Dan River To Sell Engineered Products Division
Dan River Inc., Danville, Va., has entered into an agreement to sell the assets of its Porterdale, Ga.-based Engineered Products Division to Porterdale Acquisition LLC for $9.37 million. The prospective buyer is an affiliate of Hogansville, Ga.-based Industrial Specialty Fabrics Inc. and Thomaston, Ga.-based Royal Cord Inc. - producers of yarns and fabrics for the rubber goods market.
Bob Major, the division's president, called the proposed acquisition a very positive development for Dan River's Engineered Products business.
The transaction is contingent upon an auction process, with final approval expected at a
bankruptcy court hearing January 11.