McAdenville, NC, Feb. 03, 2020 (GLOBE NEWSWIRE) -- Pharr, a diversified provider of differentiated textile products and assorted real estate businesses, announced today the sale of its Pharr Fibers & Yarns and Phenix Flooring divisions to Mannington Mills (Mannington) under an agreement previously announced in November 2019.
Based in Salem, NJ, Mannington manufactures residential and commercial sheet vinyl, luxury vinyl, laminate, resilient and hardwood floors; as well as commercial carpet and rubber.
The acquisitions are expected to help establish Mannington as one of the largest suppliers in the floor covering industry, participating in both residential and commercial hard and soft surface categories. The company plans to continue current operations at Pharr’s manufacturing facilities in McAdenville, NC and Dalton, Ga.
In November, Pharr also announced the signing of its agreement to sell its Pharr High Performance business, a yarn supplier for the protective apparel industry, to Coats Group plc. That sale is expected to close early this year.
Pharr will maintain its two other 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.
“We built great businesses in Pharr Fibers & Yarns and Phenix that will continue to thrive as part of Mannington and contribute to its ongoing success,” said Bill Carstarphen, Pharr president and chief executive officer. “We are very excited to bring this first transaction to a close and we look forward to closing the sale of our High Performance business as well. We believe that our customers, associates and communities will greatly benefit as a result.”
About Pharr
Pharr, A Family of Companies began innovating in 1939 as a yarn manufacturer that serviced textile mills around the world and has continued to serve as a leader across multiple services and industries, providing our partners, vendors and customers with quality service and innovative thinking. The family of companies has grown to include Pharr Fibers & Yarns, Pharr High Performance, Phenix Flooring, Strand Hospitality Services and Belmont Land & Development. Pharr is headquartered in McAdenville, NC.
About Mannington
One of the world's leading manufacturers of fine flooring, Mannington Mills, Inc., is based in Salem, New Jersey (USA). The company manufactures residential and commercial sheet vinyl, luxury vinyl, laminate, resilient and hardwood floors; as well as commercial carpet and rubber under the Mannington Residential, Mannington Commercial, Amtico and Burke brands. Founded in 1915 by John Boston Campbell, the company is still privately held and owned by the Campbell family. Now in its second century of doing business in the USA, Mannington Mills remains committed to quality, customer satisfaction and innovative manufacturing with award- winning product design, state-of-the-art processes and industry-leading programs.