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JPS Textile To Sell Home Furnishings Business

JPS Textile Group Inc., Greenville, S.C., announced the execution of an asset purchase agreement by JPS Converter and Industrial Corp., its wholly owned subsidiary, to sell its home furnishings business to privately owned Belding Hausman Inc., Emporia, Va.According to JPS, the purchase price is $11.4 million in cash payable at closing, subject to adjustment for certain working capital items.Included in the sale is JPSs Boger City plant in Lincolnton, N.C. All plant employees are expected to become employees of Belding Hausman, and there should be no effect on the manufacturing operations.

February 1999