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The company adopted the name Mohawk Carpet Mills (or Mohawk Mills, for short) in 1920, when it merged with McCleary, Wallin and Crouse, another mill in Amsterdam. [11] It became the country's sole weaver to offer an entire line of domestic carpets, also creating the industry's first textured design and sculptured weave.
It subsequently closed seven facilities and terminated 6,650 positions. Private equity firm WL Ross & Co acquired Burlington's assets in 2003 for $614.1 million and Wilbur Ross appointed himself chairman of the company. As part of the restructuring, Burlington's carpet division was sold to Mohawk Industries for $352 million. [14]
They have two children, a daughter, Lauren, who works as a consultant at PwC Advisory in New York City, and a son, Brian, an ex-associate of Mohawk Industries. As of August 2016, Lorberbaum holds 9.6 million shares of Mohawk amounting to 14 percent of the company which is valued at $2.14 billion (~$2.66 billion in 2023). [7]
It was later absorbed into Mohawk Carpet, later Mohasco Corporation. [6] The carpet weaving industry was revolutionized by looms invented in this plant by Alexander Smith and Halcyon Skinner. [7] Skinner, an engineer, designed a loom known as the Axminster power loom (also known as the Moquette Loom), which revolutionized the production of carpets.
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In 1953, the rug business was sold to a Boston investment company and reincorporated, reusing the name Fieldcrest Mills. That company merged with the textile company Cannon Mills to become Fieldcrest Cannon in 1986, resulting in a bankruptcy as well as mass layoffs and labor disputes. In 1993, Mohawk Industries purchased the Karastan business ...
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