Dalton, Ga.-based carpet maker Engineered Floors, which last month entered into a letter of intent to purchase substantially all of competitor Beaulieu Group, has executed a definitive agreement, officials said today.
The companies have concluded negotiations and entered into an asset purchase agreement for substantially all of the operating assets of Beaulieu, which is also headquartered in Dalton. The purchase price wasn't announced.
Beaulieu, which is under Chapter 11 bankruptcy protection, will seek court approval of the transaction with the deal expected to close in early November.
Engineered Floors, which employs about 3,000 people, plans to operate the assets going forward and continue to grow the residential and commercial businesses, according to the company. Beaulieu employs more than 2,500 people.
"This will be good for both our business and the community," said Robert E. Shaw, chairman and CEO of Engineered Floors, in a statement.