Pharr Closes On Sale Of Two Business Units To Mannington Mills

MCADENVILLE, N.C. — February 03, 2020 — 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, N.J., 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, N.C., 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 Co., 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 CEO. “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.”

Posted February 3, 2020<

Source: Pharr