Mannington Mills announces that it 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.
“This acquisition is very exciting for Mannington and for our customers,” said 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.”
“Throughout its 80-year history, Pharr’s spirt of innovation and willingness to adapt to change have allowed the company to evolve and succeed,” said Bill Carstarphen, Pharr President and Chief Executive Officer. “This transaction reflects the next step in that evolution and will deliver great benefit to our customers, associates and communities. We know each of these groups will benefit tremendously from being a part of the Mannington organization and expect these transactions will result in a broad range of future opportunities and growth for our associates.”
“This is a very exciting time for Mannington,” said Mannington Chairman of the Board Keith Campbell. “The acquisition makes sense in every way. Both Phenix and Mannington have a focus on the customer, multi-generational family ownership, a group of talented, dedicated associates and a commitment to a set of core values that drives everything we do.”
Phenix Flooring and Pharr Fibers and Yarns is headquartered in McAdenville, North Carolina, with operations also in Dalton, Georgia. The two divisions employ approximately 900 people. No terms of the acquisition were disclosed.