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Interface Selling Fabric Division For $70 Million

The division, Interface FABRIC, makes interior fabrics, upholstery products and specialized automotive textiles.

ATLANTA (AP) - Interface Inc. said Wednesday it agreed to sell its fabrics division for up to $70 million cash to an affiliate of private investment firm Sun Capital Partners.
 
The division, Interface FABRIC, makes interior fabrics, upholstery products and specialized automotive textiles.
 
Interface will receive about $63.5 million at closing and earnout payments of up to $6.5 million over the next six to 18 months and will use proceeds to reduce debt.
 
Interface expects to close the sale in the third quarter, subject to regulatory review and other customary closing conditions.
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