URUMQI, China–Markor Furniture has completed a purchase of Schnadig Corp., a furniture manufacturer based in Des Plaines, Ill.
According to a statement issued this morning, the company’s name will be changed to Schnadig International Corp. Jeff Young, a furniture industry veteran with Lexington, Drexel Heritage and Furniture Brands International, has been named chairman and chief executive officer. Donald Belgrad, who had been chairman and CEO, has been appointed chairman emeritus.
Terms of the deal were not available in the statement. Schnadig, which was founded in 1952, offers furniture for all rooms of the home under the Bella Romano, Empire, Kingston and Villa Serena brands.
Belgrad said Markor and Schnadig have been manufacturing partners for many years. Richard Feng, chairman and CEO of Markor, said the combination of Markor’s manufacturing efficiencies and Schnadig’s brands and retail channels “will offer our customers well-made products, enhanced service, distinctive design and excellent value.”
Press reports from China said Markor’s board of directors had approved a plan to seek acquisition opportunities in the United States in November.