Mannington to Enter Residential Carpet Biz w/ Acquisition of Phenix-Pharr
Salem, NJ, November 26, 2019-Mannington Mills has signed an agreement to acquire Phenix Flooring and Pharr Fibers and Yarns from Pharr USA.
This acquisition is Mannington’s first foray into the residential carpet business.
Says Mannington president and chief executive officer Russell Grizzle, “Residential carpet remains the largest category, and the time is right for Mannington to include it as part of our residential portfolio. We also look forward to providing high quality carpet yarn to customers worldwide. The synergies between Mannington and Pharr make this a logical move. Like Mannington, Phenix focuses on driving unique value to the customer, is a leader in style and design, offers world-class customer service, and is committed to domestic manufacturing. In addition, it is a family owned business and the corporate cultures are very similar.”
Pharr is an 80-year-old, family-owned business run by Bill Carstarphen, president and CEO and third generation of the family. The company started as a textile mill in McAdenville, North Carolina.
Phenix Flooring and Pharr Fibers & Yarns are headquartered in McAdenville with operations in Dalton, Georgia. The two divisions employ approximately 900 people.
The acquisition is expected to close in early 2020.
In addition, Pharr is selling its Pharr High Performance division, a yarn supplier for the protective apparel industry, to the Coats Group.
Coats, the world’s leading industrial thread company, is a publicly traded manufacturer with operations in 50 countries and a workforce of more than 18,000. The company was founded more than 250 years ago and has its headquarters in London.
The acquisitions will not affect Pharr’s two remaining divisions: 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.
For more background on Pharr's business, click here.