Cleaning & Restoration Breaking News

Mohawk Announces Successful Bid for Lees Carpet

July 30, 2003
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CALHOUN, Ga., July 30 /PRNewswire-FirstCall/ -- Mohawk Industries, Inc. announced that W. L. Ross & Company and Mohawk were successful in their bid for substantially all of the assets of Burlington Industries, Inc. Mohawk's portion of the purchase price for the Lees Carpet division is estimated to be approximately $352 million subject to certain adjustments. The completion of the transaction is estimated to close in the fourth quarter and is subject to customary approvals. Assuming current commercial conditions persist, the acquisition is estimated to be slightly accretive in 2004 after amortization of intangible assets and other normal acquisition costs.

Jeffrey S. Lorberbaum, President and Chief Executive Officer stated, "Lees Carpet is a leader in the contract commercial segment of the industry with products that will complement our existing product line. We believe this acquisition will allow us to provide an even higher level of service with a broader product offering to our customers. Lees has one of the most respected sales forces in the industry and it has been very effective in the marketing of its products. It is Mohawk's intention to strengthen Lees' sales and marketing by offering new products and expanding the existing business.

"We have been very impressed with the operation of Lees both in Greensboro, NC and Glasgow, VA. The company has committed hard working employees that have developed one of the most successful commercial carpet companies in the industry. We believe the financial strength of Mohawk along with our excellent employee relations history will add to the security and stability for Lees' employees. We look forward to making Lees a part of the Mohawk family so we can each contribute to the others' success.

"Our strategy for growth is to encourage continuation of its strategic direction and invest in its assets and people. We believe this will greatly improve our position in the commercial industry allowing us to be a leader both in size and product offerings. Lees will play a vital role in creating value for both our customers and shareholders as we continue our strategy of becoming a leader in all floorcovering categories."

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