ULSTER Carpets has paid an undisclosed sum from its own cash rich reserves to acquire cash-strapped Axminster Carpets' underlay business Axfelt.
The Craigavon firm said the purchase demonstrates its commitment to developing complementary products to enhance its own customer offering.
And they added that the acquisition of the successful brand will be fully supported and developed at the existing Axminster base in Devon.
David Acheson, Ulster’s head of strategic operations, said: “We're delighted to be playing a part in the immediate retention of one part of the facility at the Axminster Carpets site.
“Working with the current employees, Ulster is committed to growing the business in Devon.
“We are already developing a number of related businesses in the locality with a view to further increasing employment opportunities as it continues to expand its wider brand portfolio.”
Axfelt's high quality and fully sustainable underlay is made from 100 per cent recycled materials, including wool-rich carpet and rubber tyres, and is fully sustainable.
It fits well with Ulster's desire to develop environmentally responsible UK-based manufacturing facilities.
The firm says the recycled nature of the product was an important factor in the decision and it is planned that the Axfelt production facility will become a future group hub for developments in recycling, as well as a home for repurposing the group's current yarn and carpet waste.
Established in 1938 in Portadown, Ulster Carpets remains family-owned and has grown to become the premier supplier of Axminster and Wilton carpets to the residential, hospitality, marine and casino sectors across the world.
Employing 700 people across its operations in Portadown, London, Paris, Dubai and across the USA, the group also incorporates technical textile machinery manufacturer Griffith Textile Machines, wool processing and dyeing company Ulster Yarns, specialist commercial carpet manufacturer Danfloor, and luxury interiors brands Roger Oates and Mourne Weavers.
The iconic Axminster Carpets company, founded in 1755 and which boasts Buckingham Palace and the US Congress among its many commissions, has had a troubled last decade, in which it operated in and out of administration.
The controlling stake in the business is currently held by Bradford-based H Dawson Wool, which supplies wool from more than 40 countries to customers in 75 locations worldwide.
