HARDWICK BUYS VELOUR UNIT, TRADEMARK FROM DAN RIVER
NEW YORK — Hardwick Knitted Fabrics has acquired the knit velour fabric business of Dan River Inc., including the inventories, current orders and its Lucern trademark, the companies said jointly.
Both companies are privately owned, and terms of the deal were not disclosed.
Hardwick, located in West Warren, Mass., was already the largest velour fabric producer in the U.S. Dan River was second. This acquisition positions nearly all the U.S. velour production under one company.
Nick Vulpis, president of sales and marketing for Hardwick, said, “Velour fabric is on an upswing now in fashion, and ’96 looks like it will be an excellent year. We can use the extra production.”
Vulpis was originally an executive with Dan River in its velour operations and left in 1984 to join Hardwick, which he helped build into the largest supplier of that fabric.
Dan River will operate its Danville, Va., velour knitting operation for Hardwick to fill existing and new orders during the current selling season this summer, according to Jim Martin, president for the apparel fabrics division.
Transfer of production equipment from Danville to Hardwick will be decided in August, after the selling season, a Hardwick spokesperson said.