MCADENVILLE, N.C. (AP) - A longtime North Carolina-based yarn manufacturer is getting out of the textile business.
Pharr announced this week it’s selling three of its five divisions early next year.
News outlets report Pharr Fibers & Yarns and Phenix Flooring will go to Mannington Mills, based in Salem, New Jersey. Pharr High Performance will be purchased by London-based Coats Group. Terms weren’t disclosed.
The changes will leave McAdenville-based Pharr with its Belmont Land & Development real-estate arm and Strand Hospitality Services, which manages hotel properties.
Privately owned Pharr has manufactured textile-mill yarn since 1939 and employs 1,200 workers. CEO Bill Carstarphen says Mannington Mills and Coats Group will retain Pharr’s workforce and operations in McAdenville and Dalton, Georgia. He says Pharr also will continue its annual “Christmas Town USA” light display in McAdenville.
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