Hubbard Holding Inc, a Montreal-based textile manufacturer and converter of fabrics, has concluded negotiations for the purchase of the assets of the warp knit division of Lagran Canada Inc.

The acquisition represents approximately 10 per cent of Hubbard's assets and will be paid cash at closing, which shall be held not later than December 29, 2000, the company said.

Hubbard has also announced the appointment of Roger Normandin to president and CEO, subject to regulatory approval. He will also be appointed to Hubbard's board of directors. Mr Normandin has held various senior administrative and management responsibilities within the North American textile industry.

Charles Prosser, Hubbard's past president and CEO, continues as an active member of Hubbard's management and of the board of directors.

Mr. Normandin explained that the acquisition of the assets of the warp knit division of Lagran would permit Hubbard to offer a much more diversified product line of both circular and warp knit fabrics to the North American market.