SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 9, 1996
COLLINS & AIKMAN CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-10218 13-3489233
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
701 McCullough Drive
Charlotte, North Carolina 28262
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (704) 547-8500
Item 5. Other Events
(a) On April 9, 1996, the Board of Directors of Collins & Aikman
Corporation (the "Company") announced that it intends to spin-off the Company's
wallcoverings business to its stockholders. The spin-off will be accomplished
through a dividend of the stock of Imperial Wallcoverings, Inc., an indirect
wholly owned subsidiary of the Company ("Imperial").
Imperial will be treated as a discontinued operation for financial
reporting purposes. The Company expects to complete the spin-off within three
to four months. The Company has not yet determined whether it will effect the
spin-off on a taxable or tax-free basis.
For further information see the Company's Press Release dated April 9,
1996, which is hereby incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) The exhibits furnished in connection with this report are as
follows:
99.1 - Press Release dated April 9, 1996.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COLLINS & AIKMAN CORPORATION
(Registrant)
Date: April 10, 1996 By:/s/ J. Michael Stepp
J. Michael Stepp
Executive Vice President
& Chief Financial Officer
Exhibit 99.1
NEWS RELEASE
Contact: Steven R. Bower
Collins & Aikman Corporation
(704) 548-2382
COLLINS & AIKMAN TO SPIN-OFF WALLCOVERINGS BUSINESS TO SHAREHOLDERS
Charlotte, North Carolina -- April 9, 1996, -- Collins &
Aikman Corporation (NYSE:CKC) announced today that it intends to
spin-off its Imperial Wallcoverings, Inc. subsidiary to its
shareholders.
Thomas E. Hannah, Chief Executive Officer of Collins &
Aikman said, "Imperial is a terrific business with an exciting
future. We expect that it will flourish as an independent
company. This will also allow Collins & Aikman to focus greater
attention on its expanding automotive business."
We believe that separating our businesses into two,
independent companies is in the best interest of our shareholders
and should enhance the investment community's understanding of
and interest in each business."
William Brucchieri, President of Imperial Wallcoverings,
said, "Management is excited by the opportunity to return
Imperial to the public markets. Under Collins & Aikman's
ownership, we have been able to invest heavily in the business
over the past several years, updating our manufacturing
capabilities and solidifying our leadership position in the
residential segment of the market. The spin-off will enable
Imperial's associates to more directly participate in Imperial's
future performance. This is a tremendous opportunity for Imperial
and its employees."
Imperial will be treated as a discontinued operation of
Collins & Aikman for financial reporting purposes. Collins &
Aikman expects to complete the transaction within three to four
months. The Company has not yet determined whether it will
effect the transaction on a taxable or tax-free basis.
Collins & Aikman Corporation is a major supplier of interior
textile and plastic trim products to the North American
automotive industry, with leading positions in five major product
lines. The Company is also the leading manufacturer of
residential upholstery fabrics, as well as a major provider of
contract carpet products in the U. S.
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