National Spinning Co., Inc. announced the sale of celtain assets of Caron International to Spinrite LP. The sale includes yarns for hand knitting and crocheting, latch hook kits and the Ultimate Sweater Machine.
Commenting on the announcement, National Spinning President and Chief Executive Of1icer, James W. Chesnutt said, "The combination of two such exceptional product lines will ensure the future success of the Caron products our customers rely on for quality and value.
"The Simply Soft and One Pound brands are staple products in the hand-knitting and craft markets and will be outstanding additions to tile extensive line of Sprinrite's branded products."
"We are thrilled to have tile opportunity to continue the Caron tradition," said Ryan NewelL
President of Spinrite LP. "National Spinning has done a tremendous job of building one of the most recognized craft yam brands in North America."
The Hampton Art division of National Spinning Co., Inc. will continue to be owned and operated from its current location in Washington, NC and will employ approximately 40 associates. Hampton Art produces and sources a wide range of products used in scrap booking that are sold to major retailers throughout the world, including Wal-Mart, Joann Fabrics, Michaels, and AC Moore.
National Spinning Co. Inc. is also a leading synthetic and wool yarn manufacturer with f1ve facilities in North Carolina. National Spinning Co., Inc. was advised 01'1 this transaction hy the investment banking finn Brookwood Associates, LLC and the law firm Otterbourg, Steindler, Housten & Rosen, P.c.
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