company, developer of residential and commercial real estate and hotels, and Strand Hospitality Services, which manages a portfolio of hotel properties throughout the Southeast. Pharr intends to seek investment opportunities in other businesses in the future.
“We look forward to growing our remaining businesses, maintaining a strong presence in Gaston County and continuing to invest in our community,” Carstarphen said.