Joan Completes Sale of Automotive Assets
October 4, 2001
Tyngsboro, Mass. (USA) - Joan Fabrics Corporation has completed the sale of its automotive business to Collins and Aikman, according to Joan chairman Elkin McCallum. The deal was reportedly worth $165 million in cash and stock options.
''The completion of this sale will significantly improve the company's balance sheet and will allow it to focus its capital and human resources into its remaining markets,'' said McCallum. ''Our contract, home textiles and decorative fabrics units will now be our sole focus as a company.''
McCallum said that the privately owned company will continue to grow and maintain its leadership position in the industry through acquisitions and internal expansion.
Joan Fabrics Corporation sells its fabrics through a number of marketing companies including Mastercraft, Home Fabrics, Doblin, Circa 1801, Mastercraft Contract, Mastercraft International, Main Street Textiles.F&FI
''The completion of this sale will significantly improve the company's balance sheet and will allow it to focus its capital and human resources into its remaining markets,'' said McCallum. ''Our contract, home textiles and decorative fabrics units will now be our sole focus as a company.''
McCallum said that the privately owned company will continue to grow and maintain its leadership position in the industry through acquisitions and internal expansion.
Joan Fabrics Corporation sells its fabrics through a number of marketing companies including Mastercraft, Home Fabrics, Doblin, Circa 1801, Mastercraft Contract, Mastercraft International, Main Street Textiles.F&FI
