Apparel maker Sport-Haley Holdings Inc. has completed its $3.45 million purchase of furniture maker Chromcraft Revington, a company based in Lafayette that delisted its public stock from the New York Stock Exchange earlier this year.
Sport-Haley, based in of Denver, paid $2.7 million, and has promised to pay another $750,000 when Chromcraft's plant in Delphi is sold or mortgaged, or 180 days after the merger is complete.
Sport-Haley Chairman and CEO Samuel Kidston said his company would announce restructuring plans for Chromcraft in coming weeks. Chromcraft Chairman and CEO Ronald Butler said the company will operate as a subsidiary and its brands will continue.
Chromcraft's managers attempted to buy the company earlier this year, but were unsuccessful.
The company was founded in Delphi in 1946 as the Peters Manufacturing Co., primarily as the maker of novelty wall racks. It became Peters Revington Furniture in 1959 and Chromcraft Revington in 1992.
It has manufacturing, warehousing and distribution operations in Senatobia, Miss., and warehouse and distribution operations in Delphi.
The company had about 280 employees as of June 20.
Chromcraft delisted its stock in April in a cost-cutting measure.