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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. [10]
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 ...
In 1995, Lorberbaum became president of Mohawk; and, in 2001, he became CEO. Since then he has grown the company to $5.8 billion in revenues (2012) [3] partly through acquisitions that expanded the scope of the company into hard surface flooring (ceramic tile, laminate, hard wood) and provided access to new geographies. [5] [6]
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The holding company added Star Finishing to the fold one year later, marking the company's first move into carpet manufacturing. Star Finishing Company then expanded to become the "largest commission finisher of tufted carpet in the world." [7] The holding company went public as Shaw Industries, Inc. in 1971 with approximately $43 million in ...
From January 2008 to May 2009, if you bought shares in companies when John L. Clendenin joined the board, and sold them when he left, you would have a -3.9 percent return on your investment, compared to a -38.2 percent return from the S&P 500.
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