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LADD PLANS TO ACQUIRE FOURNIER FURNITURE ASSETS

 LADD PLANS TO ACQUIRE FOURNIER FURNITURE ASSETS
 HIGH POINT, N.C., June 24 /PRNewswire/ -- LADD Furniture


(NASDAQ-NMS: LADF) chairman and chief executive officer Richard R. Allen announced today that LADD has reached a preliminary agreement with Fournier Furniture Corp. and fournier's secured creditor to acquire substantially all of the assets of Fournier, a $30 million manufacturer of ready-to-assemble ("RTA") household furniture. The purchase price, payable in cash and the assumption by LADD of certain Fournier obligations, will be dependent on certain asset levels as of the closing date of the transaction and is estimated not to exceed $11 million.
 Allen said the proposed acquisition will permit LADD to enter the rapidly-growing RTA furniture segment. He added that he is hopeful the transaction, which is subject to satisfactory completion of due diligence investigations and certain other conditions specified in the preliminary agreement, will be concluded by mid-July.
 Headquartered in High Point, N.C., LADD is one of the largest U.S. producers of residential and contract furniture, marketing its broad range of wood, upholstered and metal furniture under the major brand names American Drew, American of Martinsville, Barclay, Brown Jordan, Clayton Marcus, Daystrom, Design Horizons, Lea Industries and Pennsylvania House. LADD also owns and operates two support companies, Lea Lumber & Plywood and LADD Transportation and its stock is traded on the over-the-counter National Market System under the NASDAQ symbol LADF.
 -0- 6/24/92
 /CONTACT: John J. Ong, LADD Furniture, Inc., 919-888-6353/
 (LADF) CO: LADD Furniture, Inc. ST: North Carolina IN: REA SU: TNM


JZ -- CH011 -- 3506 06/24/92 17:52 EDT
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Publication:PR Newswire
Date:Jun 24, 1992
Words:262
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