NEWS RELEASE
Contact: A. Dennis Mahedy
Treasurer
(704) 548-2072
J. Michael Stepp
Executive Vice President
& Chief Financial Officer
(704) 548-2395
COLLINS & AIKMAN SELLS FLOORCOVERINGS BUSINESS
Charlotte, North Carolina - February 6, 1997 - Collins & Aikman Corporation
(NYSE: CKC) today announced that it sold its floorcoverings business to a
company formed by Quad-C, Inc. and Paribas Principal Partners. The sales price,
including a payment for the use of certain trade names in the floorcoverings
business, was $195.6 million, subject to final balance sheet adjustments.
Thomas E. Hannah, Chief Executive Officer of Collins & Aikman Corporation,
said AWe expect to realize about $170 million in net after tax proceeds. This
will enable us to reduce debt while continuing to concentrate our strategic
focus on our core automotive interior trim operations.@
Collins & Aikman is a major supplier of automotive interior systems -
textile and plastic trim, acoustics and convertible tops - to the global
automotive industry.
###
