Tietex International Sells Interior Division to Burlington Manufacturing
February 25, 2009
SPARTANBURG, South Carolina - Tiextex International, Ltd., (TINT) has confirmed the sale of its Tietex Interiors (TI) division to Burlington Manufacturing Services (BMS) in North Carolina, a transaction that is to be finalized in the coming week but has been in the works for months.
According to principals from both companies, the sale will serve the interests of both TINT and BMS and allow TINT to concentrate on the products and markets with the most potential for growth.
The agreement calls for the new entity to acquire the intellectual property of all current residential woven fabrics, certain woven contract patterns and the associated inventory of both market segments. The sale also includes the company's Williamsburg plant as well as loom and other equipment located in Matkins, North Carolina.
''Over the years, we came to know BMS as a valued as well as technically capable supplier to our company; so we had first-hand knowledge that these two businesses could be highly productive and successful together,'' said Reed Cunningham, TINT President and COO. ''They will have a unique capability to address the market's growing demand for small lots and prompt delivery.''
BMS offers processing capabilities such as winding, twisting, yarn package dyeing, warping, traditional slashing and slasher dyeing in its stand-alone manufacturing facility.
TI President Mike Durham said that the merger is a perfect blending of two strengths. ''Domestically we're able to bring together under one umbrella important vertical capabilities,'' said Durham. ''In these uncertain times, we know customers are looking for a partner to step up with products and programs that are reliable and verifiable.'' He also added that sales agents for TI will continue to represent and sell the full line of TINT residential pile products manufactured and marketed under the TINT Murena brand name.
This merger does not mean that TINT will be exiting the contract fabric market, in fact, it will continue to manufacture and market its proprietary micro-stitching technology aimed at the contract industry's panel and task seating product segments. TINT will also maintain its current woven wall covering business and the intellectual property related to that category as well as other select woven contract patterns.
According to principals from both companies, the sale will serve the interests of both TINT and BMS and allow TINT to concentrate on the products and markets with the most potential for growth.
The agreement calls for the new entity to acquire the intellectual property of all current residential woven fabrics, certain woven contract patterns and the associated inventory of both market segments. The sale also includes the company's Williamsburg plant as well as loom and other equipment located in Matkins, North Carolina.
''Over the years, we came to know BMS as a valued as well as technically capable supplier to our company; so we had first-hand knowledge that these two businesses could be highly productive and successful together,'' said Reed Cunningham, TINT President and COO. ''They will have a unique capability to address the market's growing demand for small lots and prompt delivery.''
BMS offers processing capabilities such as winding, twisting, yarn package dyeing, warping, traditional slashing and slasher dyeing in its stand-alone manufacturing facility.
TI President Mike Durham said that the merger is a perfect blending of two strengths. ''Domestically we're able to bring together under one umbrella important vertical capabilities,'' said Durham. ''In these uncertain times, we know customers are looking for a partner to step up with products and programs that are reliable and verifiable.'' He also added that sales agents for TI will continue to represent and sell the full line of TINT residential pile products manufactured and marketed under the TINT Murena brand name.
This merger does not mean that TINT will be exiting the contract fabric market, in fact, it will continue to manufacture and market its proprietary micro-stitching technology aimed at the contract industry's panel and task seating product segments. TINT will also maintain its current woven wall covering business and the intellectual property related to that category as well as other select woven contract patterns.
