<PAGE> 1
EXHIBIT 99.1
PRESS RELEASE FOR
TRADE/BUSINESS MEDIA
FOR: SHAW INDUSTRIES, INC.
DALTON, GA 30722-2128
FROM: SHAW INDUSTRIES, INC.
P.O. DRAWER 2128
DALTON, GA 30722-2128
TELEPHONE (706) 275-3126
FAX (706) 275-3735
CONTACT: JULIUS SHAW
FOR IMMEDIATE RELEASE
DALTON, GEORGIA, September 6, 2000, Shaw Industries, Inc. (NYSE:SHX) today
announced that Berkshire Hathaway, Inc. has offered to purchase between 80.1%
and 86% of the outstanding shares of Shaw Industries for $19 per share in cash,
subject to approval of Shaw's Board of Directors. The offer is not subject to
any financing contingencies.
The offer is contingent upon Robert E. Shaw, the Chairman of the Board of
Directors and Chief Executive Officer, and Julian D. Saul, the President of Shaw
Industries, together with members of their immediate families, each retaining a
minimum 5% ownership interest. Other shares not purchased by Berkshire Hathaway
would be owned by other members of management of Shaw Industries and members of
the Shaw and Saul families not included in the 5% ownership requirement. Shaw
Industries would continue to be operated under its current management with the
corporate headquarters remaining in Dalton, Georgia.
Up to 10% of the shares held by each of the Shaw and Saul family members would,
at their option, be purchased by Berkshire Hathaway each year beginning March
31, 2002, at a price equal to $19 per share plus the increase in book value per
share over the book value per share as of December 31, 2000. Up to one-third of
the shares held by other members of management and the Shaw and Saul family
members not included in the 5% ownership requirement would, at the option of
those shareholders, be purchased each year beginning March 31, 2002, at the same
pricing formula.
The Board of Directors of Shaw Industries appointed a Special Committee of the
Board of Directors, consisting of Thomas G. Cousins, J. Hicks Lanier, Robert J.
Lunn and Roberto Garza Delgado, non-management members of the Board, to consider
this offer and make a recommendation to the Board of Directors. No time frame
was established by the Board of Directors for the conclusion of the
<PAGE> 2
Committee's actions but a spokesman for Shaw Industries stated that the offer by
Berkshire Hathaway indicated that Berkshire Hathaway was prepared to consummate
the proposed transaction as soon as practicable. The Special Committee is
authorized to engage its own financial advisor and independent counsel to assist
it.
Robert E. Shaw and Julian D. Saul expressed to the Board their support in
principle for the proposed transaction, subject to approval by the Board of
Directors.
Safe Harbor Statement: Except for historical information contained herein, the
matters set forth in this press release are forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and are
subject to the safe harbor provisions of that Act. The forward-looking
statements set forth above involve a number of risks and uncertainties that
could cause actual results to differ materially from any such statement. These
risks and uncertainties, and assumptions concerning the Company's future
operations and performance, could prove inaccurate and, therefore, there can be
no assurance that the forward-looking statements will prove to be accurate.
Shaw Industries, Inc. (www.shawinc.com) is the world's largest manufacturer of
tufted broadloom carpet. Headquartered in Dalton, Georgia, Shaw sells carpeting
and rugs for residential and commercial applications throughout the United
States and exports to most markets worldwide. Shaw markets its residential
products under such brand names and trademarks as Cabin Crafts, Couture by
Sutton, Cumberland, Expressive Designs, Home Foundations, Philadelphia, Queen,
ShawMark, Sutton, TrustMark, Evans & Black, Salem, Tuftex, and Shaw Rugs. Shaw
markets its commercial products under the names Shaw Contract, Designweave,
Patcraft, and Queen Commercial. Through its network of commercial dealers known
as Shaw Contract Flooring Services, Shaw also sells commercial flooring products
directly and provides installation and project management services. Shaw also
offers laminate flooring through the Decades brand and ceramic tile through Shaw
Ceramics, and hardwood flooring through Shaw Hardwoods.
