July 25--MEBANE -- Mebane-based mattress manufacturer Kingsdown Inc. is planning "rapid growth" with the help of a $14.5 million loan from PNC Bank.
"The financing included a $9.5 million asset-based revolver, a $5 million term loan and treasury management services," PNC Bank spokesman Dorsey Tobias said. "The funds were sought to recapitalize existing debt, to support ongoing working capital, and to provide for current growth plans."
Executive Vice President and Chief Operations Officer Joe Schmoeller said previously the company is strongly considering expanding somewhere in the Southwest in the near future.
Outside of its Mebane facility, the company has four other manufacturing centers in Florida, Virginia, Oklahoma and California, and also is located in 20 other countries, including Brazil, China, Italy and Turkey.
The Mebane plant current is not hiring, but other plants are "growing by leaps and bounds," Schmoeller said, adding that he expects the company to see rapid growth within the next three to five years.
The Mebane-based company is celebrating its 110th year in business.
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