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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 EXCHANGE ACT OF 1934
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Date of Report (Date of Earliest Event Reported): May 26, 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, South Carolina 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 May 26, 1994, that it has signed a definitive agreement
to sell, subject to certain conditions, all of the automotive products
and synthetic industrial fabrics operations of the Company to JPS
Automotive Products Corp., an indirect wholly-owned subsidiary of
Foamex International Inc. The full text of the 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 May 26,
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.
June 2, 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 May 26, 1994
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Exhibit 99.1
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CONTACT: Kekst and Company
James Fingeroth
Wendi Kopsick
(212) 593-2655
FOR IMMEDIATE RELEASE
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JPS TEXTILE GROUP SIGNS DEFINITIVE AGREEMENT TO SELL
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AUTOMOTIVE PRODUCTS AND SYNTHETIC INDUSTRIAL FABRICS
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BUSINESSES TO FOAMEX INTERNATIONAL
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GREENVILLE, SOUTH CAROLINA, May 26, 1994 -- JPS Textile Group, Inc.
announced today that it has signed a definitive agreement to sell its
automotive products and synthetic industrial fabrics businesses to JPS
Automotive Products Corp., a wholly-owned subsidiary of Foamex
International Inc. (NASDAQ: FMXI), for a purchase price of
approximately $272 million (which includes approximately $8 million in
assumed long-term debt).
Consummation of the transaction with Foamex and JPS Automotive is
contingent upon, among other things, the obtaining of certain
necessary third party consents and approvals and the securing of
financing by Foamex.
As part of the transaction with Foamex, JPS Automotive Products Corp.
has filed an amendment to its registration statement with the
Securities and Exchange Commission for the sale of $180 million
aggregate principal amount of senior notes, the net proceeds of which
will be used to finance a portion of the purchase price.
JPS Textile Group intends to utilize the net proceeds after taxes from
the sale of these businesses to retire indebtedness in accordance with
the terms of its indentures and credit agreements.
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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