LAFAYETTE, Ind. (WLFI) - West Lafayette-based Chromcraft Revington is being sold. In a news release Tuesday, the company said it has entered into an agreement with Colorado-based Sport-Haley Holdings, Inc., pending shareholder approval. Sport-Haley will acquire all outstanding shares of Chromcraft stock for $3.45 million.
Chromcraft closed its plant in Delphi, Indiana in January.
Chromcraft Chairman and CEO Ronald Butler said, "The continuing economic downturn in the furniture industry has taken a toll on many manufacturers. We see this merger as a positive step forward for all Chromcraft stakeholders."
Under the terms of the agreement, Sport-Haley will sell or mortgage the Delphi plant. The total purchase price will equal around 54 cents per share. The acquisition is expected to close in the fourth quarter of 2013.
Sport-Haley Holdings is a holding company with a stated mandate of "increasing shareholder value by maximizing intrinsic value per share over the medium and long term."
The company was organized in 1991 as a golf apparel company which designs, purchases, and contracts for the manufacture and marketing of women's fashion apparel and outerwear under the Sport-Haley, Bette & Court and Swing labels.
State police are warning Indiana residents about a phone scam that has been reported in central Indiana where grandparents are swindled out of money by con artists who tell them about a fake emergency.
Eskenazi Health hospital will officially open for business in downtown Indianapolis on Saturday while nearby Wishard Memorial Hospital will begin to close.
State police say a southern Indiana man has been arrested after a six-hour standoff that began when he fired several shots at family members.