The final sale was for roughly $16.1 million.
AstroTurf lawyers proposed to sell the Dalton, Ga., company, which markets and sells artificial turf products to university athletic departments and sports facilities, after putting its operations into chapter 11 protection on June 28, according to The Wall Street Journal.
In a 2010 federal lawsuit, FieldTurf officials accused AstroTurf of infringing on its patent for artificial turf products. In October, a jury awarded $30 million in damages to FieldTurf.
“The patent litigation and adverse publicity regarding the verdict have caused substantial disruption to the business,” AstroTurf lawyers said in earlier documents filed in U.S. Bankruptcy Court in Rome, Ga. “FieldTurf and [AstroTurf] compete almost daily for customers and new business, and the [company] believes that FieldTurf is using the patent litigation to deter potential customers from entering into contracts…for the purchase and installation of synthetic turf surfaces.”
The court-approved sale is part of a broader, $92.5 million deal that enables APT Advanced Polymer Technology to take over three AstroTurf-related businesses that haven’t filed for bankruptcy protection. That includes its research and development division and Synthetic Turf Resources, which manufactures the athletic turf.
The four businesses are owned by Textile Management Associates which holds a majority stake.