Article Number : 4082 |
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| Date | 1/26/2009 9:24:56 AM |
| Written By | LGM & Associates Technical Flooring Services |
| View this article at: | //floorbiz.com/BizResources/NPViewArticle.asp?ArticleID=4082 |
| Abstract | DALTON—Monticello International has acquired some of the assets of carpet maker Thomas Industries, which had filed for Chapter 11 bankruptcy protection last year... |
| Article | DALTON—Monticello International has acquired some of the assets of carpet maker Thomas Industries, which had filed for Chapter 11 bankruptcy protection last year. Al Penny, owner and CEO of Monticello, said the acquisition “completes the range of floor covering products” for his company, which consists of manufacturing and distributing hardwood and laminate flooring in the U.S. and Mexico. His companies currently operate 15 distribution warehouses in the two countries. In the future, he noted, all products— hardwood, laminate and carpet—will be marketed under the Monticello Floors name together with its Templeton Hospitality and Echo Carpets brands. Thomas also conducted business under the Mattel Carpet & Rug and Superior Yarn monikers. Jerry Thomas, one of the founders of Thomas Industries, stated, “While the sale of this business that I have devoted so much of my life to is an emotional experience, I am happy that Monticello plans to commence its carpet operations here in Dalton and continue to build upon the strong brand identity, quality and service we have worked so hard to establish.” There had been speculation Milliken & Co. would be the company acquiring Thomas as the latter not only sought bankruptcy protection from creditors—it listed debt of $55.7 million and assets of $42.3 million—when on July 28 it filed a “motion for authority to sell assets…” with the U.S. Bankruptcy Court Northern District of Georgia, Rome Division. In this motion, it stated, on Nov. 29, 2007, a letter of intent with Milliken was signed “for the purchase by Milliken of substantially all of Debtor’s assets.” It further states that updated letters of intent with Milliken were signed on April 18 and June 25. Between July 28 and Nov. 7, something changed as Thomas filed a motion with the bankruptcy court on Nov. 7 to sell certain of its assets to Monticello. Penny is no stranger to carpet having worked for Mohawk Industries in its manufacturing facilities in Mexico from the late ’70s through the early ’90s, and then with Beaulieu of America in distributing its products in the Mexican market. Penny started distributing laminate in Mexico in 1999 and in the U.S. in 2003. For more information, call Templeton Hospitality Carpet at 800.887.9573. |