Rocky Mount, Va.—Ronile, a leading supplier of space-dyed yarns to the commercial carpet industry, has completed the acquisition of certain assets from Colormarks, based in South Carolina. Terms of the transaction have not been disclosed.

Colormarks competed directly against Ronile in the business of manufacturing and selling space-dyed yarn to the commercial carpet industry. Prior to the acquisition, Colormarks operated a production facility in Williston, S.C., and generated annual sales in excess of $10 million. Ronile did not purchase the Williston facility and is moving the purchased assets—including factory equipment—to its plant in Rocky Mount, Va. Ronile plans to integrate the Colormarks business into Ronile’s existing operations.

Following the acquisition, noted Phillip Essig, Ronile’s CEO, Colormarks ceased all operations and will no longer sell space-dyed yarns to the carpet industry. Ronile has already seen an increase in orders at its Rocky Mount plant. “We are pleased we were able to take advantage of this opportunity in today’s economy,” said Essig. “We are strong financially and believe that the current environment may provide additional opportunities. “Colormarks has been a strong competitor for more than a decade and has maintained a significant market share during that time,” he added. “We expect business to increase significantly at our Rocky Mount plant over the next several months. “As the economy rebounds and we fully consolidate the new business opportunities,” he concluded, “we expect our business to be stronger than anticipated in 2002.” For more information on Ronile, call 540/ 484-4647. —Louis Iannaco