Faribault Woolen Mills Forms Holding Company for Acquisitions and Mergers.

FARIBAULT, Minn.--(BUSINESS WIRe)--Nov. 13, l998--Faribault Woolen Mills, Faribault, Minnesota, has created a holding company, North American Heritage Brands, as an umbrella for strategic growth through acquisitions and mergers. Warren Malkerson, Faribault CEO, has also been named CEO of the holding company.

According to Peter Lytle, Faribault Chairman and Senior Partner of the Business Development Group, Minneapolis, the new name relates to an underlying philosophy. "As we build the Faribault brand to mean superb quality and design in blankets, we will continue to develop key alliances," he said. "We are looking at initial mergers and acquisitions in the textile industry now, and plan to create a family of strategic American brands under the North American Heritage Brands umbrella. Unlike a roll-up, the value of these brands will be strengthened, and they will retain their identities."

The brands Lytle plans to gather would provide the synergy for secured resources and raw materials as well as significant economies of scale and a greater sales potential.

Faribault Woolen Mills is a 133 year old company that was known for many decades as America's favorite blanket brand. Faribault is the oldest vertically integrated, continuously operated woolen mill in North America.