president and COO, Covington Industries Inc., New York City, has reached an agreement with the
Gilmore family for the acquisition of the assets of Covington under a letter of intent executed on
October 18. Abby Gilmore, chairman and CEO, Covington Industries, announced the transaction as the
culmination of the Gilmore family’s expectation when Gilmartin joined Covington in 1996 that he
would serve as president of the company in the transition from the Gilmore family ownership. The
Gilmore family will continue to have an interest in Covington and Abby Gilmore will continue to
serve the company in an advisory capacity. Covington is scheduled to move to new office space in
the Midtown South area by year-end and it is expected that the transaction will close prior to the
move.
Abby Gilmore offered her congratulations to Gilmartin, adding: “It is bittersweet for the
Gilmore family to begin our exit from the company that our father, Benjamin Gilmore, founded 65
years ago, but we are thrilled that Roger will be leading the Covington team in the future. We are
confident that under Roger’s leadership, and with our management team and our excellent and
dedicated staff, the company will continue to serve its customers as a leader in the industry.”
Roger Gilmartin stated that “We are thrilled with the new prospects that further investment
will bring to the business. The management team is set to hit the ground running as we move to new
office space and begin a new era for Covington. We want to thank the Gilmore family for the
confidence they have shown in us and for their vision for Covington’s future in the home textiles
industry.”
Press Release Courtesy of Covington
Industries
November 2005
