Company News
June 18, 2025
Shutdowns
Industry sheds facilities, 1,600+ factory jobs in year of soft demand
Sheila Long O’Mara //Executive Editor, Furniture Today//June 17, 2025
HIGH POINT – A wave of factory shutdowns across the furniture, mattress and textiles sector is signaling sustained pressure on the industry as companies contend with soft demand, overcapacity and ongoing efforts to streamline operations.
Since June 2024, the industry has seen at least a dozen players either shutter facilities or announce plans to do so this year. More than 1,600 employees have been impacted as companies wind down targeted facilities.
Reviewing publicly available notices under the federal Worker Adjustment and Retraining Notifications (WARN) filed over the past 12 months reveals a tumultuous time across the home furnishings and mattress category.
While most of the closures are related to the mattress category, the furniture and textiles sides of the business haven’t been spared. The list reads like a who’s who in the industry with Serta Simmons Bedding, Corsicana Mattress Co., Resident Home, A. Lava & Son, and Hooker Furniture having all closed, or announced plans to close, facilities.
These moves follow a similar pattern seen in 2024 when Purple Innovation, Leggett & Platt and Culp Inc. all took steps to consolidate or scale back production footprints, citing ongoing, persistent macroeconomic challenges and shifting consumer behavior.
Leggett & Platt announced a massive restructuring in early 2024 with plans to close up to 20 facilities, while Culp set into motion its plans to close its Canadian operation in Quebec and consolidate two factories in Haiti. Purple’s restructuring consolidated three factories into its 850,000-square-foot McDonough, Ga., location late last year impacting 328 employees in Utah.
The supply side closures are unfolding in parallel with consolidation on the retail front. Regional and national home furnishings retailers have seen a flurry of bankruptcies, closings and acquisitions over the past several years, further pressuring suppliers to adjust production capacity.
Executives point to prolonged post-pandemic normalization, consumer confidence and inflation as catalysts for retrenchment. While some closures are part of broader restructuring efforts, others reflect deeper contractions in specific product categories, particularly mattresses, which have faced declining unit sales.
According to the latest data from the International Sleep Products Assn., total mattress market shipments of U.S produced and imported goods in 2024 dropped 8.8% year-over-year to 24.9 million units compared to 27.3 million units in 2023.
The first six months of 2025 have been active with announcements and closings.
As part of a realignment of its facilities, Corsicana closed its Shelbyville, Tenn., factory last week. According to a WARN notice filed with the state of Tennessee, the company indicated 47 employees would be impacted.
Serta Simmons Bedding is set to close its 533,000-square-foot Moreno Valley, Calif., factory this summer making it the seventh factory the company has closed since 2022. According to a WARN filing, wind-down operations will begin July 5 and run through Sept. 30, impacting 180 employees. The company said the move is part of its strategy to improve efficiency across its manufacturing footprint.
Ashley Furniture closed the 300,000-square-foot Resident Home factory in Jeffersonville, Ind., laying off 106 workers a year after the home furnishings brand acquired the mattress brand. Ashley officials at the time said the production would be consolidated into other Ashley factories.
In its consolidation strategy, Hooker Furniture said in March that it would close its warehouse outside of Savannah, Ga. The closure is set for this month, and the company has opened a warehouse in Vietnam designed to help reduce lead times. The Georgia facility opened in 2021 as an 800,000-square-foot operation to house the former Accentrics Home line, which closed in 2023.
Greensboro, N.C.-based Unifi, a global textile manufacturer, announced in February plans to close its Madison, N.C., factory this month. Another fiber and yarn spinner announced is closing its facility in Kings Mountain, N.C., at the end of the year. The layoffs at Patrick Yarn Mill, a maker of flame-retardant yarns acquired in 2017 by U.K.-based industrial thread manufacturer Coats, started last month and will continue through Dec. 31, according to a WARN notice with the state.
