SUNBURY—A staple of Sunbury’s industry has been sold. Sunbury Textile Mills is being sold to Glen Raven Inc. Glen Raven Custom Fabrics, LLC is best known as the makers of Sunbrella fabrics. Sunbury Textile Mills has been a business partner with Glen Raven for over twenty years.
Hank Truslow, Jr. CEO of Sunbury Textile Mills says, “We are very excited about the transaction and acquisition. Sunbrella Fabrics have grown to be a very important part of our business. Timing came to be, that it was just the right time to do it, and so we are really excited about the future it will bring for us and we look forward to the next 20 years.
Sunbury Textile Mills was founded in 1954 and is the leading manufacturer of designed decorative fabrics. In 2004 Sunbury Textile Mills became an Employee Stock Ownership Plan company, and is owned 100% for the benefit of all the employees’ retirements.
Truslow explained how the sale works with an ESOP company, “ The ESOP will be divided up to the employees, and their accounts go to their own 401K or individual retirement accounts. The employees get their shares of stock today in the company back as far as the present cash proceeds of the sale.”
The company currently has 180 in employees in at the Sunbury plant.
