by Lance Turner
Posted 9/5/2013 02:38 pm
Updated 1 year ago
Anthony Timberlands Inc. of Bearden said Thursday that it has agreed to purchase the oak flooring mill in Magnolia owned and operated by Partee Flooring Mill LLP.
In a news release, Anthony set it would create a separate corporation, called Anthony Oak Flooring Inc., to operate the mill. Terms of the purchase were not disclosed.
Anthony Timberlands has used the same strategy to manage other companies under the ATI umbrella, including Anthony Wood Treating Inc. in Hope, Anthony Hardwood Composites Inc. in Sheridan and Anthony-Higgs Lumber Co. in Gurdon.
John E. Anthony, chairman of ATI's board of directors, will be president of the new company. Michael McQueen, vice president of hardwood operations at ATI, will be vice president and general manager.
"While it has been many years since we have operated a hardwood flooring mill, our nearby hardwood sawmill in Beirne, along with numerous other area hardwood producers, provide a ready source of raw material," ATI President Steven Anthony said.
"The Partee plant site is modern and very well maintained. We view this as an excellent opportunity to expand our hardwood operations into a new, value added market segment."
Anthony Timberlands is a regular on Arkansas Business' annual list of the state's largest private companies. It self-reported revenue of $162.5 million in 2012 and about 600 employees, all of them in Arkansas.
Anthony said the companies are aiming for a "seamless transition."
"We anticipate operations to continue unabated, with some minor changes," he said. "Current employees will be given an opportunity to continue their employment with the new company."