In April, fabric supplier Richloom Fabrics Corp. closed its High Point-based Richloom Weaving, citing home furnishings retail bankruptcies such as Big Lots, Badcock Furniture and Joann Stores. Fifty-four employees were affected by the closure. In Plant City, Fla., Leggett & Platt closed its facility this spring, impacting 78 employees as part of its overall restructuring announced last year.
A Lava & Son, a former textiles and cover supplier to the mattress segment, went out of business in the fall of 2024 shuttering its Chicago facility and putting 188 out of jobs, according to a WARN notice filed with the state of Illinois.
High-end furniture manufacturer EJ Victor shuttered operations in September 2024 citing damage from Hurricane Helene. The company said its insurance provider declined coverage for the factory damage and inventory loss leaving it with no choice but to close and lay off 122 employees.
www.furnituretoday.com/industry-issue/mattress-furniture-factory-closures-2025/
June 16, 2025
Kumho Mitsui MDI Update
Kumho Mitsui Chemicals begins operation of chlor-alkali plant using thyssenkrupp nucera technology
6/16/2025 2:00:00 PM
- Utilizing latest generation e-BiTAC v7 electrolyzers, thyssenkrupp nucera designed and supplied a chlor-alkali plant for Kumho Mitsui Chemicals (KMCI) in Yeosu, South Korea
- KMCI uses produced chlorine to replace imports of this raw material and to expand its Methylene Diphenyl Diisocyanate (MDI) production capacity
- New chlor-alkali plant also enables KMCI to recycle by-product brine from MDI production and to reduce its environmental footprint
Kumho Mitsui Chemicals (KMCI) has enhanced its production process of methylene diphenyl diisocyanate (MDI) by utilizing the latest generation e-BiTAC v7 electrolyzer technology from thyssenkrupp nucera. The supplier of world-leading technologies for high-efficiency electrolysis plants designed and supplied a chlor-alkali plant for KMCI in Yeosu, South Korea with a capacity of 60,000 tpy of chlorine production. Recently, the operation of the plant has been started successfully.
KMCI, a South Korean petrochemical company and a world-leading polyurethane maker, will use the produced chlorine for MDI production – replacing imported raw material of chlorine. MDI is an essential raw material for production of Spandex, TPU (Thermoplastic polyurethane), synthetic leather, shoes, paints, coating, adhesives, and various elastomers.
Furthermore, the chlor-alkali plant will recycle by-product brine from MDI production which is usually discharged as effluent. This enables KMCI to comply with stringent environmental regulations on industrial effluent in a cost effective manner and to reduce their environmental footprint. “The start-up of our new chlor-alkali plant is an important step to expand our production capacities and to secure an independent supply of MDI without importing chlorine. It also underlines our commitment to supplying eco-friendly products,” says Kwon Hyung Seob General Manager of KMCI.
thyssenkrupp nucera initially supplied a lab cell facility as a pilot test and verified the technical feasibility for operating the chlor-alkali plant with waste brine from MDI process. Afterwards, in 2021, the electrolyzer specialist was awarded an EP contract to design and supply the entire chlor-alkali plant. “Once again, our proven electrolysis technology made an important contribution to our clients’ path to improve their production processes and reduce their environmental footprint. By recycling by-product brine, KMCI and thyssenkrupp nucera have jointly addressed one of the major concerns of the polyurethane industry,” says Akira Shigeta, CEO of thyssenkrupp nucera Japan.
June 11, 2025
Serta Simmons Continues to Optimize
Serta Simmons to shutter California plant; 180 employees impacted
Sheila Long O’Mara //Executive Editor, Furniture Today//June 10, 2025
MORENO VALLEY, Calif. – Serta Simmons Bedding is closing its factory here as part of its ongoing strategy to “optimize” its manufacturing base.
The closing will impact 180 workers, including a variety of mattress making personnel, purchasing agents, truck drivers and sewers. The wind down of operations and employee layoffs at the 533,000-square-foot facility will begin July 5 and are expected to be completed by Sept. 30, according to the WARN notice filed with the state of California.
This closing is the seventh factory Serta Simmons has closed since 2022.
