Growth at Valdese Mandates Personnel Restructuring

November 30, -0001

VALDESE, North Carolina – With the acquisitions of CIRCA1801, Home Fabrics and Guild 360 Contract, as well as the folding of two large competitors, Valdese Weavers has undergone several progressive changes in the last year, including the promotion of several executives. These acquisitions, resulting in overall growth at Valdese, have secured the company the top spot on F&FI's list of the world's 50 leading upholstery manufacturing mills; the list to be released in full in the upcoming spring issue.

"We are just now announcing some structural changes to our executive organizations that were dictated by the fact that our company is now much larger and diverse than it was a year ago," said Shelton. "Snyder Garrison has been named chief financial officer and chief administrative officer, and Carson Copeland has been named chief operating officer and they both will be responsible for activities of the entire company, encompassing all brands. Blake Millinor has been named president of the Valdese Weavers Contract division of Valdese Weavers. Zach Taylor has been named senior vice president for sales and marketing of Valdese Weavers. He will be primarily responsible for residential brands of the company. Anita Huffman has been named vice president/controller for Valdese Weavers. These are all promotions that have been dictated by the breadth of the company through acquisition." Valdese has also expanded on its associates staff to 907 individuals from the previous 670. Not all of these associates came with the merges, Shelton noted.

"Each of the companies we've acquired fit perfectly within our core competence," said Michael Shelton, president and CEO of Valdese. "They're very similar companies who participate in the same markets as Valdese's markets with similar products and techniques."

"As of now, we will be marketing our products under five distinct brand names: Valdese Weavers, Valdese Weavers Contract, Circa1801, Home Fabrics by Wesley Mancini, and Valdese International Products (VIP)," said Shelton.

Along with the company, Valdese acquired the CIRCA1801 manufacturing facility and offices. The company also purchased a facility in 2007 to consolidate all of its finishing. Just recently, it successfully put the facility into operation.

"Our core Valdese weavers business grew almost 20 percent last year on its own, primarily because of the momentum we've had in the marketplace," said Shelton. "That growth mirrored the growth we had in 2006, and was accelerated by the fact that two of the major competitors failed in 2007 and their customers came to us seeking our ability to help them. This also accelerated our growth."

Valdese is one of the few remaining upholstery manufacturers that has yet to produce a line of ready-mades, finished bedding, drapery and furnishing kits. "Our competitive advantage is in our style and fashion that we offer, which we customize for many of our customers and the service and quality that reputation that we've gained over many, many years," said Shelton.

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