UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) October 27, 1997
GALEY & LORD, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 56-1593207
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
980 Avenue of the Americas
New York, New York 10018
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(Address of principal executive offices) Zip Code
212/465-3000
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Registrant's telephone number, including area code
Not Applicable
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Former name, former address and former fiscal year, if changed since last
report.
<PAGE>
ITEM 5. OTHER EVENTS.
Incorporated by reference herein and attached as an exhibit hereto is the press
release of Galey & Lord, Inc. (the "Company") dated October 27, 1997, announcing
that the Company had entered into an agreement with Polymer Group, Inc. and its
affiliate, DT Acquisition Inc. to buy certain assets of Dominion Textiles Inc.
upon the successful completion of DT Acquisition's tender offer to purchase
Dominion.
Exhibit
1. Press Release of Galey & Lord, Inc., dated October 27, 1997.
<PAGE>
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.
Galey & Lord, Inc.
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(Registrant)
/s/ Michael R. Harmon
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Michael R. Harmon
Executive Vice-President,
Chief Financial Officer
(Principal Financial and
Accounting Officer),
Treasurer and Secretary
November 13, 1997
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Date
P.O. Box 35528
[Galey & Lord Logo Goes Here] Greensboro, North Carolina 27425-0528
Contact: Michael R. Harmon
[GNL EVP/CFO
Listed (910) 665-3037
NYSE
Graphics Goes Here]
GALEY & LORD ENTERS AGREEMENT WITH POLYMER GROUP
GREENSBORO, NC, OCTOBER 27, 1997/PRNewswire - Galey & Lord, Inc. (NYSE: GNL)
announced today that it has entered into an agreement with Polymer Group, Inc.
(NYSE: PGH) and its affiliate, DT Acquisition Inc. to buy certain assets of
Dominion Textiles Inc. upon the successful completion of DT Acquisition's tender
offer to purchase Dominion. The assets to be acquired by Galey & Lord will
relate to Dominion's apparel fabrics business comprising the denim and career
wear operations. Galey & Lord believes that these products will complement its
current product lines. Galey & Lord is a leading producer of cotton, cotton
blended and corduroy fabrics for casual wear and a leading producer of
commercial uniform fabrics. Galey & Lord has secured commitments for senior bank
and high yield financing to complete this transaction.
Polymer and its affiliates currently own approximately 14.5% of Dominion's
outstanding common stock. Their tender offer conditions will include the valid
tendering and non-withdrawal of 90% of both the common stock and first
preferred shares held by the public, the removal of Dominion's takeover
defenses, specifically the existing poison pill, and necessary regulatory
clearances.
Galey & Lord is a leading manufacturer of high-quality woven cotton and
cotton-blended apparel fabrics, sold principally to manufacturers of sportswear
and commercial uniforms. The Company also manufactures fabrics used in home
furnishings, including comforters, bedspreads and curtains. In June 1996, the
Company began offering finished garments to its branded apparel customers
through G&L Services Company, North America, Inc.