Serta Simmons opened the factory in 2018 as part of an expansion plan that included other factories in the U.S., including a Houston, Texas, site and one in Windsor Locks, Conn. Ahead of emerging from Chapter 11 Bankruptcy Protection in June 2023, the mattress company closed three factories in 2023, and closed three locations in 2022.
In November 2023, the company opened a new factory in Janesville, Wis., consolidating two area locations into one.
Post closing of the Moreno Valley, Calif., factory, Serta Simmons will operate 17 factories in North America: 15 in the U.S. and Puerto Rico, and two in Canada.
Company officials said production from the California factory will be transferred to other plants in the region to meet demand from its West Coast retail partners.
In a statement to Furniture Today, the company said, “In support of our best-in-class supply chain at SSB, we continue to evaluate our network to optimize our manufacturing footprint and create operational efficiencies so we can deliver exceptional service to our retail partners and customers.
“This includes expanding our operations in some areas and consolidating or closing other operations.
“These decisions are never easy, and we are supporting impacted employees through the transition. We appreciate all the contributions to SSB that the Moreno Valley employees have made over the years and that they will continue to make through this transition.”
www.furnituretoday.com/bedding-manufacturers/serta-simmons-to-shutter-california-plant-180-employees-impacted/
June 9, 2025
Gougeon Brothers Acquired as Platform
Iron Path Capital Announces Partnership with Gougeon Brothers, Inc. as First Investment in Advanced Materials Platform
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Private equity firm to continue building the legacy of family-owned premier epoxy resin formulator and manufacturer
CHARLOTTESVILLE, Va.–(BUSINESS WIRE)–Iron Path Capital, a private equity firm focused on healthcare and specialty industrials, today announced a growth partnership with Gougeon Brothers, Inc., a leading epoxy manufacturer in the composites and marine end markets.
“Gougeon has a long and storied history as a pioneer and innovator in advanced composite epoxy resin systems for both repair and use in original equipment composite parts manufacturing.”Share
“We are delighted to partner with the Gougeon management team to develop and grow their market-leading WEST SYSTEM®, PRO-SET®, and Entropy Resins® epoxy resin systems for making and repairing composite structures,” said Ted Clark, Partner at Iron Path Capital. “Gougeon has a long and storied history as a pioneer and innovator in advanced composite epoxy resin systems for both repair and use in original equipment composite parts manufacturing. We will continue to build the business through organic and inorganic opportunities in the fast-growing composite materials market.”
Family-owned since 1969, Gougeon formulates and manufactures epoxy systems for various applications in the marine, recreational, automotive, aerospace, and industrial composites markets. Gougeon is committed to customer service and technical support in ensuring customers’ effective use of its products in repair and original equipment composite structures. Its in-house chemists develop tailored solutions for each application, ensuring quality and performance through their superior strength and excellent handling characteristics.
The Company’s history is rooted in boat building with the Gougeon brothers pioneering the use of epoxy resin systems in boat construction. In addition to formulating and manufacturing their products, Gougeon is a long-time thought leader in the space and is known for its instructional magazine and online forum (Epoxyworks®), book (The Gougeon Brothers on Boat Construction), and seminars and training sessions including the popular “Glue U” seminar for boat repair.
“The Gougeon Family and the employees of Gougeon Brothers Inc. are thrilled to partner with the team at Iron Path Capital,” said Gougeon CEO Alan Gurski*. “We chose Iron Path as they share our entrepreneurial spirit, and our commitment to each other, our community, our customers, and to manufacturing the finest products for our markets. We look forward to being a part of the next evolution of GBI.”
Ted Clark will serve as Executive Chairman of Gougeon as part of the new advanced materials platform. Clark is an experienced operator in formulated coatings, adhesives and sealants as well as in composites. He previously led Royal Adhesives & Sealants as President and CEO from 2003-2017, which was acquired by H.B. Fuller. Post-acquisition, Clark served as Senior Vice President, Royal Adhesives, then as Executive Vice President and COO of H.B. Fuller before joining Iron Path Capital as a Partner in 2022. Earlier in his career, Mr. Clark also served as President and CEO of PRC-DeSoto International, a producer of coatings and sealants for aircraft.
