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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 Exchange Act of 1934
July 16, 1997
(Date of report (Date of earliest event reported))
WESTPOINT STEVENS INC.
(Exact name of registrant as specified in its charter)
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DELAWARE 0-21496 36-3498354
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
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507 West Tenth Street, West Point, Georgia 31833
(Address of principal executive offices) (Zip Code)
(706) 645-4000
(Registrant's telephone number, including area code)
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ITEM 5: OTHER EVENTS
On July 16, 1997 WestPoint Stevens Inc. announced that it had
signed a definitive agreement to sell its wholly-owned indirect subsidiary,
Alamac Knit Fabrics, Inc. ("Alamac") other than its accounts receivable and a
yarn mill located in Whitmire, South Carolina to Dyersburg Corporation
("Dyersburg"). Alamac manufactures and sells knit apparel fabrics. The
transaction is subject to financing and customary closing conditions, including
receipt of applicable regulatory clearances. It is anticipated that the
transaction will be consummated in early September 1997.
ITEM 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
Exhibit 99. Press Release Dated July 16, 1997.
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SIGNATURES
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.
WESTPOINT STEVENS INC.
Date: July 21, 1997 By: /s/ Christopher N. Zodrow
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Christopher N. Zodrow
Vice President and Secretary
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EXHIBIT INDEX
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Exhibit No.: Description: Page No.:
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99 Press Release dated July 16, 1997
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EXHIBIT 99
[WS LOGO]
WESTPOINT STEVENS
NEWS RELEASE
Contact: Morgan M. Schuessler
Executive Vice President/Finance
and Chief Financial Officer
(706) 645-4230
WESTPOINT STEVENS INC. TO SELL ALAMAC SUBSIDIARY
TO DYERSBURG CORPORATION
WEST POINT, Georgia (July 16, 1997) - WestPoint Stevens Inc. (Nasdaq/NM:WPSN)
(www.westpointstevens.com) today announced it has signed a definitive agreement
pursuant to which WestPoint will sell its Alamac Knit Fabrics subsidiary to
Dyersburg Corporation (NYSE:DBG). Alamac produces 100% cotton and cotton blend
knit fabrics for sportswear and activewear. For the year ended December 31,
1996, Alamac reported sales of $222.0 million.
In the transaction, Dyersburg will purchase Alamac, other than its
accounts receivable of approximately $42.5 million and a yarn mill located in
Whitmire, S.C., for approximately $126 million. The Whitmire facility will be
transferred by WestPoint to its Home Fashions business to support the
previously announced 15% expansion of its sheeting product line. Dyersburg has
entered into contractual commitments, subject to normal closing conditions,
with The Bear Stearns Companies Inc., Prudential Securities Credit Corp. and
SunTrust Banks Inc. for the necessary financing to conclude the Alamac
transaction.
Holcombe T. Green, Jr., Chairman and Chief Executive Officer of WestPoint,
said, "The sale of our Alamac Knits subsidiary will have many positive benefits
for our Company and its shareholders, and is consistent with our corporate
strategy to become a purely consumer products company focused on home fashions.
Proceeds from the transaction, as well as conversion of the Whitmire facility
to sheeting yarn, will give us the opportunity to redeploy the Alamac assets
into our fast-growing home fashions business."
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POST OFFICE BOX 71, 400 W. 10TH STREET, WEST POINT, GEORGIA 31833 .AREA
706-645-4000
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WPSN to Sell Alamac Subsidiary to DBG
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July 16, 1997
The transaction is subject to financing and customary closing conditions,
including receipt of applicable regulatory clearances. It is anticipated that
the transaction will be consummated in early September 1997.
WestPoint Stevens Inc. is a home fashions consumer products company, with
a comprehensive line of branded and licensed products for the bedroom and
bathroom. The Company is vertically integrated, and is the nation's leading
manufacturer and marketer of bed linens, towels, comforters, and other
accessories that are sold in retail outlets throughout the world. WestPoint
Stevens' home fashions consumer products are marketed under the well-known
brand names of ATELIER MARTEX, MARTEX, UTICA, STEVENS, LADY PEPPERELL, and
VELLUX, and under licensed designer brands, including RALPH LAUREN HOME
COLLECTION, SANDERSON, HALSTON, and STAR WARS.
This press release contains statements which are forward-looking
statements within the meaning of applicable federal securities laws and are
based upon the Company's current expectations and assumptions which are subject
to a number of risks and uncertainties which could cause actual results to
materially differ from those anticipated.
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