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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
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Date of Report (Date of Earliest Event Reported): February 22, 1994
JPS Textile Group, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
33-58272 57-0868166
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(Commission File Number) (I.R.S. Employer
Identification No.)
555 North Pleasantburg Drive, Suite 202,
Greenville, SC 29607
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(Address of Principal Executive Offices) (Zip Code)
(803) 239-3900
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
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JPS Textile Group, Inc. (the "Company") announced in a press
release dated February 22, 1994, that it intends to sell, subject to
certain conditions, all of the automotive products and synthetic
industrial fabrics operations of the Company to a newly formed
corporation, JPS Automotive Products Corp., organized to acquire such
assets. The full text of the press release is attached as Exhibit
99.1 hereto.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
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EXHIBITS.
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(c) Exhibits
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99.1 - Press release issued by the Company on February
22, 1994.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to the signed
on its behalf by the undersigned thereunto duly authorized.
February 24, 1994
JPS TEXTILE GROUP, INC.
By: /s/ David H. Taylor
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Name: David H. Taylor
Title: Executive Vice
President - Finance
and Secretary
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Exhibit Index
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Exhibit No. Description of Exhibit
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99.1 Press release issued by the
Company on February 22, 1994
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JPS TEXTILE GROUP, INC. EXHIBIT 99.1
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February 22, 1994
Contact: Kekst & Company
James Fingeroth
For Immediate Release
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JPS Textile Group, Inc. Announces Public Offering For Its Automotive
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Products and Synthetic Industrial Fabrics Businesses
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GREENVILE, SOUTH CAROLINA, February 22, 1994 - JPS Textile Group,
Inc. announced today that registration statements have been filled
with the Securities and Exchange Commission for the sale of securities
of a newly formed corporation organized to acquire all the automotive
products and synthetic industrial fabrics operations from JPS Textile
Group.
The transactions contemplated by the registration statements
would result in the operations of JPS's automotive products subsidiary
(JPS Automotive Products Corp.) and the synthetic industrial fabrics
business of another subsidiary (JPS Converter and Industrial Corp.)
becoming a separate publicly owned company.
A newly formed corporation, which would operate as JPS Automotive
Products Corp., intends to acquire the aforementioned businesses,
based on the filing range in the registration statement, for
approximately $258 million and 20% of its outstanding stock. The
acquisition is expected to be financed with the net proceeds from an
initial public offering of 6,500,000 shares of common stock and the
sale of $150 million aggregate principal amount of Senior Notes.
The acquisition of the automotive and synthetic industrial
fabrics operations is conditioned, among other things, upon the
successful consummation of the public offerings, which is expected to
occur in April 1994. JPS Textile Group intends to utilize the net
proceeds to retire its indebtedness in accordance with the terms of
its indentures and credit agreement.
Registration statements relating to the offerings of common stock
and senior notes have been filed with the Securities and Exchange
Commission on February 18, 1994 but have not yet become effective.
These securities may not be sold nor may offers to buy be accepted
prior to the time the registration statements become effective. This
release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in
any state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state.
JPS Textile Group, Inc. is one of the largest diversified
domestic manufacturers of textile and textile related products,
principally for the apparel fabric, industrial and home fashion
markets.
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