The Dixie Group Inc. has sold its Ringgold, Ga., spun carpet yarn production facility to Shaw Industries Group Inc. for a cash purchase price of approximately $6.7 million. Specific terms were not disclosed.
Proceeds from the sale, plus funds generated from working capital reductions, will be used to reduce debt under the company's senior credit agreement. Approximately 300 associates are employed in this facility. The transaction is not expected to result in a material net gain or loss.
