Columbia Flooring to Buy West Virginia Based Manuf
Danville, VA, Jan. 29--Columbia Flooring today announced that it has reached an agreement with Gilbert, West Virginia-based International Industries Inc.to purchase full ownership interest in Appalachian Precision Hardwood Flooring and Appalachian Custom Dry Kilns, who together manufacture prefinished solid hardwood flooring in Holden, West Virginia.
The effective date of the agreement was December 31; the purchase price was not disclosed.
Columbia has partnered with International in operating the facilities since 1999. "Our four-year relationship with International has been very successful," Columbia President David Wootton said. "It was an important partnership in expediting our company's overall plan for growth, and the end result-outright Columbia ownership-is what both parties had ultimately hoped for."
International Industries President and CEO Gary White echoed Wootton's
comments concerning the deal.
"We are very proud of the role International has played in the success of the Appalachian Flooring companies," White said. "We recognize hardwood flooring is a cornerstone of Columbia's business, whereas lumber is one of ours. It is logical this change should take place now."
Wootton said the close partnership enabled a quick agreement and that
International will continue to supply green lumber to the Holden plant.
Columbia's buyout of International's interest in the Holden facilities gives Columbia 100-percent ownership of all four of its North American hardwood flooring plants and is the third acquisition the company has completed in the past 90 days. Other mills are located in Danville, Virginia; Melbourne, Arkansas; and Ellijay, Georgia.
A wholly owned subsidiary of Columbia Forest Products, Columbia Flooring is a leading manufacturer and marketer of hardwood and laminate flooring. For more information on Columbia Flooring products and warranties call 1-800-654-8796 or visit www.columbiaflooring.com.
