Shaw Industries to Acquire SI Corporations Carpet Backing Operation in Chickamauga, Georgia
August 12, 2005
Shaw Industries to Acquire SI Corporations Carpet
Backing Operation in Chickamauga, Georgia
Chattanooga, TN - Shaw Industries and SI Corporation announced today that a definitive agreement has been entered into whereby SI will sell Shaw its woven carpet backing operation in Chickamauga, Georgia. Pending regulatory approval a closing is expected in the fall of 2005.
With this sale, SI will remain committed to growing the other core businesses in its portfolio. According to Joe Dana, SIs President and CEO, We plan to sharpen our focus on our remaining core businesses in the construction home furnishing and performance technology markets. This sale gives us the capital we need to pursue acquisition and/or expansion opportunities. Chickamauga is only one of our four manufacturing facilities, and we plan to continue to grow our business in our remaining core markets from our plants in Chattanooga, Ringgold and Gainesville.
Shaw's acquisition of SIs woven backing operation is a perfect fit, Dana commented. Not only is it a large, efficient woven backing plant but it is also centrally located to most of Shaws major carpet plants. In addition, our Chickamauga employees get to join one of Americas premier flooring companies. Everybody involved benefits.
SI Corporation is a market leader in providing innovative, high-performance products that provide support, strength, and stabilization solutions for its customers in the Furnishings and Construction Materials markets. SI produces materials that reinforce concrete, stabilize roadways and construction sites, minimize erosion and stormwater damage, and reinforce a number of household products used by consumers on a daily basis.
Shaw Industries, the worlds largest carpet manufacturer, produces and sells carpet, rugs, and other flooring products for residential and commercial applications throughout the world. A subsidiary of Berkshire Hathaway, Inc., Shaw is headquartered in Dalton, Georgia.