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.
January 2005
