'21' INTERNATIONAL HOLDINGS AFFILIATE TO PURCHASE CHF INDUSTRIES, A LEADING WINDOW COVERING AND BEDDING TEXTILES MANUFACTURER.NEW YORK--(BUSINESS WIRE)--Dec. 12, 1994--'21' International Holdings, Inc. announced today that a wholly-owned subsidiary has signed a definitive agreement with CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. Industries, Inc. to acquire all of that company's assets and certain liabilities. CHF Industries, with approximately $210 million in 1993 revenues, is a wholly-owned subsidiary of CC Industries, Inc., a Chicago-based company. Terms of the transaction were not disclosed. CHF Industries is a leading manufacturer of soft and hard window coverings, bedroom textiles and shower curtains that are marketed under the Aberdeen, Jakson, Cameo, Reflections and Joanna brand names. The Company's products include curtains, draperies, top treatments for windows, bedspreads, comforters, furniture covers and custom, made-to-measure and stock blinds, shutters and shades. Commenting on the agreement, Marshall S. Cogan, Chairman of '21' International Holdings, said, "We are dedicated to building CHF Industries' different lines of business, working in tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem" tandem with senior management and the retailing and mass merchandising communities. We think there exist compelling opportunities to expand the window coverings category -- both soft and alternate -- as well as the bedding textiles category, and look forward to working with the Company's customers." Lester Crown Lester Crown (born 1926) is the son of Chicago financier Henry Crown (d. 1990), who created Material Service with two brothers in 1919, which merged with General Dynamics in 1959. He has been a perennial member of the Forbes 400 list since 1982. , Chairman of the Board of CC Industries, said, "We want to thank the employees of CHF Industries for their substantial and productive efforts over the past 15 years. Under CC Industries' ownership, CHF Industries has developed into a premier manufacturer of home furnishings." CHF Industries is headquartered in Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. and has eight manufacturing facilities throughout the U.S. as well as showrooms in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. . The Company has approximately 2,400 employees. Consummation of the transaction is expected to occur in early 1995 and is subject to customary closing conditions, including expiration of the waiting period under the Hart-Scott-Rodino Act Hart-Scott-Rodino Act Often used in risk arbitrage. Antitrust act administered by U.S. Department of Justice and the FTC that requires an investor to file a form with the government before he acquires an economic interest in the lesser amount of $15 million or 15% of the . CONTACT: '21' International Holdings, Inc.
David E. Bright,
Director of Comminications
212/230-0488
or
CC Industries, Inc.
William H. Crown,
President
312/855-4000
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion