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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): DECEMBER 23, 1998
MOHAWK INDUSTRIES, INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware 01-19826 52-1604305
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
160 SOUTH INDUSTRIAL BLVD., CALHOUN, GEORGIA 30701
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(ADDRESS, INCLUDING ZIP CODE, OF PRINCIPAL EXECUTIVE OFFICES)
(706) 629-7721
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(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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ITEM 5. OTHER EVENTS
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On December 23, 1998, Mohawk Industries, Inc. ("Mohawk") issued a
press release announcing an agreement to acquire Durkan Patterned Carpet, Inc. A
copy of such press release is included as an exhibit to this report and
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
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C. Exhibits
99.1 Press Release dated December 23, 1998
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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 hereunto duly authorized.
Mohawk Industries, Inc.
Date: December 28, 1998 By: /s/ Frank H. Boykin
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Frank H. Boykin
Corporate Controller
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INDEX TO EXHIBITS
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EXHIBIT
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99.1 Press Release dated December 23, 1998
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EXHIBIT 99.1
MOHAWK INDUSTRIES, INC.
PRESS RELEASE
NEWS RELEASE [MOHAWK LOGO APPEARS HERE]
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POST OFFICE BOX 12069
SOUTH INDUSTRIAL BLVD.
CALHOUN, GA 30703
(706) 629-7721
FOR RELEASE: IMMEDIATELY
CONTACT: JOHN D. SWIFT, CHIEF FINANCIAL OFFICER
MOHAWK INDUSTRIES, INC. ANNOUNCES
ACQUISITION OF DURKAN PATTERNED CARPETS, INC.
CALHOUN, GEORGIA, DECEMBER 23, 1998 - Mohawk Industries, Inc. (NYSE: MHK) today
announced it signed a non binding letter of intent to acquire Durkan Patterned
Carpets, Inc. Durkan is one of the leading suppliers of commercial carpet to
the hospitality market. This understanding with Durkan and its shareholders,
provides for Mohawk to issue approximately 3.2 million shares of its common
stock to Durkan shareholders in exchange for all the outstanding capital stock
of Durkan and it's affiliate as well as certain notes payable to Durkan family
members pursuant to a merger agreement which is expected to be completed in
early 1999. The transaction will be accounted for as a pooling of interests.
The merger is expected to close during the first half of 1999. Durkan has
annual sales of approximately $110 million from its various product lines.
Commenting on the proposed merger, David L. Kolb, Chairman and Chief Executive
Officer of Mohawk stated, "The Durkan merger will provide opportunities to
further strengthen our commercial product offerings, especially in the
hospitality market. Durkan offers a line of custom printed carpet that is a
leader in the industry and is manufactured with equipment that includes the
latest printing technology. The combination of their extensive line of printed
carpet with Mohawk's strong position in commercial room carpets will provide our
customers with a broad coordinate selection of carpet for the hospitality
market. We believe the acquisition to be accretive to earnings in 1999 and over
the long term, our combined companies should produce
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synergies in many areas of our business that will create additional earnings
potential and value for our customers and shareholders. We believe that our
customers and investors will benefit substantially by this business combination.
The Durkan family members will continue to manage the Durkan company as a
separate subsidiary while coordinating product offerings and business activities
with other Mohawk product lines. They bring extensive professional leadership in
the commercial carpet industry to Mohawk."
Certain of the statements in the immediately preceding paragraphs regarding the
Durkan acquisition may constitute "forward-looking statements" within the
meaning of Section 27a of the Securities Act of 1933, as amended, and Section
21e of the Securities Exchange Act of 1934, as amended, and are subject to the
safe harbor provisions thereof. Those statements are based on assumptions
regarding the Company's ability to successfully integrate the Durkan
Acquisition. These or other assumptions could prove inaccurate and therefore,
there can be no assurance that the "forward-looking statements" will prove to be
accurate.
Mohawk is a leading producer of woven and tufted broadloom carpet and rugs for
residential and commercial applications. The Company designs, manufactures and
markets carpet in a broad range of colors, textures and patterns and is widely
recognized through its premier brand names, some of which include "Aladdin,"
"Alexander Smith," "Bigelow," "Galaxy," "Harbinger," "Helios," "Horizon,"
"Karastan," "Mohawk," "World" and "Mohawk Commercial". Mohawk offers a broad
line of washable accent and bath rugs through Aladdin and Newmark & James; area
rugs through Karastan, American Rug Craftsmen and American Weavers; and
decorative throws, placemats, table runners and kitchen chair pads through
American Weavers. Mohawk also offers a complete laminate product line under the
INSIGNIA brand name and distributes carpet padding and ceramic tile. The
Company markets its products primarily through retailers and commercial dealers.
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