Morgan Stanley and Bank of America declined to comment, while CICC did not respond to a Reuters request for comment. Morgan Stanley, Bank of America, and China International Capital Corp Ltd (CICC) were the investment banks on the deal. LinkDoc did not immediately respond to a request for comment. The sources declined to be identified as the information has not yet been made public. The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. The collection features natural materials, such a fir and sun-bleached oak, which will be offered in Caracole Light’s Farmhouse Modern introduction next month.It had planned to sell 10.8 million shares between US$17.50 and US$19.50 each. Where Caracole is a collection of design-oriented pieces, Caracole Light will offer more suites for buyers who want matched sets. "It will still have the high-end look and cachet of Caracole," Young said, but is priced lower than its namesake. Schnadig’s new Caracole Light line, meanwhile, includes upholstery, bedroom, dining and occasional.
Their upholstery prices remain a compelling value and will continue to be so, compared to U.S. After being first to ship non-leather upholstery from China seven years ago, Markor has become very proficient at fully upholstered products in both No-Sag and eight-way (construction methods). Young said there are "absolutely no plans to move all of the company’s upholstery production to North Carolina. Domestic producer Ashley is expected to announce a new North Carolina facility soon, and other companies are known to be looking. Schnadig follows other companies that have relocated production to the North Carolina upholstery belt, including Lacquer Craft/Universal, which bought Craftmaster in 2006 Fairmont Designs, which acquired a former Thomasville plant this year for East Coast operations and Ekornes, which is upfitting a 100,000-square-foot former warehouse in Morganton for production. But with the amount of unused capacity available, the company decided to go the partnership route, according to Young. He said the company also will be able to offer new styles and a simple pricing structure, and will be able to tap the domestic market for better fabrics.Įarlier this year, Schnadig had indicated that it was interested in buying a U.S. The Wilkesboro-made goods will add a premium of 10% to 15% (depending on which fabric rack is chosen) over imports, but Young said the cost will be offset by fabric choice and a shorter delivery time of four to six weeks for the made-in-USA product. Dealers will still have the option of buying direct from China, but without the option of multiple fabric choices.
The company has sourced its Lauren Ralph Lauren product from China. The plant here will allow Schnadig to go from two fabric options to 50, with plans to add 50 to 60 more. He said the move opens the door to more customization for Schnadig, which is part of Chinabased Markor. "We expect to take up a substantial part of Key City’s production," said Jeff Young, Schnadig CEO. High Point-based Schnadig will have its licensed Lauren Ralph Lauren line manufactured by Key City in Wilkesboro, along with upholstery from a new line, Caracole Light, which the company will introduce at next month’s High Point Market. – Schnadig International is partnering with Key City Furniture here to produce two lines of upper-end upholstery at the North Carolina plant, with shipping expected to begin in the fourth quarter.
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