NEW YORK — To expand its presence in North America, Allied Textile Co., Bradford, England, said it has agreed to purchase Carleton Woolen Mills, here, for $15.2 million, plus $3 million in ATC common stock.
The agreement provides for certain conditions prior to closing, which is anticipated no later than March 31.
ATC also said it has agreed to acquire Cleyn & Tinker Inc., Huntingdon, Quebec, a privately owned Canadian dyer, finisher and weaver of worsted fabrics. Terms of that deal, subject to approval by ATC shareholders and Investment Canada, a government agency set up to monitor foreign investment in Canada, were not disclosed. Cleyn & Tinker officials said the transaction should be completed by Feb. 28.
ATC, an integrated manufacturer of woolen, worsted and manmade fiber yarns and fabrics, had 1993 sales of $190 million (127 million pounds). Pretax earnings were $20.5 million (13.7 million pounds). The company, headed by John Corrin, has 27 mill operations throughout Europe.
While the firm has exported fabrics to the U.S., the acquisitions of Carleton and Cleyn & Tinker give ATC its first North American mill operations.
Carleton, a privately held maker of woolen yarns and fabrics, has not finished tabulating its 1993 sales and earnings. Arthur Spiro, Carleton’s president and chief executive officer, said, “Sales are ahead of the $45.2 million we had in 1992, and after-tax earnings are ahead of the $1.9 million we had.”
Carleton is owned by Spiro and his family, with financing from Heller Financial of Fuji Bank. Heller owns warrant equivalents for 10 percent of Carleton’s common shares.
The company operates three mills in Maine — two in Winthrop and one in Gardiner. On Monday, Carleton moved its sales and marketing offices here to a 10,000-square-foot space at 1040 Sixth Ave. The firm had been at 1412 Broadway. The new space is twice the size of the old one.
Arthur Spiro will remain Carleton’s president and ceo through the end of 1995, when he retires. Spiro, who turns 70 next year, has been running Carleton since 1980, purchasing full interest in 1989. A successor has not been named.
Cleyn & Tinker employs about 650 in its two mills, one in Huntingdon and one in Malone, N.Y, according to Jonathan Hurtsfield-Meyer, Cleyn & Tinker’s president. He will remain in that post after the sale is completed. The company is owned by Innocan, Montreal, a Canadian investment group that purchased Cleyn & Tinker in August 1988.
Cleyn & Tinker’s 1992 sales were $45.9 million ($60.4 million Canadian). Results for 1993 were not yet available.