Pharr, a diversified provider of differentiated textile products and assorted real estate businesses, today closed the sale of Pharr High Performance to Coats Group plc (Coats) under an agreement announced in November 2019.
Last week, Pharr announced completion of the sale of its Pharr Fibers & Yarns and Phenix Flooring business units to Mannington Mills of Salem, N.J., which was also announced last November.
Coats is the world’s leading industrial thread company with operations in 50 countries. With the addition of Pharr High Performance, the company will have six North Carolina manufacturing sites located in McAdenville, Kings Mountain, Marion and Hendersonville along with a corporate office in Charlotte. The company currently employs more than 18,000 and will retain Pharr’s workforce.
“We are very pleased to have reached this juncture with Coats as a partner,” said Bill Carstarphen, Pharr president and CEO. “Coats is a respected industry leader and we know the High Performance business will flourish as a part of its global operation.”
Pharr, founded in 1939, is a closely held, privately-owned company based in McAdenville. With the completion of these two transactions, Pharr will be comprised of two companies: Belmont Land & Investment Company, developer of residential and commercial real estate and hotels, and Strand Hospitality Services, which manages a portfolio of hotel properties throughout the Southeast. Pharr intends to seek investment opportunities in other businesses in the future.
“We look forward to growing our remaining businesses, maintaining a strong presence in Gaston County and continuing to invest in our community,” Carstarphen said.
Source: Textile World
Mellowdrama has launched its latest ready-to-wear collection, ‘AlterEgo,’ using repurposed fabric waste focusing on themes of individuality and self-expression.
DRDO, Indian Institute of Technology Delhi, and 10 companies have signed agreements to develop and produce advanced textile-based products for…
Milliken & Company has announced that it is the first textile manufacturer to provide non-PFAS materials for all three layers…
Evaya Organics proudly introduces a line of sleep products designed to promote better sleep while prioritizing health and environmental sustainability.
An initiative in Benin is helping small-scale farmers transition to organic cotton farming under the Cotton made in Africa Organic…
Lenzing has joined forces with CPL Prodotti Chimici and Oniverse to introduce biobased acetic acid as a sustainable alternative for…