Crandall Close Bowles, co-chairman and co-CEO of Brazil-based home textiles manufacturer Springs Global Participações S.A., has announced she will retire following the company's initial public offering (IPO) of stock on the Brazilian stock exchange, which is expected to raise approximately $300 million.

As part of the IPO, the Close family will sell "a significant portion" of its 19.6-percent stake in the company. Bowles will continue to serve on Springs Global's Board of Directors, while Springs Global Co-chairman and Co-CEO Josué Gomes da Silva will assume sole responsibility in those positions.

Springs Global was formed in 2006 by the merger of Fort Mill, S.C.-based Springs Industries Inc. and its Brazil-based supplier Coteminas S.A. with the aim of leveraging Coteminas' low-cost manufacturing platform in Latin America with Springs' distribution channels, brands and customers, among other goals. Going forward, the company plans to form strategic alliances or acquire operations in Europe and Asia, including manufacturing facilities in Asia, according to the prospectus released in connection with the stock offering.

"This is the right time for me to retire," Bowles said. "We are beginning a new phase of our history as a global company. My goal for the past three years has been to stabilize the company amid a difficult industry environment and position it for profitable future growth. With the Coteminas merger, that goal has largely been achieved."

According to Bowles, Springs Global's transfer of US bedding and towel manufacturing capacity to Brazil is almost complete, and the company is "well positioned to source and produce product in China and Mexico." It will shut down the last of its South Carolina bedding manufacturing operations at the end of August, although it will continue to operate seven bedding, towel and bath rug manufacturing facilities in the United States, and it will keep its US headquarters in Fort Mill.

"Certainly, I have had mixed feelings as we have made this transition, as my family has been committed to this company, its employees and the communities in which we've operated for 120 years," Bowles said. "However, as it became increasingly difficult to manufacture competitively in the US, the decision to close plants and eliminate jobs, though painful, was inevitable. The company's history, culture and the commitment of our employees have been major motivation to me as a CEO during this period. I am proud that we maintained good jobs with competitive benefits for this area for as long as possible, and I am grateful to all our current and former employees for their commitment and positive attitudes."