From Times-Free Press: Dalton, Ga.-based carpet maker Engineered Floors, which last month entered into a letter of intent to purchase substantially all of competitor Beaulieu Group, has executed a definitive agreement, officials said Friday.
The companies have concluded negotiations and entered into an asset purchase agreement for substantially all of the operating assets of Beaulieu, which is also headquartered in Dalton. The purchase price wasn’t announced.
Beaulieu, which is under Chapter 11 bankruptcy protection, will seek court approval of the transaction with the deal expected to close in early November.
Engineered Floors, which employs about 3,000 people, plans to operate the assets going forward and continue to grow the residential and commercial businesses, according to the company. Beaulieu employs more than 2,500 people.
“This will be good for both our business and the community,” said Robert E. Shaw, chairman and CEO of Engineered Floors, in a statement.
From Hometown: Beaulieu currently operates plans in Rome, Adairsville, Chatsworth and Dalton. Engineered Floors currently operates three plants: one in Calhoun and two in Dalton with a total of 2.25 million square feet of manufacturing capacity. Their first plant in Calhoun at 100 Bentley Dr. became operational in 2010. The company broke ground on their first Dalton plant in 2011 and later expanded both the Calhoun and Dalton plants in 2012. The company broke ground on their second Dalton plant in 2013.