Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, December 16, 1994 TAG: 9412170003
SECTION: BUSINESS PAGE: A19 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
The Bacova Guild Ltd., a Bath County manufacturer and marketer of printed accent rugs, welcome mats and other home decor items, said Thursday it has agreed to be acquired by Burlington Industries Inc., a Greensboro, N.C.-based textile maker. Bacova will operate separately but become a subsidiary of Burlington.
Terms of the sale were not disclosed. The deal is expected to become final in January.
Bacova, a 30-year-old company with annual sales of $40 million, said there should be no changes in management or operating style.
"Our growth of over 30 percent in each of the last three years has made it apparent to us that Bacova will be better able to maximize future opportunities with access to a deeper pool of resources," Pat Haynes, the company's chief executive officer, said in a statement.
- Staff report\ ETS reports improved earnings
ETS International Inc., a Roanoke-based environmental company, said Thursday its income for the second quarter ended Nov. 30 was $278,692, or 2 cents a share, compared with a loss last year of $5,580.
For the first half of its fiscal year, ETS earned $421,410, or 3 cents a share, compared with $125,056, or a penny a share, for the first six months of the prior fiscal year.
The company had contract revenues of $5,372,654 for the first fiscal quarter, compared with last year's $5,099,287. First-half figures were $9.53 million this year against $9.28 million last year.
Chairman John McKenna said the revenues and earnings were due to implementation of some sections of the Clean Air Act amendments and an improvement in the infrastructure construction markets.
- Staff report
Heilig-Meyers enters Caribbean
Heilig-Meyers Co., a Richmond-based furniture retailer with stores in Western Virginia, said it is buying a furniture chain in Puerto Rico, its first purchase outside the continental United States.
The company said it will pay $85 million for Berrios Enterprises in Caguas.
Heilig-Meyers will run the 19 Berrios stores and probably open more in Puerto Rico, said Vice President Roy Goodman.
Berrios had sales of about $65 million in the fiscal year that ended Aug. 31.
- Staff report
First Virginia adds Md. affiliate bank
Shareholders of Farmers National Bancorp of Annapolis, Md., voted Thursday to affiliate with First Virginia Banks Inc. of Falls Church.
The $709 million holding company operates three Maryland-based banks: Farmers National Bank of Maryland, Atlantic National Bank and Caroline County Bank.
The merger, which already has been approved by federal and state regulators, is scheduled to become final Dec. 28.
First Virginia has two other member banks operating in Maryland.
Seventy-nine percent of the shares represented at the meeting in person or by proxy were voted in favor of the merger. Shareholders will receive 1.5 shares of First Virginia stock for each share of Farmers National.
- Staff report
by CNB