MCADENVILLE, N.C. — Pharr, a McAdenville company built around yarn production, is exiting the yarn, performance textiles and floor covering businesses with the sales of those units planned for early next year.
What will remain are the real estate development and hospitality management divisions that CEO Bill Carstarphen’s grandfather brought to the family company in the 1960s.
Pharr is selling the manufacturing businesses that employ most of its 1,250-person workforce in three McAdenville and Georgia plants. Coats Group, a British textile firm, is buying Pharr High Performance, a yarn producer. New Jersey-based Mannington Mills is purchasing Pharr Fibers & Yarns and Phenix Flooring, which makes carpet yarns and carpet and specialty flooring products.
Carstarphen says a trimmed-down Pharr shows how a decades-old company can reinvent itself to compete in a go-go economy.
Read the full story here.
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