Engineered Floors to buy beleaguered Beaulieu Group

Worker Mathew Ferney works on a tufting machine Tuesday, June 17, 2014, at a Beaulieu of America factory in Dalton, Ga.

Top U.S. flooring makers

2016 rank and U.S. sales:1. Mohawk Industries — $4.8 billion2. Shaw Industries — $3.9 billion3. Armstrong — $985 million4. Tarkett — $833 million5. Mannington — $785 million6. Engineered Floors — $659 million7. Interface — $498 million8. Beaulieu of America — $479 million9. The Dixie Group — $394 million10. Maples — $220 millionSource: Floor Focus magazine and Market Insights LLC

Engineered Floors, the floorcovering company started just eight years ago by carpet pioneer Bob Shaw, could climb to No. 3 in industry sales after an agreement to buy competitor Beaulieu Group.

The Dalton, Ga.-based manufacturer announced Wednesday it has a letter of agreement to buy substantially all of the operating assets of Beaulieu, which sought Chapter 11 bankruptcy protection in July.

The transaction is contingent upon approvals through the bankruptcy court and due diligence processes, according to Engineered Floors.