MoreROCKY MOUNT, Va. -- Ronile Inc. (www.ronile.com), a leading supplier of space-dyed yarns to the commercial carpet industry, completed the acquisition of certain assets from South Carolina-based Colormarks. 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 of more than $10 million. Ronile did not purchase the Williston facility. Instead, it is moving the purchased assets, including factory equipment, to its Rocky Mount, Va. plant. Ronile plans to integrate the Colormarks business into Ronile's existing operations.
Ronile CEO Phillip C. Essig, said, "We are pleased that we were able to take advantage of this opportunity in today's economy. We are strong financially and believe that the current environment may provide additional opportunities. Colormarks has been a strong competitor for over a decade and has maintained a significant market share during that time. 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, we expect our business to be stronger than anticipated in 2002."
Ronile, an employee-owned company, is the world's leading supplier of space-dyed yarns to the commercial carpet and other industries. Headquartered in Rocky Mount, Va., Ronile has a production plant in Lafayette, Ga. and its national sales office in Chattanooga, Tenn. Ronile also owns Bacova Guild, Ltd., a marketing leader in printed floor mats and accent rugs. For more information, contact Sylvia Bussey at (540) 484-4647.
