Dalton–Engineered Floors LLC has entered into an agreement with Beaulieu Group LLC to purchase substantially all of the operating assets of Beaulieu.
The companies had previously announced they had agreed to terms in a letter of intent. They have now concluded those negotiations and executed a definitive agreement.
Beaulieu, which is operating under Chapter 11 bankruptcy protection, will seek court approval of this transaction, which is now expected to close in early November. Engineered Floors plans to operate the assets going forward and continue to grow the residential and commercial businesses.
“This will be good for both our business and the community,” said Bob Shaw, chairman and CEO, Engineered Floors.