NC-based Pharr leaving its 80-year-old yarn business with sales of 3 companies

McAdenville-based Pharr in Gaston County has announced it’s leaving the yarn business after 80 years with the sales of three of its companies.

Pharr is made up of five companies: Pharr Fibers & Yarns, Pharr High Performance, Phenix Flooring, Strand Hospitality Services and Belmont Land & Development.

Pharr had been a yarn manufacturer since 1939 servicing textile mills around the world and has 1,200 employees.

London-based Coats Group plans to purchase Pharr High Performance, which produces industrial-grade yarns used in protective apparel for firefighters and military personnel. With the addition, Coats will have six North Carolina manufacturing sites in McAdenville, Kings Mountain, Marion and Hendersonville, as well as its corporate office in Charlotte.

Mannington Mills, based in New Jersey, plans to purchase Pharr Fibers & Yarns and Phenix Flooring, suppliers of yarns, residential carpet and specialty flooring products. It will become one of the largest suppliers in the floor covering industry, in both residential and commercial hard and soft surfaces.

“As a result of these transactions, each of these Pharr businesses will become part of much larger operations with greater capacity, resources and reach,” CEO Bill Carstarphen said in a statement. “We sought leaders in their industries with proven track records, and who understood and respected what we had built.”

Terms of the agreement were not disclosed. The sales are expected to be finalized in early 2020.

Carstarphen said both companies plan to retain Pharr’s workforce and continue operations at its manufacturing facilities in McAdenville and Dalton, Georgia.

The acquisitions will not affect Pharr’s two remaining divisions: Belmont Land & Investment Co., developer of residential and commercial real estate and hotels; and Strand Hospitality Services, which manages a portfolio of hotel properties throughout the Southeast.

“Pharr will continue growing and diversifying our real estate holdings while exploring new companies to invest in and operate,” Carstarphen said. “And our company will maintain a strong presence in Gaston County, investing back into the community as we always have.”

Pharr is known for its community involvement, notably creating and orchestrating Christmas Town USA, a holiday light display in McAdenville that spans two miles and attracts thousands of tourists every year.

This story was originally published November 27, 2019 at 11:57 AM.