Kraus Carpet being sold
Posted May 28, 2012 09:42:28 PM.
This article is more than 5 years old.
Long time Waterloo-based carpet maker, Kraus Carpet has announced it is being bought by a private-equity firm called Hilco.
In the same release, Kraus says they have secured funding from a U.S. based commercial lender.
The financing is dependent on new collective agreements being ratified by union members.
Sources close to union members say a vote is on Thursday, and if accepted will mean deep wage and benefit cuts.
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