This marks the fifth platform in Iron Path’s main strategy. Deriving from the Italian term “via ferrata,” a fortified route along a challenging Alps climb, Iron Path provides a differentiated private equity experience for founders and management teams, focusing on what drives the greatest impact while building on the company’s culture and values to scale swiftly and deliberately, one secure step at a time. From day one, Iron Path Capital works hand-in-hand with management teams to add value through its unique blend of Wall Street capability and Main Street authenticity.
Learn more at Gougeon Brothers, Inc. and Iron Path Capital.
About Gougeon Holding Company
Founded in 1969, Gougeon is a leading formulator, manufacturer and marketer of high-quality two-part epoxy systems and ancillary products. The Company’s products include a wide range of epoxy resins, hardeners, fillers, and supplies for the composites, marine, automotive, aerospace, sporting goods, arts and crafts, and other end markets around the world. The Company manufactures WEST SYSTEM® Epoxy, PRO-SET® Epoxy, and Entropy Resins®, distributes PRO-VAC Vacuum Bag Consumables and publishes Epoxyworks® magazine. Gougeon is ISO 9001:2015 registered with primary operations in Bay City, MI. Learn more at Gougeon.com
About Iron Path Capital
Iron Path Capital is an operationally focused private equity firm making lower-middle-market investments across the healthcare and specialty industrial sectors. With offices in Nashville, TN and Charlottesville, VA, Iron Path Capital supports its partners with capital, operating expertise, business development, and industry relationships to achieve significant scale. Iron Path Capital focuses on growing companies with stable cash flows, superior management teams, defensible, scalable business models and multiple vectors for growth, both organic and through consolidation. Learn more at ironpathcapital.com
*Mr. Gurski is not a current client of Iron Path Capital, L.P., or an investor in any of its funds and was not provided with compensation for this statement. We are not aware of any material conflicts of interest with him providing this statement resulting from his and Iron Path’s relationship.
June 4, 2025
Aditya Birla Acquisition
Cargill
MILWAUKEE (June 4, 2025) Aditya Birla Group, a leading Indian multinational, has agreed to purchase Cargill’s Dalton, Georgia-based specialty chemicals business. Aditya Birla Group intends to expand the Dalton, Georgia facility’s capacity over the next two years, and will continue to manufacture the business’ current output of formulated resins, curing agents, reactive diluents and polyaspartic resins.
Grace Matthews, Inc. advised Cargill on this transaction.
ABOUT CARGILL, INC.
Cargill is committed to providing food, ingredients, agricultural solutions, and industrial products to nourish the world in a safe, responsible, and sustainable way. Sitting at the heart of the supply chain, we partner with farmers and customers to source, make and deliver products that are vital for living.
Our approximately 160,000 employees innovate with purpose, providing customers with life’s essentials so businesses can grow, communities prosper, and consumers live well. With 160 years of experience as a family company, we look ahead while remaining true to our values. We put people first. We reach higher. We do the right thing—today and for generations to come. For more information, visit www.cargill.com.
ABOUT ADITYA BIRLA GROUP
The Aditya Birla Group is a US$ 66 billion global conglomerate in the League of the Fortune 500. Anchored by an extraordinary force of over 140,000 employees belonging to 100 nationalities, the Group is built on a strong foundation of stakeholder value creation. With its presence across 6 continents and 36 countries, the Aditya Birla Group holds 130 state-of-the-art manufacturing units globally.
Today, over 50% of Group revenues flow from overseas operations that span 36 countries in North and South America, Africa and Asia. For more information, visit www.adityabirla.com.
ABOUT GRACE MATTHEWS
Grace Matthews, Inc., a Milwaukee-based investment bank, provides merger, acquisition, and corporate finance advisory services to private and public companies across the chemical and material science value chain. Over the past 25 years, Grace Matthews has successfully completed over 150 transactions on behalf of private, middle-market companies, private equity firms, and large multi-national corporations. For more detailed information on Grace Matthews, visit www.gracematthews.com.
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